The Real Reason To Worry About Oil

``One troubling statistic that the media largely ignores, according to Hansen, is the background depletion rate from existing oil wells, which Hansen conservatively pegged between 3% and 4%.   This is the percent reduction in production from existing wells.  With total world crude oil production now at 75 million barrels per day, the same wells will produce only 72 or 73 million next year.  That 3%-4% depletion rate has to be made up for by new wells coming on line if world production is not to decline.''