OIl Producing Countries in Decline

Gas comes from oil, and it looks like very soon the global production of oil will not be able to satisfy the demand for it. This simple idea is known as Peak Oil. The International Energy Agency (IEA) has warned us that the day of supply less than demand is coming. Here is data taken from the IEA Oil Market Report of September 2009 showing the declining output in some oil producing countries.

Oil Producing Countries With Declining Output

Country	Year (Million Barrels per Day)
	1998	2003	2008
Nigeria	2.11	2.15	1.95
Venezuela	3.12	2.36	2.35
United States	8.37	7.83	7.52
Mexico	3.50	3.79	3.16
United Kingdom	2.84	2.28	1.56
Norway	3.14	3.26	2.46
Australia	0.71	0.67	0.56
Indonesia	1.55	1.71	1.03
Argentina	0.90	0.83	0.75
Colombia	0.82	0.55	0.59
Oman	0.90	0.82	0.75
Yemen	0.40	0.45	0.31
Syria	0.57	0.53	0.39
Gabon	0.35	0.25	0.21
Egypt	0.87	0.71	0.65
Totals	30.15	28.19	24.23

Lower production of oil means less gasoline, which in turn means much higher gasoline prices. As each new country sees its production decline it will necessarily go looking for imports. The more importers there are in the market, the higher the oil price. These numbers are good motivation for starting to save on gas now!