Singapore Peak Oil

Juxtapose these two statements.

Lee Kuan Yew:

Mr Lee told his 800-strong audience of industry players and economists that he was convinced that Singapore was heading into its most promising decade yet.

"We're going to move into a new plateau, new platform. You can see it visibly before your eyes. In 5 years, it will be good. In 10 years, wonderful," he said. LINK

The major result from this analysis is that world oil production has peaked in 2006. Production will start to decline at a rate of several percent per year. By 2020, and even more by 2030, global oil supply will be dramatically lower. This will create a supply gap which can hardly be closed by growing contributions from other fossil, nuclear or alternative energy sources in this time frame.

The world is at the beginning of a structural change of its economic system. This change will be triggered by declining fossil fuel supplies and will influence almost all aspects of our daily life.

...The now beginning transition period probably has its own rules which are valid only during this phase. Things might happen which we never experienced before and which we may never experience again once this transition period has ended. Our way of dealing with energy issues probably will have to change fundamentally. LINK