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Warning: Oil supplies are running out fast

 
Negaterium
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Warning: Oil supplies are running out fast
[link to www.independent.co.uk]

Catastrophic shortfalls threaten economic recovery, says world's top energy economist

By Steve Connor, Science Editor

Monday, 3 August 2009
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The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.


Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
Related articles
Jeremy Leggett: Another crunch is coming – but will the world act?

In an interview with The Independent, Dr Birol said that the public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated.

But the first detailed assessment of more than 800 oil fields in the world, covering three quarters of global reserves, has found that most of the biggest fields have already peaked and that the rate of decline in oil production is now running at nearly twice the pace as calculated just two years ago. On top of this, there is a problem of chronic under-investment by oil-producing countries, a feature that is set to result in an "oil crunch" within the next five years which will jeopardise any hope of a recovery from the present global economic recession, he said.

In a stark warning to Britain and the other Western powers, Dr Birol said that the market power of the very few oil-producing countries that hold substantial reserves of oil – mostly in the Middle East – would increase rapidly as the oil crisis begins to grip after 2010.

"One day we will run out of oil, it is not today or tomorrow, but one day we will run out of oil and we have to leave oil before oil leaves us, and we have to prepare ourselves for that day," Dr Birol said. "The earlier we start, the better, because all of our economic and social system is based on oil, so to change from that will take a lot of time and a lot of money and we should take this issue very seriously," he said.

"The market power of the very few oil-producing countries, mainly in the Middle East, will increase very quickly. They already have about 40 per cent share of the oil market and this will increase much more strongly in the future," he said.

There is now a real risk of a crunch in the oil supply after next year when demand picks up because not enough is being done to build up new supplies of oil to compensate for the rapid decline in existing fields.

The IEA estimates that the decline in oil production in existing fields is now running at 6.7 per cent a year compared to the 3.7 per cent decline it had estimated in 2007, which it now acknowledges to be wrong.

"If we see a tightness of the markets, people in the street will see it in terms of higher prices, much higher than we see now. It will have an impact on the economy, definitely, especially if we see this tightness in the markets in the next few years," Dr Birol said.

"It will be especially important because the global economy will still be very fragile, very vulnerable. Many people think there will be a recovery in a few years' time but it will be a slow recovery and a fragile recovery and we will have the risk that the recovery will be strangled with higher oil prices," he told The Independent.

In its first-ever assessment of the world's major oil fields, the IEA concluded that the global energy system was at a crossroads and that consumption of oil was "patently unsustainable", with expected demand far outstripping supply.

Oil production has already peaked in non-Opec countries and the era of cheap oil has come to an end, it warned.

In most fields, oil production has now peaked, which means that other sources of supply have to be found to meet existing demand.

Even if demand remained steady, the world would have to find the equivalent of four Saudi Arabias to maintain production, and six Saudi Arabias if it is to keep up with the expected increase in demand between now and 2030, Dr Birol said.

"It's a big challenge in terms of the geology, in terms of the investment and in terms of the geopolitics. So this is a big risk and it's mainly because of the rates of the declining oil fields," he said.

"Many governments now are more and more aware that at least the day of cheap and easy oil is over... [however] I'm not very optimistic about governments being aware of the difficulties we may face in the oil supply," he said.

Environmentalists fear that as supplies of conventional oil run out, governments will be forced to exploit even dirtier alternatives, such as the massive reserves of tar sands in Alberta, Canada, which would be immensely damaging to the environment because of the amount of energy needed to recover a barrel of tar-sand oil compared to the energy needed to collect the same amount of crude oil.

"Just because oil is running out faster than we have collectively assumed, does not mean the pressure is off on climate change," said Jeremy Leggett, a former oil-industry consultant and now a green entrepreneur with Solar Century.

"Shell and others want to turn to tar, and extract oil from coal. But these are very carbon-intensive processes, and will deepen the climate problem," Dr Leggett said.

"What we need to do is accelerate the mobilisation of renewables, energy efficiency and alternative transport.

"We have to do this for global warming reasons anyway, but the imminent energy crisis redoubles the imperative," he said.

Oil: An unclear future

*Why is oil so important as an energy source?

Crude oil has been critical for economic development and the smooth functioning of almost every aspect of society. Agriculture and food production is heavily dependent on oil for fuel and fertilisers. In the US, for instance, it takes the direct and indirect use of about six barrels of oil to raise one beef steer. It is the basis of most transport systems. Oil is also crucial to the drugs and chemicals industries and is a strategic asset for the military.

*How are oil reserves estimated?

The amount of oil recoverable is always going to be an assessment subject to the vagaries of economics – which determines the price of the oil and whether it is worth the costs of pumping it out –and technology, which determines how easy it is to discover and recover. Probable reserves have a better than 50 per cent chance of getting oil out. Possible reserves have less than 50 per cent chance.

*Why is there such disagreement over oil reserves?

All numbers tend to be informed estimates. Different experts make different assumptions so it is under- standable that they can come to different conclusions. Some countries see the size of their oilfields as a national security issue and do not want to provide accurate information. Another problem concerns how fast oil production is declining in fields that are past their peak production. The rate of decline can vary from field to field and this affects calculations on the size of the reserves. A further factor is the expected size of future demand for oil.

*What is "peak oil" and when will it be reached?

This is the point when the maximum rate at which oil is extracted reaches a peak because of technical and geological constraints, with global production going into decline from then on. The UK Government, along with many other governments, has believed that peak oil will not occur until well into the 21st Century, at least not until after 2030. The International Energy Agency believes peak oil will come perhaps by 2020. But it also believes that we are heading for an even earlier "oil crunch" because demand after 2010 is likely to exceed dwindling supplies.

*With global warming, why should we be worried about peak oil?

There are large reserves of non-conventional oil, such as the tar sands of Canada. But this oil is dirty and will produce vast amounts of carbon dioxide which will make a nonsense of any climate change agreement. Another problem concerns how fast oil production is declining in fields that are past their peak production. The rate of decline can vary from field to field and this affects calculations on the size of the reserves. If we are not adequately prepared for peak oil, global warming could become far worse than expected.

Steve Connor, Science Editor
I Am The I Of The Storm
BrainShutdown

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Re: Warning: Oil supplies are running out fast
bump for fact!

We live in Post Peak Oil!

[link to www.theoildrum.com]
Anonymous Coward
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08/03/2009 05:54 AM
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Re: Warning: Oil supplies are running out fast
Thanks for the post OP

I bet the military will take most of whats left
And the public sector will be left with rusty dinosaurs.
Negaterium  (OP)

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08/03/2009 05:55 AM
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Re: Warning: Oil supplies are running out fast
bump for fact!

We live in Post Peak Oil!

[link to www.theoildrum.com]
 Quoting: BrainShutdown


Yeap.
We are.
What do we do next?
Keep on living in Big Mc and driving "our" SUV's?
I Am The I Of The Storm
Anonymous Coward
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08/03/2009 05:58 AM
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Re: Warning: Oil supplies are running out fast
Black gold
What apt colors.
Anonymous Coward
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08/03/2009 06:11 AM
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Re: Warning: Oil supplies are running out fast
Black gold
What apt colors.
 Quoting: Anonymous Coward 740862


Only because politics decided to put oil extraction out of business. There is more than 200 years of oil still in the ground that we know about. That's taking into account expotential population growth and ensueing industrial growth attached.

Remember... if you control energy, you control the people.

Back door around the Constitution.
Anonymous Coward
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08/03/2009 06:14 AM
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Re: Warning: Oil supplies are running out fast
bsflag

They are engineering a major global crisis....

There is no shortage

GET READY
Anonymous Coward
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08/03/2009 06:19 AM
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bsflag

They are engineering a major global crisis....

There is no shortage

GET READY
 Quoting: Anonymous Coward 600999


This!
According to peak-oil-doomers, the fast two week crash in total anarchy is always a month away.
BrainShutdown

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08/03/2009 06:23 AM
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Re: Warning: Oil supplies are running out fast
bsflag

They are engineering a major global crisis....

There is no shortage

GET READY


This!
According to peak-oil-doomers, the fast two week crash in total anarchy is always a month away.
 Quoting: Anonymous Coward 669101


Do you even know what Peak Oil is?

putin
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08/03/2009 06:23 AM
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Re: Warning: Oil supplies are running out fast
" I trust you are aware we are being controlled in every area of our liven..."


"There is as much crude oil on the north slope of Alaska as there is in Saudi Arabia to supply USA for 200 Years

PEAK OIL IS A LIE

gas COULD be $1.50 a gal here"

"...pumping oil BACK INTO THE GROUND ! "

VIDEO HERE:

The Energy Non-Crisis

[link to video.google.com]


The Energy Non-Crisis - 1:15:08 -

Oct 24, 2007


(1840 Ratings) Rate:

Lindsey Williams talks about his first hand knowledge of Alaskan oil reserves larger than any on earth. And he talks about how the oil compa...all » Lindsey Williams talks about his first hand knowledge of Alaskan oil reserves larger than any on earth. And he talks about how the oil companies and U.S. government won't send it through the pipeline for U.S. citizens to use. --ENERGY






:doom:
Anonymous Coward
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08/03/2009 06:24 AM
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Re: Warning: Oil supplies are running out fast
bsflag

They are engineering a major global crisis....

There is no shortage

GET READY


This!
According to peak-oil-doomers, the fast two week crash in total anarchy is always a month away.


Do you even know what Peak Oil is?

putin
 Quoting: BrainShutdown


Yes, I even know what Peak Oil is. Next question?
Anonymous Coward
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08/03/2009 06:28 AM
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Re: Warning: Oil supplies are running out fast
OP's source and story is probably true, however I believe it's complete bsflag
Anonymous Coward
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08/03/2009 06:30 AM
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Re: Warning: Oil supplies are running out fast
" I trust you are aware we are being controlled in every area of our liven..."


"There is as much crude oil on the north slope of Alaska as there is in Saudi Arabia to supply USA for 200 Years

PEAK OIL IS A LIE

gas COULD be $1.50 a gal here"

"...pumping oil BACK INTO THE GROUND ! "

VIDEO HERE:

The Energy Non-Crisis

[link to video.google.com]


The Energy Non-Crisis - 1:15:08 -

Oct 24, 2007


(1840 Ratings) Rate:

Lindsey Williams talks about his first hand knowledge of Alaskan oil reserves larger than any on earth. And he talks about how the oil compa...all » Lindsey Williams talks about his first hand knowledge of Alaskan oil reserves larger than any on earth. And he talks about how the oil companies and U.S. government won't send it through the pipeline for U.S. citizens to use. --ENERGY



 Quoting: Anonymous Coward 722410





"There is as much crude oil on the north slope of Alaska as there is in Saudi Arabia to supply USA for 200 Years

PEAK OIL IS A LIE




watch the video


`
BrainShutdown

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08/03/2009 06:31 AM
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Re: Warning: Oil supplies are running out fast
bump for fact!

We live in Post Peak Oil!

[link to www.theoildrum.com]


Yeap.
We are.
What do we do next?
Keep on living in Big Mc and driving "our" SUV's?
 Quoting: Negaterium


Well those who have enough wealth will be able to continue with that. But the cheap sun energy accumulated during millions of years is going do get more expensive and there's nothing one can do about it. It's the beauty of supply and demand. The only way to avoid this is drop the demand because the only way supply goes is down.

peace
BrainShutdown

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08/03/2009 06:35 AM
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Re: Warning: Oil supplies are running out fast
bsflag

They are engineering a major global crisis....

There is no shortage

GET READY


This!
According to peak-oil-doomers, the fast two week crash in total anarchy is always a month away.


Do you even know what Peak Oil is?

putin


Yes, I even know what Peak Oil is. Next question?
 Quoting: Anonymous Coward 669101


So I assume you just believe we haven't reached peak oil yet. Correct? Or do you think we are never going to hit peak oil?

peace
Anonymous Coward
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08/03/2009 06:39 AM
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Re: Warning: Oil supplies are running out fast
bsflag

They are engineering a major global crisis....

There is no shortage

GET READY


This!
According to peak-oil-doomers, the fast two week crash in total anarchy is always a month away.


Do you even know what Peak Oil is?

putin
 Quoting: BrainShutdown

well if theres all this hullabaloo about peak oil, then why aren't governments 'n companys taking a more aggressive stance on finding viable or more renewable enrgy to use? Yes I believe what these ppl are saying is total BS
Anonymous Coward
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08/03/2009 06:44 AM
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Re: Warning: Oil supplies are running out fast
Can the atmosphere handle such amounts of carbon emissions released into it ?
Anonymous Coward
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08/03/2009 06:48 AM
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Re: Warning: Oil supplies are running out fast
watch the video where an honest man describes meeting
the people who control oil supplies and tell
Saudi Arabia how much to charge per barrel

makes your skin crawl.


The Energy Non-Crisis

[link to video.google.com]



see also:


" decieveing the American Public "

Lindsey Williams - The Energy Non-Crisis - Part 1 of 8

[link to www.youtube.com]

Lindsey Williams, who has been an ordained Baptist minister for 28 years, went to Alaska in 1971 as a missionary. The Transalaska oil pipeline began its construction phase in 1974, and because of Mr. Williams' love for his country and concern for the spiritual welfare of the "pipeliners," he volunteered to serve as Chaplain on the pipeline, with the subsequent full support of the Alyeska Pipeline Company.

Because of the executive status accorded to him as Chaplain, he was given access to information documented in his eye opening book, The Energy Non-Crisis.

After numerous public speaking engagements in the western states, certain government officials and concerned individuals urged Mr. Williams to put into print what he saw and heard, stating that they felt this information was vital to national security. Mr. Williams firmly believes that whoever controls energy controls the economy. Thus, The Energy Non-Crisis.


48 747 engines pumping the oil
BACK INTO THE GROUND !




[link to www.lwoil.com]







`
BrainShutdown

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08/03/2009 06:49 AM
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Re: Warning: Oil supplies are running out fast
bsflag

They are engineering a major global crisis....

There is no shortage

GET READY


This!
According to peak-oil-doomers, the fast two week crash in total anarchy is always a month away.


Do you even know what Peak Oil is?

putin

well if theres all this hullabaloo about peak oil, then why aren't governments 'n companys taking a more aggressive stance on finding viable or more renewable enrgy to use? Yes I believe what these ppl are saying is total BS
 Quoting: Anonymous Coward 419649


To understand this you need to look deeper into EIoER.

[link to www.chrismartenson.com]

Try here. You have economics, population growth and energy explained in one free unbiased place.

peace
Anonymous Coward
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08/03/2009 06:51 AM
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Re: Warning: Oil supplies are running out fast
Can the atmosphere handle such amounts of carbon emissions released into it ?
 Quoting: Anonymous Coward 740862


Probably not, they better raise taxes to compensate.
anonymous
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08/03/2009 06:53 AM
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Re: Warning: Oil supplies are running out fast
[link to www.independent.co.uk]

Catastrophic shortfalls threaten economic recovery, says world's top energy economist

By Steve Connor, Science Editor

Monday, 3 August 2009
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The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.


Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.
Related articles
Jeremy Leggett: Another crunch is coming – but will the world act?

In an interview with The Independent, Dr Birol said that the public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated.

But the first detailed assessment of more than 800 oil fields in the world, covering three quarters of global reserves, has found that most of the biggest fields have already peaked and that the rate of decline in oil production is now running at nearly twice the pace as calculated just two years ago. On top of this, there is a problem of chronic under-investment by oil-producing countries, a feature that is set to result in an "oil crunch" within the next five years which will jeopardise any hope of a recovery from the present global economic recession, he said.

In a stark warning to Britain and the other Western powers, Dr Birol said that the market power of the very few oil-producing countries that hold substantial reserves of oil – mostly in the Middle East – would increase rapidly as the oil crisis begins to grip after 2010.

"One day we will run out of oil, it is not today or tomorrow, but one day we will run out of oil and we have to leave oil before oil leaves us, and we have to prepare ourselves for that day," Dr Birol said. "The earlier we start, the better, because all of our economic and social system is based on oil, so to change from that will take a lot of time and a lot of money and we should take this issue very seriously," he said.

"The market power of the very few oil-producing countries, mainly in the Middle East, will increase very quickly. They already have about 40 per cent share of the oil market and this will increase much more strongly in the future," he said.

There is now a real risk of a crunch in the oil supply after next year when demand picks up because not enough is being done to build up new supplies of oil to compensate for the rapid decline in existing fields.

The IEA estimates that the decline in oil production in existing fields is now running at 6.7 per cent a year compared to the 3.7 per cent decline it had estimated in 2007, which it now acknowledges to be wrong.

"If we see a tightness of the markets, people in the street will see it in terms of higher prices, much higher than we see now. It will have an impact on the economy, definitely, especially if we see this tightness in the markets in the next few years," Dr Birol said.

"It will be especially important because the global economy will still be very fragile, very vulnerable. Many people think there will be a recovery in a few years' time but it will be a slow recovery and a fragile recovery and we will have the risk that the recovery will be strangled with higher oil prices," he told The Independent.

In its first-ever assessment of the world's major oil fields, the IEA concluded that the global energy system was at a crossroads and that consumption of oil was "patently unsustainable", with expected demand far outstripping supply.

Oil production has already peaked in non-Opec countries and the era of cheap oil has come to an end, it warned.

In most fields, oil production has now peaked, which means that other sources of supply have to be found to meet existing demand.

Even if demand remained steady, the world would have to find the equivalent of four Saudi Arabias to maintain production, and six Saudi Arabias if it is to keep up with the expected increase in demand between now and 2030, Dr Birol said.

"It's a big challenge in terms of the geology, in terms of the investment and in terms of the geopolitics. So this is a big risk and it's mainly because of the rates of the declining oil fields," he said.

"Many governments now are more and more aware that at least the day of cheap and easy oil is over... [however] I'm not very optimistic about governments being aware of the difficulties we may face in the oil supply," he said.

Environmentalists fear that as supplies of conventional oil run out, governments will be forced to exploit even dirtier alternatives, such as the massive reserves of tar sands in Alberta, Canada, which would be immensely damaging to the environment because of the amount of energy needed to recover a barrel of tar-sand oil compared to the energy needed to collect the same amount of crude oil.

"Just because oil is running out faster than we have collectively assumed, does not mean the pressure is off on climate change," said Jeremy Leggett, a former oil-industry consultant and now a green entrepreneur with Solar Century.

"Shell and others want to turn to tar, and extract oil from coal. But these are very carbon-intensive processes, and will deepen the climate problem," Dr Leggett said.

"What we need to do is accelerate the mobilisation of renewables, energy efficiency and alternative transport.

"We have to do this for global warming reasons anyway, but the imminent energy crisis redoubles the imperative," he said.

Oil: An unclear future

*Why is oil so important as an energy source?

Crude oil has been critical for economic development and the smooth functioning of almost every aspect of society. Agriculture and food production is heavily dependent on oil for fuel and fertilisers. In the US, for instance, it takes the direct and indirect use of about six barrels of oil to raise one beef steer. It is the basis of most transport systems. Oil is also crucial to the drugs and chemicals industries and is a strategic asset for the military.

*How are oil reserves estimated?

The amount of oil recoverable is always going to be an assessment subject to the vagaries of economics – which determines the price of the oil and whether it is worth the costs of pumping it out –and technology, which determines how easy it is to discover and recover. Probable reserves have a better than 50 per cent chance of getting oil out. Possible reserves have less than 50 per cent chance.

*Why is there such disagreement over oil reserves?

All numbers tend to be informed estimates. Different experts make different assumptions so it is under- standable that they can come to different conclusions. Some countries see the size of their oilfields as a national security issue and do not want to provide accurate information. Another problem concerns how fast oil production is declining in fields that are past their peak production. The rate of decline can vary from field to field and this affects calculations on the size of the reserves. A further factor is the expected size of future demand for oil.

*What is "peak oil" and when will it be reached?

This is the point when the maximum rate at which oil is extracted reaches a peak because of technical and geological constraints, with global production going into decline from then on. The UK Government, along with many other governments, has believed that peak oil will not occur until well into the 21st Century, at least not until after 2030. The International Energy Agency believes peak oil will come perhaps by 2020. But it also believes that we are heading for an even earlier "oil crunch" because demand after 2010 is likely to exceed dwindling supplies.

*With global warming, why should we be worried about peak oil?

There are large reserves of non-conventional oil, such as the tar sands of Canada. But this oil is dirty and will produce vast amounts of carbon dioxide which will make a nonsense of any climate change agreement. Another problem concerns how fast oil production is declining in fields that are past their peak production. The rate of decline can vary from field to field and this affects calculations on the size of the reserves. If we are not adequately prepared for peak oil, global warming could become far worse than expected.

Steve Connor, Science Editor
 Quoting: Negaterium

yet again another lame excuse to drive up energy cost. by supposed experts .and oil interest . meanwhile deep water oil pockets are available .and will be brought online over time. high oil prices thus gives oil producers the funds to develope new fields all the time. ..another lame threat to consumers to destroy globl confidence again. use file 13 for the article. Alaska alone has huge oil reserves as does colorado in coal shale .as does states in the north east have oil shale reserves of enormous porportions .
BrainShutdown

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Re: Warning: Oil supplies are running out fast
yet again another lame excuse to drive up energy cost. by supposed experts .and oil interest . meanwhile deep water oil pockets are available .and will be brought online over time. high oil prices thus gives oil producers the funds to develope new fields all the time. ..another lame threat to consumers to destroy globl confidence again. use file 13 for the article. Alaska alone has huge oil reserves as does colorado in coal shale .as does states in the north east have oil shale reserves of enormous porportions .
 Quoting: anonymous 740881


You are correct about the reserves and there's more like Canada oil sands for example but the problem is EIoER.

[link to www.chrismartenson.com]

peace
Anonymous Coward
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Re: Warning: Oil supplies are running out fast
If it was cost effective to exract oil from Alaska, Troops would not be sent to occupy the Middle East to secure the oil. We are running out of oil in the economic sense. If we can't afford it, then he who has the biggest weapon gets to have it. If sending soldiers to far off lands to get oil, is the most cost effective way to power the west, then we are running out of oil. This is not new. Peak oil is here.
KimmieAnnaJones

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OP's source and story is probably true, however I believe it's complete bsflag
 Quoting: Anonymous Coward 740894

Agreed.
"Holy, holy, holy is the Lord God Almighty, who was, and is, and is to come." - I AM



Vote for people that have a track record for loving your Constitution or lose your country forever!!!

Put down the damn touchy feely koolaid and WAKE THE FUCK UP!!!!

:militia:
Negaterium  (OP)

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Re: Warning: Oil supplies are running out fast
If it was cost effective to exract oil from Alaska, Troops would not be sent to occupy the Middle East to secure the oil. We are running out of oil in the economic sense. If we can't afford it, then he who has the biggest weapon gets to have it. If sending soldiers to far off lands to get oil, is the most cost effective way to power the west, then we are running out of oil. This is not new. Peak oil is here.
 Quoting: Anonymous Coward 740940


This.

There is plenty of oil I agree... but the problem is where and how do you extract it. Peak Oil refers to the oil we are used to extract and use easily without changing our life style.

It doesn't warm me any bit to know there is oil for 200 years in Alaska if the cost of extraction will bring the price over 200-300 $.
I Am The I Of The Storm
BrainShutdown

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Re: Warning: Oil supplies are running out fast
There is plenty of oil I agree... but the problem is where and how do you extract it. Peak Oil refers to the oil we are used to extract and use easily without changing our life style.

It doesn't warm me any bit to know there is oil for 200 years in Alaska if the cost of extraction will bring the price over 200-300 $.
 Quoting: Negaterium


No doubt there's plenty of oil and the economic problem is a serious one but the problem EIoER (Energy Input vs Energy Return) doesn't have solution! When it takes more energy to extract a barrel of oil than the extracted oil gives, it makes no sense to keep pumping. And be sure there's a lot of oil that will never be extracted because of that.

peace
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Re: Warning: Oil supplies are running out fast
Montana
Negaterium  (OP)

User ID: 26222
Romania
08/03/2009 10:04 AM
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Re: Warning: Oil supplies are running out fast
There is plenty of oil I agree... but the problem is where and how do you extract it. Peak Oil refers to the oil we are used to extract and use easily without changing our life style.

It doesn't warm me any bit to know there is oil for 200 years in Alaska if the cost of extraction will bring the price over 200-300 $.


No doubt there's plenty of oil and the economic problem is a serious one but the problem EIoER (Energy Input vs Energy Return) doesn't have solution! When it takes more energy to extract a barrel of oil than the extracted oil gives, it makes no sense to keep pumping. And be sure there's a lot of oil that will never be extracted because of that.

peace
 Quoting: BrainShutdown


Agree. I would like to see what the anti-peak oil ppl will say when the "great" oil reserves cannot be touched because of the cost.
I Am The I Of The Storm
Anonymous Coward
User ID: 741038
United States
08/03/2009 10:08 AM
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Re: Warning: Oil supplies are running out fast
How 52% of the voters could have voted for someone who doesn't want to drill, is beyond me.
Anonymous Coward
User ID: 741057
United States
08/03/2009 10:27 AM
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Re: Warning: Oil supplies are running out fast
OIL SHORTAGE......buy futures now....and get rich and dupe the people. There is no oil shortage!!!!!
Hallertau2000

User ID: 741067
United States
08/03/2009 10:43 AM
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Re: Warning: Oil supplies are running out fast
OPEC and there's been no demand we need oil at 70 dollars to sustain our fat paychecks produced shortage comming back to bite them in the ass shark

Last Edited by Hallertau2000 on 08/03/2009 10:44 AM





GLP