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Tuesday, August 7, 2007

Peak Oil. What It Is And Why You Should Be Worried

Peak Oil. Ever heard of it? No? Then you need to hear about it. Sooner or later, it will affect you and everything around you.

Is Peak Oil Real?

"As first expressed in Hubbert peak theory, Peak Oil is the point or timeframe at which the maximum global petroleum production rate is reached. After this timeframe, the rate of production will by definition enter terminal decline. According to the Hubbert model, production will follow a roughly symmetrical bell-shaped curve."

[via Wikipedia, Peak oil]

"Peak Oil is the simplest label for the problem of energy resource depletion, or more specifically, the peak in global oil production. Oil is a finite, non-renewable resource, one that has powered phenomenal economic and population growth over the last century and a half. The rate of oil 'production,' meaning extraction and refining (currently about 84 million barrels/day), has grown in most years over the last century, but once we go through the halfway point of all reserves, production becomes ever more likely to decline, hence 'peak'. Peak Oil means not 'running out of oil', but 'running out of cheap oil'. For societies leveraged on ever increasing amounts of cheap oil, the consequences may be dire. Without significant successful cultural reform, economic and social decline seems inevitable."

[via Energy Bulletin]

Top 3 World Oil Producers and Consumers (2006)
(Thousand barrels per day)

Top 3 World Oil Producers

1. Saudi Arabia 10,719
2. Russia 9,668
3. United States 8,367

Top 3 World Oil Consumers

1. United States 20,588
2. China 7,274
3. Japan 5,222

[via Energy Information Administration, Official Energy Statistics from the U.S. Government]

Is Peak Oil A Myth?

"Peak oil is a scam designed to create artificial scarcity and jack up prices while giving the state an excuse to invade our lives and order us to sacrifice our hard-earned living standards."

"Earlier this year Saudi Arabia reportedly increased its crude reserves by around 200 billion barrels. Saudi oil Is secure and plentiful, say officials.

Is this the normal course of behavior if we are currently at the peak for oil production? The answer is no, it's the normal course of action for increasing production.

There have also been reports that Russia has vastly increased its reserves even beyond those of Saudi Arabia. Why would they do this if they believed there would be no more oil to get hold of? It seems clear that Russia is ready for unlimited future production of oil.

There is a clear contradiction between the peak oil theory and the continual increase in oil reserves and production."

[via Prison Planet.com, The Myth Of Peak Oil]

Oil, Oil, Everywhere...

[via WSJ Article, Manhattan Institute]

Only time will tell if Peak Oil is real, or if it's a myth.

Labels: life, money, oil

1:54 PM

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