“For the third time in the history of the International Energy Agency, our member countries have decided to act together to ensure that adequate supplies of oil are available to Continue Reading
Recently President Obama, under pressure from Republicans and the public to bring down gasoline prices, announced a plan to expand domestic oil production in Alaska and the Gulf of Mexico.
The media appeared to joyfully trumpet the idea that with expanded oil drilling in the U.S., oil production would ramp up. No one in the media appeared to question that idea although I’ve made the case on several occasions that U.S. oil production will, in general, trend down in the future even if every last acre of U.S. territory were soon opened for oil development.
The belief among the media, politicians and the public, in general, is that with increased drilling and expansion of available territory, oil production absolutely increases.
Download Full PDF 1. Oil and the Global Economy After three days of responding to the twists and turns of the Greek debt crisis, oil prices fell on Thursday after Continue Reading
“The oil market for the rest of this year looks potentially short of sweet crude, should the Libyan crisis continue to keep those supplies restrained.”
Download Full PDF 1. Oil and the Global Economy Oil prices fell sharply last week. From nearly $100 a barrel in NY early in the week prices fell below $92 Continue Reading
The world oil production data below tell a story about: 1) nations that are past peak (see “Peak Year,” turquoise fill), because of geologic limits (e.g., US, Norway, etc.) or other reasons; and 2) nations that have yet to peak (see “na” under “Peak Year;” Saudi Arabia, UAE, China), or if they have peaked it is not yet clear. An equally interesting trend is–irrespective of peaking–whether or not nations are increasing (first column; Brazil); have either flat or volatile production (second column, in blue; Iran, Iraq); or are experiencing decreasing production (third column, in red); the 2009 OPEC quotas continue to complicate the overall numbers here. Also, follow the trend of oil production nations whose exports are declining. Six non-OPEC nations increased by over 100,000 barrels/day-year (vs. 12 in 2004); two non-OPEC experienced declines over 100,000 barrels/day-year (also two in 2004). Peak appears to be close but not yet; we were on relatively plateau production during 2005-2008, then down in 2009, up strongly in 2010, up so far in 2011. Keep following the increasing roles of economic-driven demand destruction, violence, the Arab Spring, resource nationalism, timing of production investment and peak oil exports.
Download Full PDF 1. Oil and the Global Economy Last week the oil markets were dominated by the OPEC meeting in Vienna which failed to reach agreement on production levels; Continue Reading
“Consumption growth reached 5.6 percent, the highest rate since 1973. It increased strongly for all forms of energy and in all regions. Total consumption of energy in 2010 easily surpassed Continue Reading
“We don’t want the West to go and find alternatives [to our oil]”
There are so many challenges facing us as a result of Peak Oil and related issues that it is easy to miss something important. ASPO-USA asked more than 50 leaders on Peak Oil to share what they felt was the most critical issue we’ve all been missing, the thing every one of us should be talking about – but aren’t. The answers were eye-opening, and have started a discussion that continues. This is the last in a three part series (First two parts available here and here), in place of a traditional commentary, Peak Oil Review will run a range of perspectives on this issue – from geologists to food experts, from social critics to scientists – what are we missing? Where should we be putting more attention, more resources? All of us miss things – but between so many working minds, we have a better chance of covering the expansive ground that we have to address. We thank all of our contributors for expanding our vision!