Another expert:
http://news.yahoo.com/s/yblog_theloo...ing-out-of-oil
Husseini also indicated that Saudi producers are likely to hit "peak oil"--the point at which global output hit its high mark--as early as 2012.
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Another expert:
http://news.yahoo.com/s/yblog_theloo...ing-out-of-oil
Husseini also indicated that Saudi producers are likely to hit "peak oil"--the point at which global output hit its high mark--as early as 2012.
The world loves to be deceived.
The EVs can't come soon enough.
Well written.Originally Posted by dpeilow
The world loves to be deceived.
Seems like while the world's attention is on Japan, several Gulf states have sent in troops to quash the uprising in Bahrain. The spike in oil prices this would cause has been masked with the drop off in demand from Japan.
BBC News - Gulf states send forces to Bahrain following protests
Age of cheap fuel is over: IEA - ABC News (Australian Broadcasting Corporation)
Speculators not behind oil price spike, says energy agency - Apr. 28, 2011
Age of cheap fuel is over: IEA |Electric Vehicle News - StumbleUpon
IEA chief economist Fatih Birol says the world's crude oil production peaked in 2006.
He says oil prices are likely to rise 30 per cent over the next three years.
"The existing fields are declining so sharply that in order to stay where we are in terms of production levels in the next 25 years, we have to find and develop four new Saudi Arabias," he said.
"It is a huge, huge challenge that we continue to underline."
http://www.countercurrents.org/arguimbau230410.htm
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Last edited by TEG; 08-24-2011 at 05:43 PM.
Actually if you ask a Geologist, the peak is still on the horizon.
As the demand for oil increases the price goes up. Simple economics.
When the price goes up high enough it becomes cost-effective to drill and produce areas in which would normally be passed over for cheaper locations. The peak occurs when the demand for oil exceeds peak production and then stays there. Dr. Gregory gave an excellent lecture on peak oil in the class The Scientific Method: Debunking Psuedo Science Through Critical Thinking. Here is a page on Peak oil from that class. (That class, by the way, was a blast to take.)
Last edited by W.Petefish; 08-26-2011 at 05:47 AM.
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