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The Oil It - Politics, Business, Civil, History - Posted: 28th Jan, 2006 - 1:03pm
Posts: 3 - Views: 1027
The End Of Oil As We Know It
A far-flung and diverse group of economists, engineers, scientists, etc., form a loose association of proponents for what is known as Peak Oil. I don't think there is an "official" group or organization; however, enough of the same folks speak out about the same topic as to make them unified in purpose. That is, to warn the world of the phenomenon of Peak Oil.
What is Peak Oil?
| QUOTE |
| The Hubbert peak theory, also known as "peak oil", concerns the long-term rate of conventional oil (and other fossil fuel) extraction and depletion. It is named after American geophysicist M. King Hubbert, who created a model of known reserves, and proposed, in 1956, in a paper he presented [1] at a meeting of the American Petroleum Institute, that oil production in the continental United States would peak between 1965 and 1970; and that world production would peak in 2000. U.S. oil production peaked in 1971 [2], and has been decreasing since then. Global production did not peak in 2000. Supporters of peak theory suggest Hubbert's model did not account for the 1973 and 1979 OPEC oil shocks, which effectively reduced global demand for oil, thus delaying the peak. |
https://en.wikipedia.org/wiki/Peak_oil
It is the beginning of the end of plentiful oil reserves. In other words, the end of cheap energy. The beginning, mind you, and not the chaotic end. There have been small items in the mainstream media from time to time, usually to discount any reports of peak oil by its proponents as doomsaying. However, many believe Peak Oil is a coming disaster, and are planning for it accordingly. It's basically going to be a slow-motion plane crash, in their opinions, and the world will get uglier as its people and countries scramble for oil.
It is the beginning of the end of plentiful oil reserves. In other words, the end of cheap energy. The beginning, mind you, and not the chaotic end. There have been small items in the mainstream media from time to time, usually to discount any reports of peak oil by its proponents as doomsaying. However, many believe Peak Oil is a coming disaster, and are planning for it accordingly. It's basically going to be a slow-motion plane crash, in their opinions, and the world will get uglier as its people and countries scramble for oil.
| QUOTE |
| Peak oil is the point in time when extraction of oil from the earth reaches its highest point and then begins to decline. We won't be able to say with certainty when we have reached peak oil until after the fact. Many experts say we have already reached the peak. Others say not yet, but within the next few years. What does Peak Oil herald? It heralds the end of cheap energy. In just a short 100 year period our civilization has built a high reliance on cheap, abundant energy. |
https://www.peakoil.org/old/imagesold/peak_oil_small.jpg
This image gives an estimate of world oil reserves and their decline.
https://www.peakoil.org/ This is just one website dealing with this issue. There are dozens more. If you Google "peak oil" you'll find over 2 million hits.
Kuwait oil reserves only half official estimate-PIW
Friday 20 January 2006, 1:32pm EST
LONDON, Jan 20 (Reuters) - OPEC producer Kuwait's oil reserves are only half those officially stated, according to internal Kuwaiti records seen by industry newsletter Petroleum Intelligence Weekly (PIW). "PIW learns from sources that Kuwait's actual oil reserves, which are officially stated at around 99 billion barrels, or close to 10 percent of the global total, are a good deal lower, according to internal Kuwaiti records," the weekly PIW reported on Friday. It said that according to data circulated in Kuwait Oil Co (KOC), the upstream arm of state Kuwait Petroleum Corp, Kuwait's remaining proven and non-proven oil reserves are about 48 billion barrels.
https://today.reuters.com/business/newsarti...mageid=∩=
From E/The Environmental Magazine
The Outlook on Oil
Some Experts Worry That Production Will Soon Peak. Others Warn That It Already Has.
by Jim Motavalli
When will oil peak? A growing body of oil company geologists, oil executives, and investment bankers, including the influential American geologist L.F. Ivanhoe, see it happening by 2010. The Department of Energy (DOE) has given various estimates, ranging from 2016 to 2037. But many oil companies are skeptical it will ever happen, putting faith in higher prices and new technology (including horizontal drilling and 4-D exploration) spurring ever more productive exploration. Exploration will have to be very productive indeed to keep up with world demand, which the Defense Department's Energy Information Administration (EIA) believes will grow from 78 million barrels per day in 2002 to 118 million barrels in 2025.
Are we on track to meet that growing demand? No, says a report by L.B. Magoon for the U.S. Geological Survey (USGS). "Technology is great," he wrote, "but it can't find what's not there. In the last five years, we consumed 27 billion barrels of oil a year, but the oil industry discovered only three billion barrels a year. So only one barrel was replaced for every nine we used!" Annual oil discoveries have been declining since 1965.
https://www.emagazine.com/view/?3004
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Post Date: 22nd Jan, 2006 - 4:09am / Post ID: #
It We Oil Of The
The biggest issue I take with this is how the amount of oil left always is blown out of proportion. Playing devils advocate, Canada recently found an oil reserve that is one of the biggest in the world. In the next ten years, they look to be the biggest oil producer and seller in the world. That means that our "peak" oil production will again moved back longer with the largest oil reserve yet barely tapped. I am all for alternative fuels. I think they are cheaper and better for our environment and should be used instead of petroleum. But in the mean time, there is no excuse for raising the price of oil. These types of reports are the reason being used to continually raise oil prices on people around the world, despite that fact that there is no real oil shortage, and raising the prices will never prevent an oil shortage. We should remember that oil usage will not just go away, it will have to slowly be replaced. Fuels like bio-diesel and vegetable oil diesel are already being produced by the millions of barrels and can run in most diesel engines with little to no modification.
Post Date: 28th Jan, 2006 - 1:03pm / Post ID: #
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The End Of Oil As We Know It History & Civil Business Politics
READY FOR $262/BARREL OIL?
Be afraid. Be very afraid.
Ref. https://money.cnn.com/2006/01/27/news/inter...rtune/index.htm
TOPIC: The End Of Oil As We Know It