Ever since the dark days of the Bush Administration we have known that the US Administration, under pressure from its oil buddies, can manipulate data. But that was mainly to do with climate. We also know that the true amount of oil in the world’s depleting oil fields is one of the most hotly guarded … Read More
Peak Oil
It’s Official: Oil Will Peak by 2020
These are turbulent times, no doubt. The unexpected seems to happen on an almost daily basis and what was deemed impossible just months ago now seems highly probable or even normal, whether we are talking financial crisis, falling currencies, or the price of oil. But what about when we will reach peak oil? Another hotly … Read More
Now for the Oil Crunch
The following article ran in the Guardian (UK) and was written by Jeremy Leggett. It is based on the publication of this report (large pdf). If eight companies across a broad spectrum of UK industry had warned, five years ago, that a ruinous credit crunch would hit the global economy this year, might the government … Read More
BP Looks to Oil Sands as Peak Oil Beckons
A taskforce of eight leading British engineering, utility and transport companies is predicting the world will reach peak oil in three to five years. The taskforce looked at three possible scenarios: a collapse in production, a decline, or a plateauing of production once peak oil is reached. Taskforce chairman, ex-Greenpeace scientist and chair of SolarCentury, … Read More
“What we have now is geopolitical peak oil”
“This is an industry in crisis,” Amy Myers Jaffe, the associate director of Rice University’s energy program in Houston tells today’s New York Times. “It’s a crisis of leadership, a crisis of strategy and a crisis of what the future looks like for the supermajors” Jaffe adds. “They are like a deer caught in headlights. … Read More
“100 months to save the planet”
The clock is ticking. And is getting faster. We are entering the most serious global crisis since the Great Depression, at the same time as we face unprecedented climate change. Such is the need for urgent action that we only have only 100 months to save the planet, according to a new policy group called … Read More
Oil Price Crisis: Market Sentiment or New World Order?
The record oil price of $135 a barrel is due to “market sentiment” rather than a shortage of supply, according to Shell’s chief executive, Jeroen van der Veer. “What we say and what we see is there are no physical shortages,” said van der Veer. “There are no tankers waiting in the Middle East, there … Read More
Oil Has Peaked, Says Poll
Most people believe oil is running out and governments need to find another fuel, an international poll has found. On average, 70 percent of respondents in 15 countries said they thought oil supplies had peaked. Only 22 percent of the nearly 15,000 respondents in nations ranging from China to Mexico believed enough new oil would … Read More
Russian Oil Production has “Peaked”
Russian oil production has dropped this year for the first time in a decade, adding to the already jittery oil market, with some industry insiders saying it has already “peaked”. Russia, the world’s biggest oil exporter after Saudi Arabia, averaged 10 million barrels per day from January through March, the International Energy Agency said in … Read More
Shell: We Will Begin to Run Out of Oil in 7 Years
Something of a “Shell feel” to the blog today. Three stories all about the oil major. First up a story from Davos. Jeroen van der Veer, chief executive of Shell has warned that demand for oil and gas will outstrip supply within seven years, because conventional supplies will fail to keep pace with population growth … Read More