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Tag Archives: conventional oil
Has oil peaked?
Has oil peaked? Last month, the world’s 4th largest oil company—BP—predicted that the world will never again consume as much petroleum as it did last year. So, have we finally hit peak oil? And if so, what does that mean for our economy and our world? There was fierce controversy in the first decade of this century […]
RED WARNING LIGHT: The World Is Rapidly Burning Through Its Conventional Oil Reserves
RED WARNING LIGHT: The World Is Rapidly Burning Through Its Conventional Oil Reserves While Americans continue to enjoy the convenience provided by the just-in-time inventory supply-chain Leech and Spend Suburban Economy, the rate we are consuming the high-quality conventional oil reserves should scare the hell out of people. But, it doesn’t. Why? Because, virtually no […]
New U.S. Record-Level Oil Production! Peak Oil Theory Disproven! Not.
New U.S. Record-Level Oil Production! Peak Oil Theory Disproven! Not. Well, I’m amazed and impressed. Tight oil production has pushed total United States petroleum output to more than 10 million barrels a day, a rate last seen almost a half-century ago. It’s a new U.S. record. Fifteen years ago I was traveling the world with […]
Foiled by Oil
Foiled by Oil “Pemex revenues are down 70% in the past 18 months. That is what Peak Oil looks like.” “Oil in the ground is wealth only on paper – you may own that oil, but it earns you nothing until you recover and sell it. Yet paper wealth is still wealth. It goes on […]
Understanding peak oil theory, 2007 U.S. House hearing
Understanding peak oil theory, 2007 U.S. House hearing House 109-41. December 7, 2005. Understanding the Peak Oil theory. U.S. House of Representatives. [What follows are excerpts from the 95 page transcript of this hearing, the only one about peak oil and the possibility that peak production may happen soon. And also the only hearing where most of […]
Can We Afford the Future?
Can We Afford the Future? Broken road image via shutterstock. Reproduced at Resilience.org with permission. As a child of the 1950s I grew up immersed in a near-universal expectation of progress. Everybody expected a shiny new future; the only thing that might have prevented us from having it was nuclear war, and thankfully that hasn’t happened […]
The Easy Oil Is Gone So Where Do We Look Now?
The Easy Oil Is Gone So Where Do We Look Now? In 2008, Canadian economist Jeff Rubin stunned the oil market with a bold prediction: With the world economy growing at 5 percent a year, oil demand would grow with it, outpacing supply, thus lifting the oil price from $147 to over $200 a barrel. […]
Whiplash!
Whiplash! Over the course of 2014 the prices the world pays for crude oil have tumbled from over $125 per barrel to around $45 per barrel now, and could easily drop further before heading much higher before collapsing again before spiking again. You get the idea. In the end, the wild whipsawing of the oil […]
Global Oil and Other Liquid Fuels Production Update
Global Oil and Other Liquid Fuels Production Update. • Global conventional crude oil + condensate production (C+C) attained a value of 73 million barrels per day (Mbpd) in May 2005. Since then conventional C+C has been bumping along a jagged plateau with the all-time high of 73.3 reached in July 2008, immediately prior to the Chinese Olympic […]
