{"id":10921,"date":"2015-08-11T08:54:06","date_gmt":"2015-08-11T13:54:06","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10921"},"modified":"2015-08-11T08:54:06","modified_gmt":"2015-08-11T13:54:06","slug":"europe-oil-consumption-peaked-2005","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10921","title":{"rendered":"Europe oil consumption peaked 2005"},"content":{"rendered":"

Europe oil consumption peaked 2005<\/a><\/h3>\n

This is the 3rd article using data from the BP Statistical Review published in June 2015<\/p>\n

\"\"<\/a><\/p>\n

Fig 1: Western Europe oil consumption, oil prices in $2014<\/p>\n

Total oil consumption peaked 3 times at around 14 mb\/d:<\/p>\n

(1)\u00a0\u00a0 In 1973, the 1st<\/sup>\u00a0oil crisis which was triggered by the Yom Kippur war. The following OPEC embargo was successful because US oil production had peaked 3 years earlier so the US could not increase production to offset OPEC\u2019s reduction<\/p>\n

(2)\u00a0\u00a0 In 1979, the 2nd<\/sup>\u00a0oil crisis which was caused by Iranian oil production peaking in the mid seventies and the following Iranian revolution, resulting in a global recession in 1982<\/p>\n

(3)\u00a0\u00a0 In 2005, at the beginning of the 3rd<\/sup>\u00a0oil crisis when global crude oil production had a peak and declined until 2007<\/p>\n

3 main oil consumers Germany, UK and France\u00a0<\/strong><\/h4>\n

The oil crises in the 70s brought down consumption by 2 mb\/d (oil prices increased 10-fold) through both energy conservation and a recession.<\/p>\n

\"\"<\/a><\/p>\n

Fig 2: Oil consumption Germany, UK and France<\/p>\n

Consumption never went back to 1973 levels but peaked in 1998 and then declined by 0.6% pa until 2006 after which consumption declined by 1.7% pa, mainly due to drops in France and UK, while Germany reduced consumption irrespective of oil prices.<\/p>\n

\"\"<\/a><\/p>\n

Fig 3: UK became net importer in 2006<\/p>\n

\"\"<\/a><\/p>\n

Fig 4: UK debt and GDP<\/p>\n

\u00a0http:\/\/ftalphaville.ft.com\/files\/2013\/01\/Perfect-Storm-LR.pdf<\/a><\/p>\n

\u00a0UK debt started to increase more than GDP when oil production began to decline from its peak in 1999<\/p>\n

…click on the above link to read the rest of the article…<\/div>\n","protected":false},"excerpt":{"rendered":"

Europe oil consumption peaked 2005 This is the 3rd article using data from the BP Statistical Review published in June 2015 Fig 1: Western Europe oil consumption, oil prices in $2014 Total oil consumption peaked 3 times at around 14 mb\/d: (1)\u00a0\u00a0 In 1973, the 1st\u00a0oil crisis which was triggered by the Yom Kippur war. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[6292,281,8017,588,617],"class_list":["post-10921","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-crude-oil-peak","tag-europe","tag-european-oil-consumption","tag-oil","tag-peak-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10921"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10921\/revisions"}],"predecessor-version":[{"id":10922,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10921\/revisions\/10922"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}