{"id":51300,"date":"2020-02-23T07:21:55","date_gmt":"2020-02-23T12:21:55","guid":{"rendered":"https:\/\/olduvai.ca\/?p=51300"},"modified":"2020-02-23T07:21:59","modified_gmt":"2020-02-23T12:21:59","slug":"many-signs-of-peak-oil-and-decline-2","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=51300","title":{"rendered":"Many signs of peak oil and decline"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"http:\/\/energyskeptic.com\/2020\/failing-oil-and-gas-companies-a-sign-of-peak-oil\/\">Many signs of peak oil and decline<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i1.wp.com\/energyskeptic.com\/wp-content\/uploads\/2019\/06\/abandoned-drilling-rig.jpg?w=640\" alt=\"\" class=\"wp-image-11268\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Preface.<\/strong>&nbsp; Recently the&nbsp;<a href=\"http:\/\/energyskeptic.com\/2019\/iea-2018-world-energy-outlook-peak-oil-is-here-oil-crunch-by-2023\/\">IEA 2018 World Energy Outlook predicted an oil crunch could happen as soon as 2023<\/a>.&nbsp; Oil supermajors are expected to have 10 years of reserve life or more, Shell is down to just 8 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Political shortages are as big a problem as geological depletion. At least 90% of remaining global oil is in government hands, especially Saudi Arabia and other countries in the middle east that vulnerable to war, drought, and political instability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And in 2018, the U.S. accounted for 98% of global oil production growth and since 2008, the U.S. accounted for 73.2% of the global increase in production (see Rapier below).&nbsp;&nbsp; What really matters is peak diesel, which I explained in \u201cWhen trucks stop running\u201d, and fracked oil has very little diesel, much of it is only good for plastics, and yet America may well be the last gasp of the oil age if production isn\u2019t going up elsewhere.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Related<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2019.&nbsp;<a href=\"https:\/\/www.dw.com\/en\/when-will-peak-oil-hit-global-energy-markets\/a-51367939?maca=en-gk-volltext-newsstand-topstories-en-10709-xml-googlenews\">When will \u2018peak oil\u2019 hit global energy markets<\/a>? dw.com.&nbsp; Darren Woods, CEO of ExxonMobil predicts a 25% rise in global energy demand for the next two decades, due to \u201cglobal demographic and macroeconomic growth trends. When you factor in depletion rates, the need for new oil grows at 8% a year,\u201d he told analysts in March.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">***<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Clearly the depth of wells we need to drill show we are reaching peak oil production:\u00a0\u00a02019-11-19\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/The-Truth-About-The-Worlds-Deepest-Oil-Well.html\">The Truth About The World\u2019s Deepest Oil Well<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">How deep into the ground do we have to go to tap the resources we need to keep the lights on? How deep into the ground are we able to go?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/aoghs.org\/petroleum-pioneers\/first-texas-oil-well\/\" target=\"_blank\">first oil well<\/a>\u00a0drilled in Texas in 1866 was a little over 100 feet deep: the No 1 Isaac C. Skillern struck oil at a depth that, from today\u2019s perspective, is ridiculously shallow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many signs of peak oil and decline Preface.&nbsp; Recently the&nbsp;IEA 2018 World Energy Outlook predicted an oil crunch could happen as soon as 2023.&nbsp; Oil supermajors are expected to have 10 years of reserve life or more, Shell is down to just 8 years. Political shortages are as big a problem as geological depletion. At [&hellip;]<\/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":[11836,11859,416,433,617,1090],"class_list":["post-51300","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-alice-friedemann","tag-energy-skeptic","tag-iea","tag-international-energy-agency","tag-peak-oil","tag-world-energy-outlook"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51300","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=51300"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51300\/revisions"}],"predecessor-version":[{"id":51301,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/51300\/revisions\/51301"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}