Peak Oil

Source: blogs.moneycentral.msn.com --- 5 days ago
A stronger dollar and slowing worldwide growth continue to drive Oil prices down. A barrel of Oil recently fetched $113.46 on the New York Mercantile Exchange, about 23% below the Peak of $147.27 reached on July 11th. The US Energy Information Administration says gasoline supplies have dropped more than expected, but demand for fuel continues to fall. Demand for gasoline fell 2.1% through July 31st, the American Petroleum Institute reports. High prices at the pump have forced many drivers to reduce miles driven. Concern about an economic slowdown in the United States, Europe and Japan are driving Oil prices down. Demand for Oil falls when the economy slows. On Thursday, BP reported that it had resumed pumping gas into the Baku-Tbilisi-Erzurum pipeline through the nation of Georgia, but two Oil pipelines remain closed after Russia invaded the nation. Secretary of State Condoleezza Rice has urged Russia to honor a ceasefire agreement with Georgia. Russia refused to leave the country after signing a peace agreement sponsored by the European Union. The dollar rose to $1.4698 against the euro, the highest level since February. The dollar has climbed about 2% this week. The dollar climbed above 110 Japanese yen on Friday. But falling gasoline prices don't mean salvation for strapped consumers. Lower gasoline prices will be offset by higher costs for heating Oil and natural gas next winter. Residential heating Oil is expected to average ...

Source: www.salon.com --- 14 days ago
Brad DeLong excerpts Jimmy Carter's 1977 speech on the energy crisis in his blog today. The timing is extraordinarily appropriate, and not just because energy is the campaign issue of the week. The wave of Republican mockery currently assaulting Barack Obama's recommendation that Americans properly inflate their tires flows squarely within the tradition of scorn and derision that conservatives have heaped on Carter for decades -- in part because of his call for conservation and sacrifice in 1977. But the speech holds up pretty darn well today, even as right-wing flailing increasingly manifests itself, to borrow a slam made by Obama against his critics on Tuesday, as risibly "ignorant." I particularly liked the following passage, if only because of its prescience. But we do have a choice about how we will spend the next few years. Each American uses the energy equivalent of 60 barrels of Oil per person each year. Ours is the most wasteful nation on earth. We waste more energy than we import. With about the same standard of living, we use twice as much energy per person as do other countries like Germany, Japan and Sweden. One choice is to continue doing what we have been doing before. We can drift along for a few more years. Our consumption of Oil would keep going up every year. Our cars would continue to be too large and inefficient. Three-quarters of them would continue to carry only one person -- the driver -- while our public transp ...

Source: seattlepi.nwsource.com --- 16 days ago
Martin P. Hayes, guest columnist: While the world focuses on long-term Peak Oil impacts, it is short-term Peak Price Oil trigger events that threaten our civilization with imminent collapse. ...

Source: abc.net.au --- 16 days ago
Ian Dunlop is Deputy Convener of the Australian Association for the Study of Peak Oil and warns that the Oil supply will eventually run out and with that and the global warming issue in mind, we need to look for alternatives. ...

Source: www.huffingtonpost.com --- 15 days ago
Every once in a while history reaches a point of real cognitive dissonance. I'm beginning to wonder if we are such a point right now. I'm referring to the astounding rise in the price of Oil over the last couple of years, the concept of 'Peak Oil,' and the strange silence surrounding that concept in the media. The 'Peak Oil' idea is pretty simple. Petroleum is a finite resource. Since the first well was drilled in 1859 we have been pumping it out of the ground in ever increasing amounts. According to the Peak Oil theorists, most of whom are Oil geologists, at some point we will have pumped about half of all the Oil on earth. At that point, the remaining half will become increasingly harder and more expensive to pump, and so two things will happen. First, the amount of Oil we pump will level off and start to decline, by about two percent per year. And second, since demand by a growing world population will keep rising, the market will respond by pricing the decreasing amount of Oil higher and higher. An Oil geologist named M. King Hubbert predicted this phenomenon for the continental USA back in the 50s. In those halcyon days, US production seemed limitless, but Hubbert predicted that sometime between 1966 and 1972, the USA would reach Peak Oil production and American production would thereafter decline. People laughed at Hubbert. Then, in 1970, right on schedule, production of US Oil peaked and began to drop. Hubbert had been corr ...

Source: forums.men.style.com --- 7 days ago
One of the most intriguing articles that ...

Source: blog.beliefnet.com --- 10 hours ago
From the new Texas Monthly's fascinating profile of T. Boone Pickens: Earlier this year, he went to visit President George W. Bush at the White House, bringing with him the whiteboard that he carries on his jet. Standing before Bush,... ...

Source: blog.beliefnet.com --- 2 days ago
Everybody go over to The American Conservative's site and read their new issue, all of which is available for free in PDF form. I want to draw attention to two articles of special note, neither of which is linkable, but... ...

Source: blog.beliefnet.com --- 7 hours ago
Writing in Standpoint, a smart new center-right British magazine, Tim Congdon explains why the last 80 years have been an absolute anomaly in terms of development, and why they cannot be repeated. Excerpt: Is audacity the better part of economic... ...

Source: www.swissinfo.org --- 12 days ago
Switzerland, which is "above average" when it comes to Oil dependence, is not doing enough to prepare for shortages. This is the key finding of a new report. ...

Source: reddit.oregonlive.com --- 16 days ago
[link] [more] ...

Source: www.moreover.com --- 9 days ago
Production and Prices The BTC pipeline Oil and the US elections Energy Briefs Production and Prices Forces coalesced this week to bring about another $10 a barrel drop in Oil prices. ...

Source: www.zacks.com --- 9 days ago
The Oil market is one that has very inelastic curves for both supply and demand. This means that small shifts in either can lead to large price changes. We discuss XTO, RIG, COP, CLB and GW. ...

Source: gristmill.grist.org --- 8 days ago
By Jason D Scorse I've written about energy issues a few times and been wrong as often as I've been right. One of the reasons predictions about energy prove so difficult is that data on Oil production are so poor. But we do have a new data point out today that shows that OPEC's production hit its highest level ever this past month. It's just one piece of information, but it seems as if there was at least some additional capacity in the system. ...

Source: www.peakoil.com --- 15 days ago
Every once in a while history reaches a point of real cognitive dissonance. I'm beginning to wonder if we are such a point right now. I'm referring to the astounding rise in the price of Oil over the last couple of years, the concept of 'Peak Oil,' and the strange silence surrounding that concept i... ...

Source: www.energybulletin.net --- 9 days ago
"Energy Resources and Our Future" - Speech by Admiral Hyman Rickover in 1957 The future is now: the end of cheap Oil Peak Oil, meet Peak bandwidth read more ...

Source: www.energybulletin.net --- 18 days ago
Back in January, I made a financial forecast for 2008. In this post, I will update my analysis, looking both at what has happened thus far in 2008, and refining what is likely ahead. read more ...