The world is much closer to running out of oil than official estimates admit, according to a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.
Archive for the ‘Oil and natural gas’ Category
Oil Prices: Still Volatile, Still Disruptive
The point is that while crude oil volatility is down from a year ago, price movements are still more unpredictable than they have been historically. “Current volatility is still above long-term average volatility.
The demise of the dollar
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading
The 1.258 trillion-barrel question: How much oil lies in reserve?
Scripps’ Constable, a man of science, is not reassured by such appeals to faith in unseen trillions of barrels. He’s well aware of the recent finds in Iraq, the Gulf of Mexico and elsewhere. Moreover, he believes that his own electromagnetic experiments will uncover new undersea oil fields.
“But,” he concluded, “we’re still burning it faster than we’re discovering it.”
IHS CERA: World Oil Demand Set to Resume Growth; Return to Pre-recession Levels by 2012
Overall, emerging markets will drive the recovery of oil demand. IHS CERA expects oil demand to increase from 83.8 mbd in 2009 to 89.1 mbd in 2014. 83 percent (4.4 mbd) will come from non-OECD countries. China alone is expected to account for 1.6 mbd of cumulative growth. Just 900,000 bpd of growth is expected to come from OECD countries
Oil still has us over a barrel
The spate of recent giant oilfield discoveries in the Gulf of Mexico, Iran, Uganda and Brazil is welcome. A cohesive society will depend on plentiful supplies of oil for years to come, no matter how quickly we can mobilise low-carbon electricity stored in batteries and other
Energy: China turns tables on U.S.
Our domestic markets are exactly the opposite of the Chinese. Americans are strapped with debt, paralyzed and frozen in place. We had to borrow more money in order to keep our entire economic system from collapsing.
US seeks independence with natural gas
“We have to stop looking at the short term. Sure we can find enough fuel for the next two years, five years, 10 years, but what happens at that point when we haven’t built up our renewable or alternative energy technologies?” she asks.
Washington Capitulates – Peak Oil Is Real
Projected production, as you can see, is suddenly shriveling up. From 107.5 million b/d of oil projected for 2030 in 2007, to 102.9 million b/d in 2008, to this year’s meager expectation for 93.1 million. That’s a drop of 13.4% in only two years, and posits production growth of only 11.6 million b/d (14.2%) from 2006 levels.
If that isn’t an admission that the era of Peak Oil is upon us, what is?
