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The peak oil theory surfaced recently during an event in Santa Barbara in the US. Some people use this theory to argue against continued support for and development of our petroleum based energy resources. I would like to share a few facts that may help put the issue in a more balanced perspective.
Peak Oil theorists [...]
The peak oil crisis – Last week oil broke out of a months long trading range and surged to $82 a barrel. For many of us who remember $140 oil from the summer of ‘08 this might not sound impressive until you are reminded that every time oil (adjusted for inflation) broke $80 a barrel [...]
Floating within a trading range for several weeks, the price of crude oil has recently broken out to a new recovery high. Skeptics can say what they want but it does not change the fact that our world is struggling to maintain daily oil flow rates. Whether you agree or not, the energy reality is [...]
Just think back to summer last year when oil prices spiked to $150 a barrel – 10 times the level of a decade earlier. In petrol stations in some European countries, people started to drive off without paying and drivers had to be banned from filling cars before they had paid up. In Britain, people [...]
Two years in the preparation, Global Witness’s report, Heads in the Sand, accused governments of ignoring the fact that the world could soon start to run short of oil. This would lead to huge consequences in terms of price shocks and much higher levels of violence around the world than last year’s food riots.
“There is [...]
A new report by a prominent energy research firm warns that the future of the world’s oil supply could peak or start to dry up over the next 10 years. In a report unveiled at an International Energy Agency meeting in Paris, the UK Energy Research Center said petroleum production is likely to peak by [...]
A peak oil conference wrapping up today in Denver is sounding the alarm that oil demand will soon outgrow supply, posing a potential economic threat to the country’s economic well being. However, most oil and gas companies say the peak oil theory is bogus and that there are plenty of the natural resource to go [...]
There is a “significant risk” that global oil production could begin to decline in the next decade, researchers said today. A report by the UK Energy Research Council (UKERC) said worldwide production of conventionally extracted oil could “peak” and go into terminal decline before 2020, but that the UK government was not facing up to [...]
The world could start to run out of oil in the next ten years, sparking soaring energy prices and a rush for even more polluting fossil fuels, an influential new study by the UK Energy Research Council has warned.
The exact date of “peak oil” – when the amount of oil being pumped out of [...]
William Cummings of Exxon Mobil tells us, “All the easy oil and gas in the world has pretty much been found. Now comes the harder work in finding and producing oil from more challenging environments and work areas.” That’s about as cheerfully as the harsh reality can be put.
Mexico is a stark example of [...]
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Light oil price near $81 in busy market tradingThe NYMEX Light oil price dropped to near $81 a barrel in trading on Tuesday in Asia, losing a little momentum although the market is seeing alot of activity and many analysts see prices going higher.
US Light crude oil futures for April delivery was down 68 cents to $81.19 a barrel at late afternoon Singapore [...]
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