Building a world of
resilient communities.

MAIN LIST

 

Already Past the Peak?

Here is a report worth looking at. It is called “Alberta oil sands will be world’s largest source of new crude oil by 2010: CIBC”, and is interesting in that it is produced by a respectable Canadian bank, and sets out their concerns about the future of oil supplies. One quote from the article is “Alberta’s oil sands will become the most important source of new oil in the world by 2010 as conventional crude dries up”. If Alberta’s oil sands are the most important source of new oil by 2010 then we are in trouble. The end of the age of cheap oil has indeed arrived. Tar sands are extractable, but with a much higher cost, both financial and environmental. They also take almost as much energy to extract as we get from them (they have an Energy Returned on Energy Invested (ERoEI) rating of around 1.5). Tar sands are really scraping the barrel (so to speak).

The report adds, almost as a casual aside, that “conventional oil production around the world apparently peaked in 2004″. It is the thing that we’ll see with oil peak, it will be denied as we approach it, denied as we go over it, and then spoken about as though everyone had always known about it and it was just a fact of life once we are beyond it. It is an interesting article, an insight into nervous bank boardrooms the world over.

Editorial Notes: Jeff Rubin may very well be refering to ASPO's research. ASPO claim that the peak in conventional oil production was reached in 2004. -AF

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.

Tags:  

Peak Oil Notes - Aug 27

A midweek update. Oil prices fell sharply on Monday in response to another …

Deflationary Collapse Ahead?

Both the stock market and oil prices have been plunging. Is this “just …

My Chicken of an EV

A little over two years ago, my wife and I entered a new phase of life in …

In Clash of Greens, a Case for Large-Scale Solar Projects

Weaning the U.S. economy off fossil fuels will involve the wide deployment …

Why the $20 Oil Predictions are Wrong

As the price of West Texas Intermediate (WTI) retests the $40 per barrel …

Peak Oil Review - Aug 24

The great oil price slide of 2014-15 is taking on epic proportions.

Fracking Arrives in the UK

Fracking has finally arrived in the UK, eight years on from …