Peak oil – Aug 10

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Many more articles are available through the Energy Bulletin homepage

Have we reached the end of the road for oil?
David Strahan, UK Telegraph
Petrol prices are set to fall this autumn, but David Strahan argues that oil is now so scarce that it may never be affordable again

With the oil price apparently in full retreat, it is tempting to breathe a sigh of relief. After soaring to an all-time high of more than $147 a barrel in mid-July, the cost of crude has dropped by nearly $30 in the last four weeks. Although the price is still more than 10 times higher than a decade ago, some analysts are now talking of a “tipping point”, predicting a continued slide to $90 a barrel.

So why has a commodity that until recently seemed like a one-way bet suddenly gone into reverse? And having helped push the economy to the brink of recession, is the oil shock over, or merely in remission?

One thing is almost universally agreed upon: the recent slump is not due to the bursting of a speculative bubble.
(9 August 2008)
David Strahan is an EB contributor.

A look at rising need of crude in energy rich nations
MENAFN (Middle East North Africa Financial Network)
WITH the crude demand-supply balance definitely tight, the growing consumption in the energy rich, oil-exporting countries is under hammer, adding to the existing confusion on the future prospects of the industry.

Fresh data from the US Department of Energy show the amount of petroleum products shipped by the world’s top oil exporters fell 2.5 percent in 2007, despite a 57 percent increase in prices and the rise in global consumption. And the trend appears to hold true this year as well.

Rising cash flow from high price crude have fuelled a boom in oil demand inside Saudi Arabia and across the oil rich Middle East, leaving less oil for export, some are now starting to emphasize. At the same time, aging fields and sluggish investments have caused exports to drop significantly in some of the exporting countries such as Mexico, Norway and, most recently, Russia.
(9 August 2008)

Heinberg on Al Jazeera TV (video)
Al Jazeera English TV via Post Carbon
Post Carbon Institute Senior Fellow Richard Heinberg was interviewed by Al Jazeera English TV. Richard discussed the realities of off shore drilling in a story about the energy policies proposed by presidential candidates, John McCain and Barrack Obama.
(4 August 2008)
Prophet in his own country – article in Heinberg’s hometown newspaper: Reducing oil use ‘our survival challenge’ (Santa Rose Press Democrat)

CIBC’s Ben Tal Sees $200 Oil, 6% U.S. Inflation (audio/podcast.)
On the Economy with Tom Keene, Bloomberg
Benjamin Tal, senior economist at CIBC World Markets Inc., talks with Bloomberg’s Tom Keene about the outlook for oil prices, U.S. inflation and employment, and Federal Reserve monetary policy.
(7 August 2008)
Contributor John writes:
Just wanted to hit-you-up with one more This one from . The interview is entitled: . Good interview from an economic viewpoint. Like many other discussions of this nature peak oil isn’t mentioned – oil depletion is put into a supply and demand equation. Run time is: 17:52. Give a listen.

Energy: It’s Still Cheap (Matt Simmons. interview) (audio/podcast)
Jim Puplava, Financial Sense Newshour
The interview runs for 49 min.
(9 August 2008)
Some discussion at The Oil Drum’s DrumBeat (search the page for “Simmons”). At TOD, nh3 writes:
at 15’15” [Simmons] talked about the plan to build the biggest offshore wind farm (on 90 to 95 platforms) in the gulf of Maine with the equivalent electric generation capacity of 5 nuclear power plants.

… in the same interview Simmons also gave this opinion: if we put our act together, we can pull ourselves out of this deep energy hole in seven years. sounds almost like an antidoomer.