Insight and inspiration in turbulent times.
The descendants of those men who pulled coal-loaded barges upstream in 19th century now drive shiny cars powered by oil and work in front of computer screens. But the problem of oil is the same as it was for coal: it is not infinite and there is not enough of it for everyone.
A weekly roundup of peak oil news, including:
-Prices and production
-China’s drought
-Venezuela’s power crisis
-Oil prices and economic recovery
-Quote of the week
-Briefs
Forecasts of Pittsburgh’s future cite education and medicine, complemented by entrepreneurial “green energy” and high-tech ventures, as engines of 21st century growth. However, the country is entering its third year of economic contraction and fiscal crisis.
– US military warns oil output may dip causing massive shortages by 2015 (Guardian)
– Will peak copper haunt us before peak oil?
– Energy Secretary Chu’s optimistic view of energy future at EIA conference
– German study quantifies speculative premium in crude prices
– Horse-drawn Hummer
Improved job creation data in the US along with strong Asian demand led to a run on oil prices this week taking the price of a barrel beyond $87 and out of the ‘goldilocks’ $70-$80 territory of recent months. Forecasts for the rest of the year are all over the board…
One of the world’s foremost educators on Peak Oil, Richard Heinberg, in an exclusive interview for MMNews: “We are currently seeing the end of economic growth as we have known it.” Further on, he talks about the financial / economic crisis, monetary changes vis-à-vis a shrinking energy supply, and the Century of Declines: “Peak Everything.”
Maybe we’ll get a jolt of political energy from the south, courtesy of the groups and leaders assembling from across the world in Cochabamba, Bolivia. This People’s Summit on Climate Change will be seen as naive by precisely the kind of people applauding the president for turning on the oil spigots today–after all, its by definition a People’s Summit, free from the kind of corporate interference that helped sink the Copenhagen conference in December.
When I began writing about peak oil professionally in 2006, it was generally considered a tinfoil hat theory. The notion that oil production might peak around 2012, plus or minus, was only taken seriously by a few analysts who were considered extremely pessimistic.
During the pre-recession years of the 21st century, we experienced wide-ranging nonrenewable natural resource (NNR) scarcity on a global scale for the first time. Supplies associated with an overwhelming majority of the global energy resources, metals, and minerals that enable our industrialized way of life failed to keep pace with increasing global demand during the 2000-2008 period, resulting in global NNR supply shortfalls.
-Dash for Poland’s gas could end Russian stranglehold
-Natural-Gas Data Overstated
-BP fights to limit controls on shale gas drilling
Last week President Obama announced that he would open [some] federal waters to oil and gas exploration and development… A stated objective of this move is to reduce United States dependence on foreign oil. Implied within the objective is that opening these offshore areas to oil drilling will lead to a long-term increase in the U.S. oil production rate. The possibility of that happening is zero. The best that can be hoped for is a slight decrease in the annual decline rate of U.S. oil production.
Why not use the president’s tack: just talk about the need for clean energy and energy independence? Because that approach leads to wrong policies, ineffectual legislation larded with giveaways to special interests, such as the Waxman-Markey bill in the House and the bills being considered now in the Senate. The fundamental requirement for solving our fossil fuel addiction and moving to a clean energy future is a rising price on carbon emissions.
