Peak oil’s financial connections
As production of the economy’s critical natural resource approaches its zenith, the utility of financial deals moves toward its nadir.
As production of the economy’s critical natural resource approaches its zenith, the utility of financial deals moves toward its nadir.
When we started this endeavor, about two years ago, I could barely distinguish between a hammer and a zucchini. And that tells you all you need to know about my construction skills as well as my gardening skills. As I’ve pointed out many times before, if I can do this, I can hardly imagine somebody who can’t. But you’d better get cracking. The time to plant a garden is not when you’re hungry.
– Washington considers a decline of world oil production as of 2011
– The Oil Drum: Was that really five years?
– China, $165 million, and Kazakhstan’s second son-in-law
– U.S. to reap fruits of deepwater labor
Professor Neil Adger is a lecturer and researcher at University of East Anglia. He is a researcher and teacher who specialises in social vulnerability, resilience and adaptation to environmental change; on justice and equity in decision-making; and the application of economics to global environmental change. He is a member of the Resilience Alliance, and is involved in a range of climate change research projects, including the IPCC and work for the Tyndall Centre.
The UK government took a step closer to acknowledging peak oil this week. A summit of invited participants, which took place at the Energy Institute in London on Monday, discussed with members of DECC and the Department of Transport not “whether Peak Oil would occur but rather how soon and in what form.”
DARK OPTIMISM How do we handle Peak Oil AND climate change? Shaun Chamberlin from UK Transition Towns, energy writer Kurt Cobb, plus Richard Heinberg on renewable hope, with Lester Brown.
Earlier this week, the UK Telegraph reported: Oil reserves ‘exaggerated by one third’
The world’s oil reserves have been exaggerated by up to a third, according to Sir David King, the Government’s former chief scientist, who has warned of shortages and price spikes within years.
Oil supply optimists often say that the application of enhanced oil recovery techniques to existing and future wells will vastly expand oil reserves and oil production. The trouble is these techniques aren’t new, and they are already being widely applied. That means current oil reserves and production already reflect any effect they have had.
A midweek roundup of peak oil news, including:
-Prices and production
-Venezuela’s Power Crisis
-UK Peak Oil Summit
I came back to my computer to find that many of my fellow Sciblings have recently taken up issues of resource depletion from various interesting perspectives – doing my work for me, I guess ;-). It isn’t exactly news to most of us that we’ve been using just about every resource on the planet far too casually, but it is interesting to see them tied together.
Alaska — and the so-called Sarah Palin pipeline — are in the crosshairs of the abrupt surge of natural gas supplies in the continental United States. Leading the charge against a much-promoted pipeline to ship Alaskan natural gas into the currently glutted Lower 48 is former Sen. Ted Stevens. The locally influential Republican says the gas should be rerouted to Asia, and that if Alaska doesn’t move fast, this fuel — the equivalent of 6 billion barrels of oil — could end up effectively stranded at home.
In real economies, energy comes from many sources – from imported and domestic sources of oil, coal and natural gas, as well as hydropower and nuclear, and from a little renewable energy – most of that as firewood but increasingly from wind etc. Most of these are cheaper per unit energy delivered than oil. So let’s look at what this real ratio of the cost of energy (from all sources, weighed by their importance) is relative to its benefits.