Peak oil, prices and supplies – Jan 25
-Uganda oil contracts give little cause for optimism
-Iraq’s production bonanza may fuel a slide in oil
-Shell faces legal fight over Arctic wells
-Venezuela oil ‘may double Saudi Arabia’
-Uganda oil contracts give little cause for optimism
-Iraq’s production bonanza may fuel a slide in oil
-Shell faces legal fight over Arctic wells
-Venezuela oil ‘may double Saudi Arabia’
Jeff Rubin, the former Chief Economist of CIBC World Markets and the author of Why Your World Is About To Get A Whole Lot Smaller built his reputation as one of Canada’s top economists based on a number of successful predictions including the housing bust of the early 90s and the rise of oil prices. In his recent book, Mr. Rubin predicts $225 per barrel oil by 2012 and with it the end of globalization, a movement towards local sourcing and a need for massive scaling up of energy efficiency.
First, we need a miraculous comprehensive substitute for crude oil. Then we need a miraculous removal of carbon from the atmosphere. We need the first miracle right now. We need the second within a generation.
I don’t expect any government agency to issue a regulation requiring a warning label on oil and natural gas discoveries. But the next best thing would be for journalists reporting such finds to put them into perspective using a days of world consumption figure, or if the find is natural gas that will only be marketed domestically, days of domestic consumption.
With energy demand expected to exceed production, (well documented on this site) and with the economic fall-out that will ensue, many see that transition to the low carbon economy needs to start right away. But where to start? Stephen Hinton, applications manager for the Copenhagen – based Humanitarian Water and Food Award, (http://Waterandfoodaward.org) argues that food and water security are paramount.
Oil prices dropped this week on rising US inventories, a strengthening dollar, and news of a further crackdown on credit in China. Speaking from the World Future Energy Summit in Abu Dhabi this week, Richard Jones, Deputy Executive Director of the IEA predicted that there would be little price volatility in 2010 as existing supplies and stock build ups would balance demand.
The January edition of Oilwatch Monthly is now available: 1) Conventional crude production – Latest figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 592,000 b/d from September to October 2009, resulting in total production of crude oil including lease condensates of 73.12 million b/d…
This essay brings a different perspective to the question of whether oil caused the financial crash of 2008.
-Conoco, Total to expand oil sands project
-Shell faces shareholder revolt over Canadian tar sands project
-Alberta to study pace of oil sands growth
Interested in Energy? Like to rock out? Well, three rockin’ peak-oil/energy related songs are included here with lyrics: Peak Oil Blues, Americium, and Energy Matters. A brief commentary on each song is also provided to improve your listening experience. Rock on.
A midweek roundup of peak oil news, including:
-Prices and production
-China clamps down
Faith Carr, after working hunched over a desk for 35 years, ended up disabled. Exhausted after even more years of progressive political activism with no success, she turned her hand to her own backyard. The 25 square-foot herb garden turned into a homestead. Come the revolution, she’ll bring the eats.