Insight and inspiration in turbulent times.
Already Deepwater Horizon is the not only the worst oil spill, but the worst environmental disaster in U.S. history. Multiplying the scale of this existing catastrophe multiple times sends us into truly uncharted territory. … The consequences for the oil industry as a whole would also be dire. More regulations, soaring insurance rates, and drilling moratoria would lead to oil price spikes and shortages.
One view is that energy prices will rise, substitutes will be found, and prices will come back down again, perhaps settling at a somewhat higher equilibrium reflecting the cost of producing the substitute energy source… Another view, popular among those concerned about peak-oil, is that oil and energy prices will just keep rising. If scalable substitutes aren’t found, some expect that oil prices will rise from their current price of $75 barrel, to $100 barrel, to $200 barrel, to $300 barrel, and eventually to $1,000 barrel or more.
The Obama administration should take advantage of the economic crisis to redefine the country’s social goals to prioritize sustainable human well-being and not just grow the economy. We should strive for a future that has full employment and more leisure time to spend with friends and family, thereby reducing conspicuous consumption and poverty. This article envisions what that society might look like with redefined goals, and includes specific ideas as to how to achieve this vision.
“For decades, we have known the days of cheap and easily accessible oil were numbered…”. These were the words of President Obama during his national address on the Gulf oil disaster from the Oval Office on Tuesday. Is the President accepting that we have reached peak oil?…
The first half of this essay sketched out the unfamiliar terrain that’s beginning to open out in front of the peak oil community as the concept of hard energy limits seeps back out into public awareness, after thirty years of exile in the Siberia of the imagination where our society imprisons its unwelcome truths. One probable feature of that landscape is the rise of revitalization movements among people in the industrial world.
Is oil investment guru Matt Simmons crazy or right? Is it possible the Gulf Gusher can never be contained? Alex Smith investigates the Apocalyptic theories in the Gulf of Mexico. One of them may be true.
For some years — and long before the Gulf of Mexico spill — Big Oil has seemed to be in existential peril. These gargantuans have been starved of new resources and wrong-footed by state-owned oil companies like China’s Sinopec and Malaysia’s Petronas, which are also competing around the world for drilling rights. At stake has been not only Big Oil’s good health — after all, how many people really care whether Chevron or Shell thrive, apart from their shareholders? — but also the power of nations. It’s part of narrative of the rise of the East, and the decline of the West.
A midweek roundup of peak oil news, including:
-Prices and production
-Deepwater Horizon
Conventional crude production – Latest figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates decreased by 107,000 b/d from February to March 2010, resulting in total production of crude oil including lease condensates of 73.41 million b/d.
Last night’s presidential speech on the Gulf oil spill had been pre-billed by the Washington Post as Barack Obama’s “Jimmy Carter moment.” But reading any of Carter’s speeches (a good one to start with is that of April 18, 1977) side by side with last night’s bromide is an invitation to nostalgia and bitter disappointment.
In 2006 when I first met Julian Darley, author of _High Noon for Natural Gas_ and the founder of the Post-Carbon Institute, the world was excited by then-famous “Jack” oil field find in the Gulf of Mexico. Both of us were watching the way the world was interpreting the data – people were claiming that there might be 10, 12, 15 billion barrels of oil – five miles down underneath the ocean…Darley, framing the issue brilliantly, observed that “this isn’t salvation, this is digging around in the couch cushions for loose change.”
After 17 months in office, it now seems clear that the Obama administration is not going to confront the peak oil issue straight on, unless absolutely necessary. Like the Bush administration, the hope remains that gas prices will remain affordable and economy-disabling oil shortages will not develop until after the administration leaves office.
