Insight and inspiration in turbulent times.
The cost and availability of oil will be impacted by “peaking”; natural gas supply will fail to meet production and supply demands; nuclear offsets aren’t being addressed and the failure of transmission lines to be replaced or upgraded are all rapidly coming together in a short period of time and will cause rocketing prices and supply disruption.
Britain became a net importer of oil in June for the first time in 11 years, official data showed on Tuesday. As the UK is expected to become a net gas importer as early as next year, it is building liquefied natural gas import terminals. The UK also intends to increase renewable share of power generation to 20 per cent by 2020.
Global oil demand is expected to be higher in 2004 and 2005 than initially forecast, increasing pressure on oil producers to boost their output at a time when rising oil prices may hurt a recovering world economy.
Workers at an oil pumping station in southern Iraq said on Wednesday they have stopped operations to protest the government’s backing of the U.S. offensive against followers of rebel cleric Moqtada al-Sadr.
The Organization of Petroleum Exporting Countries (OPEC) has reached its maximum production capacity, Venezuelan Energy Minister Rafael Ramirez said
New York’s main oil contract shot above 45 dollars for the first time, whipped higher by an uprising in Iraq, a crisis at Russian oil titan Yukos and a tropical storm nearing oil platforms.
New Peak Oil related interviews on Global Public Media:
1) GPM Exclusive Audio Interview: Chris Skrebowski
2) Richard Heinberg on Financial Sense Newshour
3) Julian Darley with Paul Ehrlich on KPFA
Soaring oil prices have stirred a long-standing debate among experts about how much crude remains in the ground and how to manage the countdown to when the reserves run dry.
Richard Heinberg is more interested in how Americans respond to peak oil than the actual date. The implications are far more sweeping than simply paying another dollar a gallon at the pump.
Dr Baktiari is a chief adviser to the National Iranian Oil Company. He says world production of oil will peak by 2007 at 82 million barrels a day.
Hugo Chavez drives George Bush crazy. Maybe it’s jealousy: Unlike Mr. Bush, Chavez, in Venezuela, won his Presidency by a majority of the vote.
Mark Braly reports from the German Government’s Renewables 2004 conference in Bonn, that “something else, not new but more urgently felt, was in the air at the conference. The expert consensus now holds that the peak of world oil production is near – if it has not already happened.”
