Douglas Westwood newsletter on peak oil
In our
view,
the recent high prices are just a practice run. The following is
drawn from
our recent research reports.
Oil
Oil: Never Cry Wolf—Why the Petroleum Age Is Far from over
An argument against the imminent peaking of oil from Science Magazine.
End of Cheap Oil (excerpt)
Think gas is expensive now? Just wait. You’ve heard it before but this time it’s real. We’re at the begining of the end of cheap oil.
So why wouldn’t oil prices rocket?
The last “super giant” oilfield (more than 10 billion barrels) was discovered 40 years ago; the last American refinery was built 25 years ago; each successive American “driving season” guzzles more gas than the last.
Oil shock to thrust gas, alternate energy forward
Predicting another oil shock, analysts John Westwood Ltd., Canterbury, England, said depleting oil reserves, coupled with growing energy demand, will result in sustained oil price increases, greater capital investment in natural gas production, drastic conservation regulations, and fevered development of renewable energy substitutes funded by “windfall” profits.
CERA examines possible global impact of China’s energy situation
“China’s growing weight in world consumption virtually assures a heavy long-term impact on energy prices, trade, and investment. In a decade, China has gone from self-sufficiency to being the most dynamic factor in the world oil market and one of the main elements in today’s $40-plus per barrel price,” said the report by Daniel Yergin and Scott Roberts.
Oils ain’t just oils, they’re to die for
The world can descend into hell to fight over oil, or we can start now in reducing our reliance on it. We can live in peace with less oil, or we can die in war to try to maintain our lifestyle for a little.
Australian Deputy Prime Minister acknowledges peak oil
Australian Deputy Prime Minister John Anderson who less than a week ago dismissed concerns about peak oil, today acknowledged it.
Norway: Low proving costs, but not much exploration
Even though it costs less to find a barrel of oil on the Norwegian shelf than many other places in the world, we do not manage to replace production through new discoveries. Now Norway must also tax its reserves due to a low level of exploration activity.
Analyst: Era of $30 oil nearing end
Energy industry analyst and forecaster Henry Groppe says the days of crude oil prices at $25 to $30 a barrel are coming to an end.
Why the coming oil crisis will last
There is a growing consensus that the crucial turning point in oil output will probably occur in the second half of this decade, in or around 2007. It will be an energy crisis that will dwarf anything we have ever experienced.
UK oil production dropping.
Oil production in the UK has typically has a seasonal pattern, which makes it a bit of a surprise that this Feb was the worst month on the DTI’s site for oil production.
