Peak oil postponed again [?] So there is plenty of oil and gas after all. Prices will bumble along gently until well into the next decade...Mankind will not run out of fuel for a very long time...The IEA now expects spare capacity of oil to remain at a comfortable 3.5m barrels a day...All this is quite manageable. It talked of a “gentle nominal price escalation through mid-decade...The alarmist stories we heard last year from certain City banks about collapsing supply (I will spare the names) were wildly wrong...I am not an oil expert, just a curious spectator like many readers. I keep an eye on energy markets because they are a window into the global economy and the world’s strategic system. I pass on the report without taking any particular view, and would be interested in your thoughts. My own suspicion is that Peak Oil has not been conjured away quite so easily as the IEA suggests, especially after BP’s debacle in the Gulf of Mexico...I reserve my judgement on this. The energy market is infuriatingly opaque. But on balance, I think IEA was closer to the truth last year. http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100006618/peak-oil-postponed-again/
It's not a question of what is specifically growing, but looking at the wider, macroscopic picture.
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How is this gonna play out? Are we gonna see the shit hit the fan in the next 4/5 years. I only became aware of Peak Oil a year ago (despite the fact I covered this topic in A level geography but it didn't sink in or - at the time (late 90's) they reckoned there would be 50 years of oil left (i.e. enough to cover most of my life-time) .
So we haven't adapted at all. Its gonna be a big slide to the bottom. These cuts are just the first wave of retrenchment (and relatively organised compared to what is to come).
One of the (online) Telegraph's main headlines today is 'Peak oil postponed again'. What do people make of this? I think AEP@the DT is being slightly sardonic. I mean, wasn't there an IEA whistleblower last year who made a variety of allegations and claims, suggesting that the IEA's figures in the past were far too optimistic? Now things have suddenly changed...!?
The shit has already been hitting the fan. Its a long crisis with many phases. The oil crises of the 1970s were chapter 1. The problem was put to sleep in the 80s and 90s, and its been waking up again for pretty much all of this century. There may be dramatic events from time to time but generally its a long slide. Its impossible to be sure of what will happen because it all boils down to how people react to stuff happening. I think its more likely that you will see decades of economic woe than suddenly waking up one day and finding its all gone to poop, and if there are any sudden shocks they are likely to resemble financial emergencies such as the ones we have had in recent years, or perhaps some wars or 'terrorist' events.
As for adaption, I dont think its fair to say that we have not adapted at all, there has been some progress, both in the last 10 years and in the 70s and early 80s, its just nowhere near enough to make the necessary difference. I have little doubt that the financial woe is going to accelerate the transition, but again it will mostly have a brutal economic face rather than a green dream.
Well we could practise on a non-hazardous asteroid. Just so we know that we can do something. The problems there are technical - we just don't know what the best way of protecting ourselves from asteroids is. Peak Oil has technically proven solutions. The problems are political and cultural and social, and they're much harder to solve.The thing with Peak Oil is that it's like any other evolutionary force - until it really starts to bite, nothing massive will change.
It's like the guys who track NEOs - giving us a short warning of an asteroid impact might be enough time to do something but you can't really prepare for it in any realistic sense.
Im thinking about it and I still can't believe civilisation is gonna come to an end.
This approach besets a number of debates, including creationism ("I cannot imagine how the eye evolved, so...") and climate change ("I cannot imagine a world that is 6C warmer, so..."). Those who cannot imagine or believe then go back through the evidence, crossing out all the data that would force them to try...
The answer is always "believe the data, then imagine harder".
I wonder how much of an impact western control of oil coming out of Iraq has also had on price levels (on top of the global economic collapse)? Wasn't Iraq said to have once held one of the top 3 reserves in the world? Considering the amount of money and the number of lives sacrificed (on both sides) on the altar of global capitalism, in order that the west could secure control of it, we see precious little reported in the news about how much oil has been extracted, what it's worth, who's profiting from it, and stuff. Strange that. Wasn't Iraq once a member of OPEC or something? I wonder if it still is? Because, love it or loathe it, a markedly pro-west Iraqi government (that some have accussed of being something of a puppet govt) with it's feet under the table of OPEC would presumably give the west considerable leverage over pricing. Cartel style systems, price fixing systems, monopolistic leaning arrangements always do.
The Gulf of Mexico oil spill has galvanised the electric car industry as policymakers, investors and consumers show a renewed interest in alternative energy sources.
Shares in makers of batteries and other components for electric vehicles have risen sharply, particularly since Barack Obama said in his address from the Oval Office last Tuesday that “the tragedy unfolding on our coast is the most painful and powerful reminder yet that the time to embrace a clean-energy future is now”.
Polypore International, a maker of filtration membranes for lithium-ion batteries, was up 16 per cent over the past week in early trading on Tuesday.
A123 Systems, a battery maker, has gained 5 per cent. Ener1, another battery maker, has risen about 16 per cent.
Bryce Dille, analyst at JMP Securities in San Francisco, said: “The BP oil spill is raising concerns about the impact that our transportation sector is having on drilling, onshore and offshore.”
The brightening investment climate has helped encourage Tesla Motors, a California-based electric car maker, to press ahead with a public share offering
Sinopec Group has started building another crude reserve base of about 20 million barrels in eastern China and expects to complete it by the end of 2011, according to reports.
Groundbreaking for 3.2 million cubic metres of crude tanks has just begun at Rizhao, a port city in Shandong province, a company official said to Reuters.
The parent of Sinopec Corporation also plans to add a crude reserve base of a similar size in Beihai, in the southwestern Guangxi region, by September 2011.
China, the world's second largest oil consumer and crude buyer, has stepped up building an oil reserve system that combines the efforts of the central government, state oil giants and recently, the private sector.
China imported nearly 30% more crude oil in the first five months of the year than a year earlier, customs data has shown, part of which industry officials say has been pumped into newly ready reserve tanks.
Business underestimating catastrophic consequences of declining oil, says Lloyd's of London/Chatham House report http://www.guardian.co.uk/business/2010/jul/11/peak-oil-energy-disruption
.Production from Iraq is the wild card. The current target of 12 million barrels a day by 2016 would make Iraq the world’s number one producer, potentially increasing global spare capacity and sending the oil price down. However, numerous legal, security and administrative problems hinder this development
Lancashire gets some wells drilled. Hunting for 'shale gas'.
Not the first well in England, Nottingham used to have the largest onland oil well in the UK, kinda important during the war.
Still we shall see if it is indeed another Barnet formation under Lancashire.
IIRC there is also some exploration in Lothian.
They are also the worlds biggest spenders on renewables. Some staggering figures here:I see that China has now overtaken the USA as the world's biggest energy consumer - and the world's largest emitter of CO2 and greenhouse gases.
Interesting times...
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Bullshit. At best they will moderate when energy is consumed.smart meters will revolutionise energy production
Well they are decades late.The idea of this being a 'third' industrial revolution was used a lot.
This is being promoted by businesses who think that "going green" is a smart business strategy. As has been said, this is a high-tech solution which ain't gonna happen, at least on any useful or meaningful scale, for a whole number of reasons.
I was reading the Archdruid Report over the weekend and I think that Greer has the right idea: "Old Skool" alt tech, built and controlled locally is probably the only way any of this will actually reach ordinary people.
Large international consortia are only interested in selling energy to folks with money: governments, banksters and other parasites, locked away in their gated communities. They'll leave the rest of us scratching around in the shit...