The end of oil

peak oil myth

Significantly, the US showed no interest in sending troops to oil-less Liberia. This background gives an interesting insight into the motives behind the Iraq war.

peak oil fallacy

These are big batteries that run cleanly for as long as hydrogen is supplied, and which might power anything in or around your home—notably, your car. If Iraq could then be "persuaded" to ignore its Opec quota and produce at maximum capacity, the flood of new oil would end Opec's control over the oil price.

The US Geological Survey USGS states that reserves in its latest figures of recoverable oil were about three trillion barrels and that peak production will not come for about 30 years.

oil depletion

It is so out of their mindset. These were soon proved to be, if anything, too optimistic. What is notable Oil and gas dominate our lives, and their decline will change the world in radical and unpredictable ways," he says. It cannot happen soon enough.

Decline of oil

So will the market ever move? His calculations are based on historical and present production data, published reserves and discoveries of companies and governments, estimates of reserves lodged with the US Securities and Exchange Commission, speeches by oil chiefs and a deep knowledge of how the industry works. They exist in large quantities in ecologically sensitive parts of Colorado, Wyoming and Utah at varying depths, but the industrial process needed to extract the oil demands hot water, making it much more expensive and less energy-efficient than conventional oil. Geological knowledge has improved enormously in the past 30 years and it is almost inconceivable now that major fields remain to be found. It will initially be fuelled by gas, much cleaner than oil or coal, so dramatically increasing the availability of gas should be a prime focus for the US. What is agreed is that world oil demand is surging. Another fact to consider when contemplating the future of oil demand is the relatively low use in developing countries. The trouble is that the "efficiency dividend" has so often been misspent. Every big car maker now has a fuel-cell programme, and every big oil firm is busy investigating how best to feed these new cars their hydrogen. He speaks of natural gas as being a "bridge" energy source power companies are investing big in natural gas but if we are to keep atmospheric concentrations of CO2 below the ppm, "fully one-seventh of all our energy must be coming from some kind of new, carbon-free technologies by no later than

America's leaders are still concerning themselves almost exclusively with increasing the supply of oil, rather than with curbing the demand for it while increasing the supply of alternatives. Reporting [reserves], however, is a political act.

Peak oil

However, the quotation is from Sheikh Zaki Yamani, a Saudi Arabian who served as his country's oil minister three decades ago. Meanwhile, Airbus, Rolls-Royce and Siemens have announced a partnership for developing a hybrid-electric plane. There is a range of uncertainty but it is not impossible to get a good idea of what a field contains. LDVs aside, demand from the rest of the barrel is growing at about four percent in emerging economies. Control of oil would not only underpin American economic strength and power, but it would also be part of a much bigger geostrategic vision, offering leverage over countries more dependent on the Gulf for oil, especially China and Europe. Another fact to consider when contemplating the future of oil demand is the relatively low use in developing countries. Tar sands These are found in sedimentary rocks and must be dug out and crushed in giant opencast mines. One day, these new energy technologies will toss the OPEC cartel in the dustbin of history. Campbell reckons global peak production of conventional oil - the kind associated with gushing oil wells - is approaching fast, perhaps even next year. Further, much of the oil consumed by affluent countries such as the United States is extracted in countries that are rather unstable politically, such as some of the members of the OPEC. While oil is expected to dominate these segments for many decades, some early stage electric technologies are being developed. Energy-efficiency gains could actually save more oil than could be found in the ground, and at lower cost than the average market price for oil.

He accurately predicted that US domestic oil production would peak around40 years after the period of peak discovery around

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Out of Gas: The End of the Age of Oil