Category: Peak Oil

Photo credit: bryanburke/flickr. Creative Commons 2.0 license .  Three things you shouldn’t miss this week Cost savings fear if greenhouse gas targets are scaled back  –  Watering down the UK’s efforts to tackle global warming would risk wiping out at least £100bn in cost savings even if shale gas production takes off.   New shale gas drilling areas to be revealed as communities promised £100,000 benefits for fracking  –  Large swathes of UK to be opened up for shale drilling, with communities where fracking takes place to receive £100,000, even if no gas is produced.   IEA projection of global all-liquids production to 2035.  The ‘New Policies’ scenario takes into account policy commitments and plans that have already been implemented, as well as those that have been announced. Source: IEA 2012 World Energy Outlook. Paris, France: International Energy Agency.   Weakening the UK’s Fourth Carbon Budget has no legal […]

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The United States is awash in shale oil. Iran, once OPEC’s second-largest producer, is slowly ramping up output. Oil consumption growth in the Western world has been somewhere between negative and flat since the 2008 financial crisis. The “peak oil” theory has pretty much vanished, along with The Oil Drum, the bible of peak oil believers. Rest in peace. TransCanada Corp.’s Keystone XL pipeline. Or turn in your grave, for the oil price charts tell a different story. On the New York Mercantile Exchange, crude oil futures are up 13 per cent over one year. Since 2009, they have climbed every year except 2012. In Europe, the Brent crude futures are flat over the year after rising three years on the trot. Brent, the de facto global benchmark, trades at about $108 (U.S.) a barrel; West Texas Intermediate, the North American benchmark, is at $97. For the sake of […]

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During the past decade Post Carbon Institute’s influence has grown markedly, thanks in no small part to all our supporters and allies . And we’re proud of the impressive list of accomplishments we’ve racked up ( see this ) in that time. Where do we go from here? That depends on what’s needed and what’s possible. Our mission remains consistent, but our projects tend to shift as global events unfold (for example, my two most recent books, The End of Growth and Snake Oil were written in response to the global financial crisis and the recent North American fracking boom, respectively). We have a general understanding of what likely will drive change over the next decade: peak net energy, climate change, resource depletion, and financial bubbles. However, how these main drivers interact with established economic and political institutions, growing population, and Earth’s already-strained […]

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MEXICO CITY, Dec. 12 (UPI) — A move in the Mexican Senate to review the privatization of the nation’s oil sector could create unease among potential investors, an energy consultant said. The Mexican Senate approved a measure Tuesday to open the energy sector up to private investors, ending a monopoly for state oil company Petroleos Mexicanos, known also as Pemex. A measure introduced in the lower house, however, calls for a national vote on the privatization measure in 2015. Jorge Chavez , a former Mexican government official now serving as an energy consultant in Mexico City, told the Wall Street Journal the new referendum adds a layer of uncertainty to Mexico’s energy future. "From here to 2015, are companies going to want to invest?" he was quoted as asking Wednesday. Mexican President Enrique Pena Nieto outlined his privatization proposal in August to revive the oil and natural gas sector […]

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Page added on December 12, 2013 The term “peak oil” has been around for decades, referring to when domestic oil production in America would peak. The jury is still out on peak oil, though the latest term to go around is “peak car”, with some studies indicating that the American car market is over saturated, and shrinking. But on a global scale, we’re not even close to reaching peak car. From 2006 to 2011, miles driven by Americans fell in three-quarters of urbanized areas where recent data was available. That’s quite specific, and also includes four of the five toughest economic years since the Great Depression. This data definitely screams out “selection bias!” to me, as high unemployment and stagnant wages means less reasons and less money for, you know, driving. While the study claims the economy has little to no impact on driving, again, by focusing only on […]

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MOSCOW, Dec. 11 (UPI) — The International Monetary Fund said there were risks to the health of the Russian economy because of its heavy reliance on the oil industry. Antonio Spilimbergo, an economist with the IMF, said he was concerned about the health of the Russian economy following a week-long visit to the country, which ended Tuesday. In a statement following his visit, Spilimbergo said growth in the Russian economy had slowed down and vulnerabilities persist. Inflation remains in check, however, and the economy is moving at its full capacity despite a slowdown in the growth of the Russian gross domestic product. “These projections are subject to risks — prospective tightening of international financial conditions, Russia’s dependence on international oil prices, growth in unsecured credit, and the impact of uncertainty concerning the pace of structural reforms on business climate and investment,” he said in a statement. He said the […]

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Page added on December 11, 2013 It’s bad enough that most middle-class people still have to struggle to keep their jobs and homes in today’s Second Great Depression. But if you’re even a little bit awake, then you also have to worry about longer-term threats: climate change, Fukushima, peak oil and the impending collapse of industrial civilization. There’s plenty of reason for anyone to be depressed these days. Yet, somehow, some people still manage to keep calm and carry on. So, for the ordinary person who thinks that happiness is for dopes and who needs a little help finding their way to the bottom, therapist Cloe Madanes offers “14 Habits of Highly Miserable People.” Here, for those who are energy- and climate-aware, I offer my own adaptation of Madanes’s six top points to succeed at self-sabotage: Be afraid, be very afraid, of economic loss. If you know that fiat […]

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Page added on December 11, 2013 Were they crying “Wolf”? Concerns about “peak oil” have recurred repeatedly since the resource was first developed, but they reached an unprecedented height in 2007 just prior to the global economic recession. Since then public concern has diminished, partly as a result of shale oil production in the United States. Yet, despite these developments and globally rising reserves, oil prices have almost doubled since 2010 and have tripled in a decade. The ‘peak oil’ debate has not gone away – oil remains critically important, adequate substitutes have yet to be found and concerns about depletion persist. This volume presents the best scientific evidence on why a decline in oil supply may, or may not, be in sight. It considers the production and resources of conventional oil and the potential for developing alternative liquid fuels from tar sands, shales, biomass, coal and gas. It […]

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CARACAS (Reuters) – President Nicolas Maduro’s government won a majority of votes in Venezuela’s local elections on Sunday, disappointing the opposition and helping his quest to preserve the late Hugo Chavez’s socialist legacy. With votes in from three-quarters of the nation’s 337 mayoral races, the ruling party and allies had combined 49.2 percent support, compared with the opposition coalition and its partners’ 42.7 percent, the election board said. Since taking power in April, Maduro, a 51-year-old former bus driver, has faced a plethora of economic problems including slowing growth, the highest inflation in the Americas, and shortages of basic goods including milk and toilet paper. Yet an aggressive campaign launched last month to force businesses to slash prices proved popular with consumers, especially the poor, and helped Maduro’s candidates on Sunday. "The father of the revolution has gone, but he left the son who continued helping the poor," said […]

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