lol

Thanks. I looked at it and will watch more.

Washington Post Online "Oil Shock"

The Washington Post is starting a multi-part series concerning the oil situation today. The link is above to part one. This is a significant development as many powers that be here in DC read the Post like the Bible.

You MAY need to establish an account to view the article I linked above.

A great link...thanks FK. Seems as though they did a fairly representative opening. It will be interesting to see the following details especially when speculating about undiscovered reserves and alternate scaling.

Nice. It actually mentioned the dreaded words "peak oil". I wasn't expecting that. No "die off" scenarios, though. That would have been wishful thinking.

Washington Post: Oil Shock Part 2 (China)

The series continues and the imagery of a China striving for their dreams of an "American" life are chilling. Small cars are actually officially penalized and only big vehicles like Hummers feel "manly". We are in for some serious trouble.

China is sliding into a major recession. The big money is exiting oil, as a consequence. Oil is now 117, per barrel, down from almost 150.00.

One of the world's leading authorities on energy supply says the era of cheap oil is over and prices could soon be back up to $100 a barrel.

The International Energy Agency (IEA), in its World Energy Outlook for 2008, says prices could soar as high as $200 a barrel by 2030

http://news.bbc.co.uk/1/hi/sci/tech/7723576.stm

Interesting small article

Gasmon

A very good article on Peak Oil in the Guardian newspaper this Sunday.
It discusses the new IEA study on oil supply.

If you read the article, you will no doubt find this interesting:

"In terms of non-Opec [countries outside the big oil producers' cartel]," he replied, "we are expecting that in three, four years' time the production of conventional oil will come to a plateau, and start to decline. In terms of the global picture, assuming that Opec will invest in a timely manner, global conventional oil can still continue, but we still expect that it will come around 2020 to a plateau as well, which is, of course, not good news from a global-oil-supply point of view."

Around 2020. That casts the issue in quite a different light. Birol's date, if correct, gives us about 11 years to prepare.

So, when non- OPEC countries, accounting for 65% of world oil production, plateaus in 3-4 years time, OPEC will with "timely" investments fill the gap by increasing their (now) 35% of world production, and increase beyond that to make total world output continue the increase until the plateau is reached in ca. 12 years...

Basically saying that from 2012 OPEC will replace the 1 part non-OPEC decline with a 2-part OPEC increase, plus an added extra to increase world total production until the global plateau is reached in ca. 2020. hmmm. Also, "invest in a timely manner" means starting investing now may give extra oil output in 6-7 years, when production facilities are in place.
We know the oil industry is cutting down investmets in exploration now.

Like I said 2020 will be way after the peak, with more increasing shortages in liquid fuels. I never trust people that work for the government. If you want the truth, listen to Simmons or Hirsch.

The video clip is even more dramatic. I just wonder, despite how mainstream the coverage, how receptive people are for this while oil prices are temporarily down?

clip

......the oil industry is cutting down investmets in exploration now.

With new technology (patented invention US 7,330,790) oil industry could make up to three times more oil and gas discoveries than when using conventional technology. And the fact that new technology won't need more investments is also very important. It can significantly mitigate energy problems.
The technology is designed and successfully tested in the Barents and the Black Seas as well as in the Gulf of Mexico (see: www.binaryseismoem.weebly.com).

Nice way to sneak an advertisement into this otherwise relatively commercial-free forum.

The amounts needed to make up the gap between projected demand and production decline amount to multiple Saudi Arabias. Is a new gadget or two really going to get that for us.

Further more, should it?