This thread has gone quiet for 4 days. Wonder why? Could it be the monthly event which sends peakers running in horror has happened again?
The monthly IEA oil market report was publically released yesterday, and the news was again grim ( for peakers ). http://omrpublic.iea.org/omrarchive/12apr12full.pdf
New all time record quarterly average oil production has been set. In the 1st Quarter 2012, the world average oil production was 90.56Mbpd
, over a million barrels higher than the previous record ( set in 4th quarter 2011 ).
We are still at the foot of the mountain. This is still the odd spot of rain before the monsoon. The oil from the 2001 middle east bonanza is only just starting to flow.
The golden age of cheap plentiful energy is unfolding.
Preemptive Reply to tired old PO religion objections- The new oil is from filthy dirty dried up tar.
Nope, most is high quality conventional crude. - It's record high oil prices that will cause society to collapse
Nope. For most of history, oil prices have been increasing, forcing the market to adjust. Never been a problem before. The world economy has grown fast during the history of oil. - New oil sources are unconventional, so dont count
1st, wrong, most of the current oil supply is conventional, 2nd why shouldn't the small fraction of unconventional supply count? It's oil. Aren't we allowed to identify new sources of oil and exploit them? Who says? Was it written in the 12 commandments? If new sources aren't allowed, then peak oil happened 150 years ago when bucket and spade from the surface seep oil supply peaked and was being superceded by this new fangled 'dig down thru rock with a pick axe' oil.