Exploring Hydrocarbon Depletion
NEW! Members Only Forums!
Access more articles, news & discussion by becoming a PeakOil.com Member.
Oh wait, it was lower at this time in 2005. Really lower in 2004.
Frickin' newbs. Yuz pwnd, proto Doomers!
Tyler_JC wrote:I highly doubt we are anywhere near shortage levels.
We aren't even outside of the average range yet!
Mountains out of mole hills, anyone?
TheDude wrote:You expecting producers to start cutting exports for short term gain, DP?
Drifter wrote:I keep hearing the term 'demand destruction' thrown around a lot like it's nothing. Maybe demand destruction should really be called 'economy destruction' or 'lifestyle destruction'. Demand destruction and capitalist economies don't mix well.
Drifter wrote:Hey Tex, I agree. I just wonder how much 'demand destruction' people can handle in their lives before everything falls apart. That's the big question.
BigTex wrote:I actually think that the U.S. auto industry is going to be booming in a couple of years when they roll out efficient vehicles and everyone rushes to buy them and give away their SUVs and trucks.
BigTex wrote:Frankly, this is exactly what we need. I have been watching wasteful uses of energy for years and will be happy to see a lot of it stop.
One example is big trucks idling at truck stops 24 hours a day. That's ridiculous.
I actually think that the U.S. auto industry is going to be booming in a couple of years when they roll out efficient vehicles and everyone rushes to buy them and give away their SUVs and trucks.
Oil prices surged past the $135 a barrel mark today, after a warning from the International Energy Agency that global supplies could fall short of demand over the next 20 years.
Light, sweet crude for July delivery reached $135.04, representing a 40 per cent increase so far this year.
Oil prices have set new records in 10 of the last 14 trading sessions.
Sharp increases like these have not been seen since the first Gulf War and followed unexpected drops in US crude and gasoline stocks.
British Airways shares fell below £2 for the first time in almost five years, on concerns over the soaring cost of jet fuel.
Bleak economic news from the Federal Reserve, which increased investors concerns about rising costs and a shaky employment picture, also encouraged investors to seek out oil.
Prices have been threatening to break through the $130 barrier for the past few days amid fears that oil producing cartel Opec is unwilling to increase production and help bring down prices.
Now it has emerged that the IEA, the Paris-based agency which was set up during the 1970s oil crisis to monitor the oil market,is preparing a sharp downward revision to its oil-supply forecast, after a comprehensive attempt to assess the condition of the world's top 400 oil fields.
The IEA’s findings will not be released until November but early findings suggest that future crude supplies could be far tighter than previously thought.
“The oil investments required may be much, much higher than what people assume,” Fatih Birol, the IEA’s chief economist and the leader of the study, said. “This is a dangerous situation, ” he added.
For several years, the IEA has predicted that supplies of crude and other liquid fuels will increase steadily to keep pace withrising demand, topping 116 million barrels a day by 2030, up from around 87 million barrels a day currently.
Concerns over future availability of oil have been reflected elsewhere. Goldman Sachs, the investment banks, has said that there could be a major shortage of oil over the next 10 years, which could see the price soar to $200 a barrel.
Goldman is advising clients, including airlines and haulage firms to buy oil supplies now for delivery in eight years time, to insulate themselves from further increases.
Following a month of almost daily price rises, petrol in the UK currently costs on average £1.13 a litre.
British motorists will see the impact of the latest increase feed through to the forecourts in the next four to six weeks. They have already experienced the highest monthly leap in diesel prices this decade following oil’s steady rise, according to the AA.
The motoring organisation said that between mid-April and mid-May the average price of diesel rose 6.76p to 124.17p a litre. The previous record rise - of 5.6p a litre - occurred between October and November last year.
Since early last week, the price of petrol has risen 1.73p a litre while diesel has gone up 2.66p.
Edmund King, AA president, said: “With many UK families embarking on their holidays next week, the timing could hardly be worse.“
"What alarms us most is the stream of comments coming from the industry and producers saying that oil is over-priced - the finger of blame being pointed at market speculators," Mr King said.
He added: “Oil prices have doubled since last year and this is not just due to strong demand from China and other nations. While huge profits are made in the financial centres, an increasing number of car owners are becoming desperate and businesses suffer from the hit on consumer spending.”
Crude oil prices for longer-term delivery contracts have risen further amid the supply concerns. Contracts for delivery in December 2015 have risen to 139.48 dollars a barrel, signalling the long-term fears that demand will outweigh global production
Earlier this month the Ernst & Young Item Club said it was not unreasonable to assume prices would continue to rise over the coming years, because factors driving the increases are not going to disappear. Hetal Mehta, Item club economist, said: “There is a major mismatch between supply and demand. Opec members appear unwilling or unable to raise their output whilst the thirst for oil, particularly in developing countries, appears to be unquenchable.”
Novus wrote:Too late for that now. The big three had their chance back in 2002 when they decided to continue with their big SUV policy. They would would have those efficient vehicles now if they were smarter. The whole idea behind PO is the single occupant car is doomed. The true shocker is going to come when Toyoda and Honda start calling for layoffs and closing factories.
alokin wrote:The US is not the center of the world and even if demand destruction is happening in the US, there is stil China and India with booming economies. Demand destruction happens when those economies stop to boom for whatever reason.
Users browsing this forum: No registered users and 8 guests