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IPCC Demands Peak Oil Now

IPCC Demands Peak Oil Now thumbnail

Guest hyperbole by David Middleton

Definition of Hyperbole

Hyperbole, derived from a Greek word meaning “over-casting,” is a figure of speech that involves an exaggeration of ideas for the sake of emphasis.

Literary Devices

IPCC demands Peak Oil now = hyperbole… Or does it?

Article / April 23, 2019
OVEREXPOSED
The IPCC’s report on 1.5°C and the risks of overinvestment in oil and gas

Overinvestment in oil and gas creates risks for investors, regardless of whether the world is effective in tackling climate change. Either investors face assets being stranded as demand for fossil fuels falls in a transition to a low carbon economy, or the overinvestment contributes to excess emissions from fossil fuels, the failure to transition and the financial costs of a dramatically changed climate.

Read the blog, Big oil is set to spend $5 trillion on fossil fuels we can’t afford to burn.

[…]

Capital investment in new fields is incompatible with 1.5°C

Our analysis compared average oil and gas demand in the IPCC scenarios that are not reliant on high levels of future carbon capture or removal with industry production forecasts. It found that over the next decade:

*Any production from new oil and gas fields, beyond those already in production or development, is incompatible with limiting warming to 1.5°C;

*All of the $4.9 trillion forecast capex in new oil and gas fields is incompatible with limiting warming to 1.5°C; and,

*9% of oil and 6% of gas production forecast from existing fields is incompatible with limiting warming to 1.5°C.

[…]

Primary recommendations

1. Oil and gas companies should align their capex planning with scenarios that limit warming to 1.5°C without reliance on unrealistic levels of future carbon capture and removal.

2. Investors should require oil and gas companies to explain how each new material capex investment is aligned with the Paris goals. This assessment should be made in the context of the company’s whole portfolio, include alignment with 1.5°C and full disclosure of the assumptions on the scale of carbon capture or removal used in their assessment.

Global Witness

Note to Gorebal Witless Global Witness, oil and gas companies are oil and gas companies… The only way they could “align their capex planning with scenarios” compatible with IPCC scenarios would be to become something other than oil and gas companies or go out of business.

Investors who invested in oil and gas companies, expecting them to become something other than oil and gas companies or go out of business are mentally ill.

Apparently, IPCC SR 1.5 demands Peak Oil and Peak Gas, right fracking now…

So, I guess the only way to appease the gods of Gorebal Warming is to actually push civilization off a Seneca Cliff into Olduvai Gorge. I guess that’s why the IPCC demanded a $240/gal tax on gasoline to fund a $122 trillion global war on the weather.

Could it possibly get any stupider than this? And who in the Hell is Gorebal Witless Global Witness?

At Global Witness, we protect human rights and the environment by fearlessly confronting corruption and challenging the systems that enable it.

We want a better world – where corruption is challenged and accountability prevails, all can thrive within the planet’s boundaries, and governments act in the public interest.

When founded in 1993, we were pioneers in seeing the link between natural resources, conflict and corruption. Since our very first campaign to shut down the Khmer Rouge’s illegal logging industry we’ve uncovered the truth about blood diamonds and helped bring trillions of oil, gas and mining revenues into the open.

We’ve shone a spotlight on the brutal killings of those defending their land from forced seizure by corporations and governments alike, campaigned for an end to the use of anonymous companies, and much more.

Global Witness

I guess it could get stupider, so stupid that…

Reality

The folks at Gorebal Witless Global Witness derived this monument to stupidity by merging IPCC SR 1.5 with a series of reports by Rystad Energy on future capital expenditures by major oil companies. It really shouldn’t have been that complicated.

Commentary: Crunching the numbers: are we heading for an oil supply shock?

By Tim Gould, Head of Division for Energy Supply Outlooks and Investment, and Christophe McGlade, WEO Energy Analyst.

16 November 2018

In the detailed energy model that underpins WEO 2018, new sources of oil supply steadily come online at the right time to meet changes in oil demand and keep the system in equilibrium. This smooth matching of supply and demand minimises oil price volatility, which is why our price trajectories in each scenario are smooth, and would likely be a desirable outcome for many of the world’s oil consumers (it could also be better in the long run for many of the world’s producers).

But commodity markets don’t work this way in practice. The oil price drop in 2014 led to multiple widespread impacts on markets, not least of which was that the number of new upstream projects approved for developments plummeted. With the rapid levels of oil demand growth seen in recent years, there are fears that supply could struggle to keep up, bringing with it the risk of damaging price spikes and increased volatility.

On the flip side, with shale production in the United States continuing to grow at record levels and increasing attention on executing upstream projects that can quickly bring oil to market, there are also arguments why a future oil supply “crunch” be safely ruled out. What does the WEO 2018 have to say on this matter?

Why invest in new supply?

[…]

International Energy Agency

Oil fields are not like kitchen faucets. You can’t just turn a handle to increase or decrease production. You have to continuously invest capital to maintain and/or increase production. If you stop spending money, oil fields do this…

Global oil supply with and without CapEx. IEA

Gas fields do the same thing, just faster. Most fields produce both oil and gas and require a steady stream of investment.

So long as the demand for oil & gas remains stable and/or grows, oil & gas companies will continue to invest capital into oil & gas fields because… drum roll, please… THEY ARE OIL & GAS COMPANIES!!!… It’s a fossil fueled world and will remain so for many decades to come.

It’s a fossil fueled world. (BP Statistical Review of World Energy 2018)

wattsupwiththat.com



17 Comments on "IPCC Demands Peak Oil Now"

  1. Wutz Up Doc on Thu, 2nd May 2019 5:33 am 

    The Stupid == wattsupwiththat.com

    Next stop, extinction..

  2. anal reaper on Thu, 2nd May 2019 9:02 am 

    Fucking ANAL niggers are gonna fuck up the globe. Fucking gooks and chinks and Somalis.

    ALL CAN BURN IN HELL FUCK ALL YOU FUCKING FAGGOT NIGEGRS FUCK SHIT COK SEX RAPE ANAL FUCK.

  3. Cloggie on Thu, 2nd May 2019 9:32 am 

    “Yabut renewable energy is not dense enough!”… say the folks who themselves are more than dense enough.

    https://www.dailymail.co.uk/sciencetech/article-6981663/Number-wind-turbines-UK-needs-QUADRUPLE-7-500.html

  4. Robert Inget on Thu, 2nd May 2019 9:32 am 

    I won’t even try to follow ‘anal’ till his mom gets spell check.

  5. Sissyfuss on Thu, 2nd May 2019 9:54 am 

    The IPCC report is uber conservative and politically vetted. If it used the proper date of 1800 as the start of Ind Civ then the actual temperature rise since is already at 1.62 C and locked in at 3 C by 2035. We are cooked but the denier site WUWT is hired to promote BAU at Al costs, one of them being a habitable planet.

  6. Sissyfuss on Thu, 2nd May 2019 9:54 am 

    All costs, AI did the editing.

  7. Robert Inget on Thu, 2nd May 2019 11:12 am 

    The US just posted the worst trade deficit EVER.
    So much for Trump’s ‘War on Trade’.

    USD remains strong. Like we always say;
    “Compared to What?” The rest of the world is floundering like that Iranian tanker w/1.1 M B of crude.

    Oil is down apparently because traders who know better need to feed drugs dealers to baby sitters.

    https://www.tradingview.com/symbols/TVC-DXY/

  8. Robert Inget on Thu, 2nd May 2019 11:22 am 

    Up-date on that apparently sinking Iranian tanker w/1.1 MB crude.
    https://www.intellinews.com/iranian-oil-tanker-on-red-sea-leaking-oil-says-satellite-tracker-service-160505/

    It’s leaking OIL and taking on water. Indicates
    a hull puncture.

    The crew abandoned ship.

    from link above;
    Zarif’s “accident plot” warning
    The oil spill comes after Iran’s Foreign Minister Mohammad Javad Zarif on April 24 cryptically warned in New York that people could try “to plot an accident” that could trigger a broader crisis.

    Zarif told Reuters he did not believe US President Donald Trump wanted war with Iran, but that Trump could be lured into a conflict. He added that a so-called “B-team,” including Trump’s national security advisor John Bolton, an ardent Iran hawk, and conservative Israeli Prime Minister Benjamin Netanyahu could goad Trump into a conflict with Tehran.

    “Those who have designed the policies that are being pursued do not simply want a negotiated solution. But let me make it clear that Iran is not seeking confrontation, but will not escape defending itself,” Zarif was also cited as saying.

  9. Cloggie on Thu, 2nd May 2019 11:41 am 

    World safe again.

    https://www.spiegel.de/auto/aktuell/auto-kennzeichen-hh-1933-darf-eingezogen-werden-a-1265469.html

    A German court has ruled that the license plate reading “HH 1933” can be revoked. In Germany, the first letters indicate from which town or Kreis (region) a vehicle is registered. “HH” on a licenseplate stands for “Hansestadt Hamburg”.

    Other interpretations are possible as well, like “Heil Hildegard”. German authorities are very sensitive with regards to anything linking to “that era”, within the AfD also known as the “Vogelschiss-periode” (bird shit period):

    https://www.watson.de/deutschland/afd/263087500-gauland-bezeichnet-hitler-als-vogelschiss-in-der-geschichte

    https://tinyurl.com/yxqhl4kp

    The AfD is en route to become the largest party in Germany. Time to look for that old torchlight again, to lighten up long romantic winter evenings. Many Russians, French and certainly Italians are ok with that.

  10. Cloggie on Thu, 2nd May 2019 3:31 pm 

    Amsterdam introduces the most radical anti-fossil fuel measures in the world:

    https://deepresource.wordpress.com/2019/05/02/fossil-fuel-cars-verboden-in-amsterdam-after-2030/

    Fossil fuel-based transport gradually phased out, beginning next year. After 2030 no fossil fuel will be allowed to be burned within the city limits.

    On average inhabitants of Amsterdam live 1 year shorter because of fossil fuel. That’s the equivalent of 10,000 murders on a city of 700,000. Chicago has a murder of 175/700,000 per year. In other word: peanuts as compared to “fossil-fuel-based crime”.

  11. union-of-muzzie-lovers-of-america-AKA-fmr-paultard on Fri, 3rd May 2019 10:19 am 

    i wish supertard rock wold come back. i feel bad driving him away. my job is to support supertards not making them feel bad.

  12. union-of-muzzie-lovers-of-america-AKA-fmr-paultard on Fri, 3rd May 2019 10:26 am 

    supertard Andrew Harrod on jihadwatch has feature a muslima/muzzie who claims to be a feminist and looks like a les and also a muzzie. this is a muzzie who doesn’t aggree or practice muzzie or don a bag. so it’s not a muzzie.

    and this muzzie is a professora les . so she is connected to muzzie liberation and LGBTQIXTODE so she’s never wrong. but she’s not supertard.

    only supertards are never wrong.

    my head is spinning as you can guess

  13. Robert Inget on Fri, 3rd May 2019 2:05 pm 

    Some here will recall Russia’s 120 mile pipeline clogged with contaminated crude oil.
    (latest)
    https://www.reuters.com/article/us-russia-oil-factbox/russian-oil-flows-to-europe-drop-amid-contamination-idUSKCN1S90RN

    Russia Holding Back Not a Small Amount of Oil

    Russian Oil Producers Receive Request From Transneft To Reduce Oil Output By 0.9 Mln T Until May 7 Due To Export Pipeline Problems – Sources
    #OOTT

  14. Robert Inget on Fri, 3rd May 2019 2:16 pm 

    How do I know this is NOT the photo of the Iranian tanker that lost power and leaked oil into Red Sea? (caption admits, file photo)

    https://english.alarabiya.net/en/News/gulf/2019/05/03/Saudi-Border-Guards-rescue-Iran-flagged-oil-tanker-after-its-engine-fails.html

    I’ll bet we hear a great deal more about this affair.

  15. Cloggie on Sat, 4th May 2019 10:01 am 

    Holland. May. Snow.

    https://www.geenstijl.nl/5147485/klimaatverandering-is-real-sneeuw-in-limburg/

  16. Cloggie on Sat, 4th May 2019 12:59 pm 

    A Japanese university claims to have achieved a major solid state battery breakthrough:

    https://deepresource.wordpress.com/2019/05/04/solid-state-battery-breakthrough/

    They are still working with lithium. The innovation is a radical lowering of the ionic impedance within the battery.

    Note that in theory, 6.3 kg lithium can contain a staggering 90 kWh energy, more than sufficient for your average medium sized car.

    #FingersCrossed

  17. Cloggie on Sat, 4th May 2019 4:06 pm 

    Great-England:

    https://www.theguardian.com/politics/2019/may/04/glasgow-march-scottish-independence-under-one-banner

    “Thousands join Glasgow march for Scottish independence”

    Largest independence demonstration since the announcement by Sturgeon of a 2nd referendum.

    Scotland wants to remain in the EU.

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