Peak Oil is You
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Page added on May 22, 2012
Opec’s Days Are Numbered
Discoveries of unconventional oil and gas reserves in the western hemisphere will not only reduce price and supply volatility, but will also bring the end of the Organization of Petroleum Exporting Countries, Roger Altman wrote in the Financial Times.
Technology has revolutionized energy supply with the result that the U.S. now has a 100-year supply of natural gas, and oil production is projected to rise sharply, meaning that within 20 years, production could match consumption in the western world for the first time since 1952, Altman, chairman of Evercore Partners (EVR) and a former U.S. deputy Treasury secretary wrote.
7 Comments on "Opec’s Days Are Numbered"
Beery on Tue, 22nd May 2012 10:25 pm
Trust Bloomberg to be deep inside the rabbit hole with another corny prediction of energy independence within 20 years and a 100 year supply of natural gas.
DC on Tue, 22nd May 2012 10:52 pm
Opec is run by the US State Dept and the Western Oilcos, it will only ‘end’ when the entire region has been drained of its oil, not before.
Ham on Wed, 23rd May 2012 12:02 am
Production of rose-tinted spectacles increasing exponentially. There must be 100 year supply by now, the art of making them and distribution reaching extraordinary levels.
BillT on Wed, 23rd May 2012 1:45 am
What there is, is a 100 year supply of bullshit being posed as ‘news’ today. Yes, OPEC will end and probably in less than 10 years when their domestic demand and actual production are equal. When they stop exporting and start panicking like the empire. Are you ready? And, no, the Us will not be self sufficient unless we are back to walking and using little or no oil for anything.
SOS on Wed, 23rd May 2012 4:19 pm
The author is correct. There is a vast supply of energy available. 100 yrs is a convenient number. That should be enough time for alternative technologies to evolve and become economical without artifical peak oil policies restricting supply.
In 2000 North Dakota was an insugnificant oil producer. The technology discussed in the article have now take it to #2 in the country. This has been enough to offset the governments peak oil policies now enforced on federal lands and causing an alarming dropoff in production on these lands.
Kenz300 on Thu, 24th May 2012 1:07 pm
The potential of wind and solar energy are endless. It is time to transition to safe, clean alternative energy sources.
bmorningstar on Fri, 25th May 2012 3:09 pm
Wind and solar generate electricity. So what? What good is electricity going to do? It cannot be used as fertilizer. Sure, cars can be made that run on electricity, but unfortunately~ there will be no fuel left for the drivers.