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Peak Oil

March 15, 2006
It seems to me that nobody knows what "Peak Oil" is. 
 
It’s one of those buzz worlds like "global warming" that will affect everybodys lives and everyone will know about in a few years, but only after it’s too late to avoid a crisis.
 
"The term Peak Oil refers to the maximum rate of the production of oil in any area under consideration, recognising that it is a finite resource, subject to depletion." 
 
This  may sound fairly inconspicous.  However at the point of peak oil, conventional oil supply can no longer meet demand and price and volatility will increase.
 
The US government commissioned a report on peak oil {The Hirsch Report, February 2005}
 
"As peaking is approached, liquid fuel prices and price volatility will increase dramatically, and, without timely mitigation, the economic, social, and political costs will be unprecedented"
 
 
In the US Army Corps of Engineers report on Energy Trends and Implications, September 2005, there was some sobering statements about the future
 
"The supply of oil will remain fairly stable in the very near term, but oil prices will steadily increase as world production approaches its peak.  The doubling of oil prices in the past couple of years is not an anomaly, but a picture of the future.  Peak oil is at hand with lowa availability growth for the next 5 to 10 years.  Once worldwide petroleum production peaks, geopolitics and market economics will result in even more significant price increases and security risks…The proved reserve lifetime for world oil is about 41 years…Time is essential to enact these changes.  The process should begin now."
 
In their January 9, 2006 Monthly Indicator report, CIBC economists have declared that we have reached Peak Oil.

 

We cannot invent a substitute for oil. Any technological solution will likely take years or decades to impliment. The most serious consequences will likely not be evident for years, but the longer we wait, the tougher they are to deal with.

 

Individual responses will not be enough to guarantee us the quality of life to which we’ve become accustomed.  As a society, we need to make a dramatic shift in how we view energy use and conservation.  This is no longer a matter of if it will happen, it is now a matter of how bad the consequences will be and how well we adjust to the new reality of life.  Ignorance is no longer a viable option.

 

www.oilcrisis.com

www.peakoil.net

www.postcarbon.org

 

 

 

 

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