Insight and inspiration in turbulent times.
“Energy is at the core of virtually every problem facing humanity. We cannot afford to get this wrong. We should be skeptical of optimism that the existing energy industry will be able to work this out on its own.”
I avoid the New York Times but lately, it’s become a compulsion, though only for the new daily column titled, “Names of the Dead.” Today’s listing: “DERVISHI, Ervin, 21, Pfc, Army. Fort Worth.”
Historic J.P. Morgan Investor Conference Marks Official Recognition of Peak Oil Issues By Financial Planners.
Geologists and analysts have been saying for some time that estimates of global oil reserves may be dangerously exaggerated. The oil industry has been gripped by scandal since Royal Dutch/Shell twice this year downgraded its proven oil reserves by 20 per cent, or nearly 4bn barrels. Shell may not be alone. Other companies and even governments have hyped up the estimates of how much oil they have, which is a vital factor in measuring their economic health…. About four-fifths of the world’s known oil reserves lie in politically unstable or contested regions.
Producers currently discover about one barrel of “new oil” for every four barrels that are consumed worldwide, and there have been no large oil or gas discoveries in recent years. Anywhere. It gets worse. The world’s largest oilfields have been producing for many decades and now require heroic measures (such as pumping in seawater or steam) to coax the oil from the ground.
Crises multiply and grow, and still the petroleum bags are just dispensed as though they were falling autumn leaves doing no harm. We are now in the fall before the big autumn storm. Not many will make it through the coming “winter” of our own making.
A report from a conference of the Danish Board of Techology on the impact of peak oil (PDF format).
Just as certain as death and taxes is the knowledge that we shall one day be forced to learn to live without oil.
Shell has, for the third time this year, cut its estimate of it proven oil reserves, adding that it was slicing more than $400 million from profits to account for the “disturbing deficiencies” in its reporting practices.
WASHINGTON (Reuters) – Saudi Arabia’s ambassador to the United States, Prince Bandar bin Sultan, promised President Bush the Saudis would cut oil prices before November to ensure the U.S. economy is strong on election day, journalist Bob Woodward said in a television interview on Sunday.
Richard Heinberg is a professor at the Santa Rosa branch of the New College of California, where he teaches courses on Culture, Ecology and Sustainable Community.
Venezuela sought out and initiated last week’s oil for food swap with Argentina. While Argentina’s main goal was to stave off an impending energy crisis this winter, Venezuela viewed the deal as an opportunity on its part to increase Latin American integration and strengthen the South-South alliance.
