GayandRight

My name is Fred and I am a gay conservative living in Ottawa. This blog supports limited government, the right of the State of Israel to live in peace and security, and tries to expose the threat to us all from cultural relativism, post-modernism, and radical Islam. I am also the founder of the Free Thinking Film Society in Ottawa (www.freethinkingfilms.com)

Friday, January 18, 2008

We're not running out of oil...

Another look at the 'peak oil' theory...
Doom-laden forecasts that world oil supplies are poised to fall off the edge of a cliff are wide of the mark, according to leading oil industry experts who gave warning that human factors, not geology, will drive the oil market.

A landmark study of more than 800 oilfields by Cambridge Energy Research Associates (Cera) has concluded that rates of decline are only 4.5 per cent a year, almost half the rate previously believed, leading the consultancy to conclude that oil output will continue to rise over the next decade.

Peter Jackson, the report's author, said: “We will be able to grow supply to well over 100million barrels per day by 2017.” Current world oil output is in the region of 85million barrels a day.

The optimistic view of the world's oil resource was also given support by BP's chief economist, Peter Davies, who dismissed theories of “Peak Oil” as fallacious. Instead, he gave warning that world oil production would peak as demand weakened, because of political constraints, including taxation and government efforts to reduce greenhouse gas emissions.

Speaking to the All Party Parliamentary Group on Peak Oil, Mr Davies said that peaks in world production had been wrongly predicted throughout history but he agreed that oil might peak within a generation “as a result of a peaking of demand rather than supply”.

He said it was inconceivable that oil consumption would be unaffected by government policies to reduce carbon emissions. “There is a distinct possibilty that global oil consumption could peak as a result of such climate policies,” Mr Davies said.

2 Comments:

Anonymous Anonymous said...

Ok Fred. There's tons of oil and Santa might slip a little lube up your chimney next year if you keep spouting conservative nonsense.

8:58 PM  
Anonymous Deepthinker said...

Hey fred!

Heres some information to blow the Peak Oil Theories Numbers. The public numbers for Oil theory are completly under estimated. The reason is that tose numbers are compiled from the sum of teh amount of Oil reseves that companies put on their balance sheets. The thing is that the rules for recognizing Oil reserves is that you can only recognize reserves up to a certain distance. This was created a while ago when all the Oil was close to the surface and was used because of the Conservative Principal because at that time anything lower could not be estimated accuratly. So that means that most reserves right now are not accounted for. As such we really d not know how much Oil is actually in the grounds because the companies ar not telling us. Though we know that the number that they do report is way lower than the way it is!

12:41 AM  

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