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Peak Oil News

Peak Oil is the peaking of oil production. Many informed observers expect peak oil on a planetary level in 1 to 15 years time.

April,  2006

World 'cannot meet oil demand'  4/8/2006 Times, London: "THE world lacks the means to produce enough oil to meet rising projections of demand for fuel over the next decade, according to Christophe de Margerie, head of exploration for Total and heir presumptive to the leadership of the French energy multinational. The world is mistakenly focusing on oil reserves when the problem is capacity to produce oil, M de Margerie said in an interview with The Times. Forecasters, such as the International Energy Agency (IEA), have failed to consider the speed at which new resources can be brought into production, he believes."

March,  2006

Iranian oil bourse hits wall  3/15/2006 Globe & Mail: "But they are jumping the gun if they still figure Iran is within days of launching a new international oil exchange that would sell its own and other Middle Eastern oil producers' black gold in euros rather than U.S. dollars -- and which, the theory goes, could ultimately torpedo the greenback and the U.S. economy. Despite repeated reports over the past 18 months or so that the planned bourse would finally open for business on March 20, 2006 -- and go head to head with the New York Mercantile Exchange and the ICE Futures Exchange in London -- the start date has been postponed by at least several months and maybe more than a year." [At a time when Iran has begun negotiations with the US over Iraq…]

The elite effort to subvert democracy  3/14/2006 Napa Valley Register: "Petroleum geologists are not popular and their warnings of Peak Oil are underreported by the "liberal media." A 2004 meeting of the Association for the Study of Peak Oil and Gas in Berlin included representatives from BP, ExxonMobil and the International Energy Agency. A U.K. observer at the ASPO stated "for the record, Ghawar's (the world's largest oil reservoir, located in Saudi Arabia) ultimate recoverable reserves in 1975 were estimated at 60 billion barrels -- by ExxonMobil, Texaco, and Chevron. It had produced 55 billion barrels up to the end of 2003 and is still producing at 1.8 billion per annum. That shows you how close it might be to the end. When Ghawar dies, the world is officially in decline." Matthew Simmons, CEO of Simmons and Co. International, the world's largest private energy investment bank, believes the Saudis are "out of capacity." Secretary of Energy Spencer Abraham concludes, "America faces a major energy supply crisis over the next two decades. The failure to meet this challenge will threaten our nation's economic prosperity, compromise our national security and literally alter the way we lead our lives.""

Fox Announces Major Mexico Oil Find  3/14/2006 AP 

February,  2006

Sweden Plans to Be World's First Oil-Free Economy  2/9/2006 Common Dreams: "Sweden is to take the biggest energy step of any advanced western economy by trying to wean itself off oil completely within 15 years - without building a new generation of nuclear power stations. The attempt by the country of 9 million people to become the world's first practically oil-free economy is being planned by a committee of industrialists, academics, farmers, car makers, civil servants and others, who will report to parliament in several months. The intention, the Swedish government said yesterday, is to replace all fossil fuels with renewables before climate change destroys economies and growing oil scarcity leads to huge new price rises."

January,  2006

What they don't want you to know about the coming oil crisis  1/24/2006 Independent: "In the other camp are a group of dissident experts, whom I shall call the "early toppers". They are mostly people who - like me - have worked in the heart of the oil industry, the majority of them geologists, many of them members of an umbrella organisation called the Association for the Study of Peak Oil (ASPO). They are joined by a small but growing number of analysts and journalists. The early toppers reckon that 1 trillion barrels of oil, or less, are left."

November,  2005

Twilight of the Oil Age  11/9/2005 Alternet: "Author of the recently published Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy, Simmons is founder of Simmons & Company International, an investment bank that handles mergers and acquisitions among energy companies, and counts among its clients Halliburton, General Electric, and the World Bank. A graduate of the Harvard Business School, he served as an energy-policy adviser to the 2000 Bush-Cheney campaign. Conservative credentials aside, Simmons has been boggling the minds of people across the political spectrum with his recent prediction that the price of a barrel of oil could hit the high triple digits within a few years. To postpone economic meltdown, he says we should be drilling in the Arctic National Wildlife Refuge and other hotly contested spots. At the same time, he's calling for a massive shift in energy policy, including radical improvements in efficiency, as well as a return to local farming and manufacturing. With his unconventional opinions, he's single-handedly reinventing the image of the post-oil energy crusader."

October,  2005

The Inevitable Peaking of World Oil Production  10/17/2005 Defense & the National Interest: "Robert L. Hirsch, The Atlantic Council, October 2005. A distinguished energy scientist considers three questions pertinent to world conflict: When will oil production peak? How will we know that it has? And will we have sufficient warning to mitigate its effects? Although estimates range from next year to 2025 (or later), the fact is that for the last 15 years, the world has used more oil than it has discovered. This trend is accelerating as China, India, and other developing countries ramp up their consumption."

June,  2005

Oil: Caveat Empty  6/1/2005 Bulletin of Atomic Scientists: "WITHOUT ANY PRESS conferences, grand announcements, or hyperbolic advertising campaigns, the Exxon Mobil Corporation, one of the world's largest publicly owned petroleum companies, has quietly joined the ranks of those who are predicting an impending plateau in non-OPEC oil production. Their re-port, The Outlook for Energy: A 2030 View, forecasts a peak in just five years. In the past, many who expressed such concerns were dismissed as eager catastrophists, peddling the latest Malthusian prophecy of the impending collapse of fossil-fueled civilization. Their reliance on private oil-reserve data that is unverifiable by other analysts, and their use of models that ignore political and economic factors, have led to frequent erroneous pronouncements. They were countered by the extreme optimists, who believed that we would never need to think about such problems and that the markets would take care of everything. Up to now, those who worried about limited petroleum supplies have been at best ignored, and at worst openly ridiculed."

April,  2005

The end of oil is closer than you think  4/21/2005 Guardian: "The one thing that international bankers don't want to hear is that the second Great Depression may be round the corner. But last week, a group of ultra-conservative Swiss financiers asked a retired English petroleum geologist living in Ireland to tell them about the beginning of the end of the oil age. They called Colin Campbell, who helped to found the London-based Oil Depletion Analysis Centre because he is an industry man through and through, has no financial agenda and has spent most of a lifetime on the front line of oil exploration on three continents. He was chief geologist for Amoco, a vice-president of Fina, and has worked for BP, Texaco, Shell, ChevronTexaco and Exxon in a dozen different countries. "Don't worry about oil running out; it won't for very many years," the Oxford PhD told the bankers in a message that he will repeat to businessmen, academics and investment analysts at a conference in Edinburgh next week. "The issue is the long downward slope that opens on the other side of peak production. Oil and gas dominate our lives, and their decline will change the world in radical and unpredictable ways," he says. Campbell reckons global peak production of conventional oil - the kind associated with gushing oil wells - is approaching fast, perhaps even next year."

April,  2003

Oil industry suppressed plans for 200-mpg car  4/9/2003 Times, UK: "THE original blueprints for a device that could have revolutionised the motor car have been discovered in the secret compartment of a tool box. A carburettor that would allow a car to travel 200 miles on a gallon of fuel caused oil stocks to crash when it was announced by its Canadian inventor Charles Nelson Pogue in the 1930s. But the carburettor was never produced and, mysteriously, Pogue went overnight from impoverished inventor to the manager of a successful factory making oil filters for the motor industry. Ever since, suspicion has lingered that oil companies and car manufacturers colluded to bury Pogue’s invention. Now a retired Cornish mechanic has enlisted the help of the University of Plymouth to rebuild Pogue’s revolutionary carburettor, known as the Winnipeg, from blueprints he found hidden beneath a sheet of plywood in the box."

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