Anyone heard of the phrase "Peak Oil"?

StevieJ

frank_begbie wrote: »

Forget about "Global Warming" and "The Credit Crunch" this is the main problem facing the world today.

It doesn't mean we are going to run out of oil completely, it just means we cannot increase our production in line with demand.

Just Google it and do a little bit of investigating.

How do you fancy paying £6 £7 or even £10 per gallon?

If what I've been finding out is true we could well be paying these kind of prices in the not too distant future. I mean in the next 3 to 5 years.

If you keep posting articles like that you will be red carded, they will think you are a well known previous member

Kohoutek

A._Badger wrote: »

Read and learn http://business.timesonline.co.uk/tol/business/columnists/article3823656.ece

Article wrote:

Production of oil is being constrained by several forces, none of them due to God’s failure to put enough of the black gold under our feet.

That's simply not true I'm afraid – what other explanation is there that oil production has been falling for 40 years in the United States and 11 years in the UK, two countries with some of most advanced oil and gas technology and best expertise on the planet.

The figures that OPEC countries assert for their oil and gas reserves are exaggerated for political reasons:



Discovery of new oil reserves has been falling every year since 1964, surely it stands to reason that eventually production will fall? In the USA, peak production occurred around 40 years after peak discovery.

http://www.feasta.org/documents/wells/contents.html?one/campbell.html

frank_begbie

A._Badger wrote: »

I disagree. Peak oil is a myth.
.



Not for its oil - though I appreciate it's a favourite of the knee-jerk conspiracy brigade.

Well explained, I bow to you're superior knowledge.
I don't know how you learn so much with you're head stuck in the sand all of the time.


"In the beginning of a change, the patriot is a scarce man, brave, hated, and scorned. When his cause succeeds however, the timid join him, for then it costs nothing to be a patriot."

StevieJ

frank_begbie wrote: »

Well explained, I bow to you're superior knowledge.
I don't know how you learn so much with you're head stuck in the sand all of the time.


"In the beginning of a change, the patriot is a scarce man, brave, hated, and scorned. When his cause succeeds however, the timid join him, for then it costs nothing to be a patriot."

[FONT=Verdana,arial]Be careful about reading health books. You may die of a misprint. [/FONT]

Sapphire

frank_begbie wrote: »

Forget about "Global Warming" and "The Credit Crunch" this is the main problem facing the world today.

It doesn't mean we are going to run out of oil completely, it just means we cannot increase our production in line with demand.

Just Google it and do a little bit of investigating.

How do you fancy paying £6 £7 or even £10 per gallon?

If what I've been finding out is true we could well be paying these kind of prices in the not too distant future. I mean in the next 3 to 5 years.

Once we hit peak oil, you'll have a great deal more to worry about than the price of petrol. We are reliant on oil for so many things in our civilization. The world needs far fewer people (that may be achieved once the oil runs out), and far less greed and consumerism, involving the buying of fripperies that we really don't need with no thought for the consequences.

PasturesNew

Everybody's heard of it ... thing is, nobody believes it, so nothing happens.

It's like your own life ... you know you'll die one day, but you don't think that right now you're past half way do you ...

frank_begbie

Sapphire wrote: »

Once we hit peak oil, you'll have a great deal more to worry about than the price of petrol. We are reliant on oil for so many things in our civilization. The world needs far fewer people (that may be achieved once the oil runs out), and far less greed and consumerism, involving the buying of fripperies that we really don't need with no thought for the consequences.

Totally agree mate. Man just sees things in money terms with no thought of the future.
We think nothing of eating strawberries out of season while conveniently forgetting the cost of transporting them to the shop.
There's so many things that we could do without, but the advertisers convince us our lives would not be worth living if we didn't have the latest mobile phone whatever.

Its going to take some kind of disaster to make people wake up to reality.

A._Badger

frank_begbie wrote: »

Well explained, I bow to you're superior knowledge.
I don't know how you learn so much with you're head stuck in the sand all of the time.

The astonishing thing is that you breeze into a forum like this, asking if anyone has heard of this theory, as if assuming people interested in the economy wouldn't have done. Tme after boring time, after boring time.


I suggest you do a bit of research and look at what people who don't have tin foil surgically attached to their skulls, think.

You might try here, for a start (though I realise this might red flag the, um, red fag fraternity):

http://mises.org/daily/1717

Or here:

http://reason.com/archives/2006/05/05/peak-oil-panic

Or here:

http://aljazeera.com/news/newsfull.php?newid=167656

You might want to consder whether the author the last piece could, just possibly, know a little bit about the subject.

Kohoutek

A._Badger wrote: »

Or here:

http://aljazeera.com/news/newsfull.php?newid=167656

You might want to consder whether the author the last piece could, just possibly, know a little bit about the subject.

Ismael Hossein-zadeh, author of the recently published The Political Economy of US Militarism (Palgrave-Macmillan 2007), teaches economics at Drake University, Des Moines, Iowa

I wouldn't put too much weight on economists' understanding of oil and gas, considering so many of them failed to see the direction the global economy was going prior to the credit crunch.

There are many individuals and entities that believe global oil production will peak before 2020 that can hardly be dismissed as 'tin foil hatters':

Head of Exploration and Production (retired), Saudi State Oil Company
CEO of Brazilian State Oil Company
Chief Economist, International Energy Agency
US Military
CEO of General Motors
Chevron
Royal Dutch Shell
Petroleum geologist and consultant with 40 years experience
Former Chief Petroleum Engineer, BP

Malcolm.

To answer the OP's question. Yes, I have heard of peak oil.

What I'm more interested in knowing is... what do you intend to do about it?