Tuesday, December 23, 2003
Running Out of Oil
The Big RollOver Chart (pdf).
Technology is great, but it can’t find what’s not there. In the last 5 years, we consumed 27 billion barrels of oil a year, but the oil industry discovered only 3 billion barrels a year. So, only 1 barrel was replaced for every 9 we used!
When will the big problems start to occur occur? 2007 - 2020.
What would you do differently if you knew we would run out of oil needed in your lifetime?
In view of all this, the notion that the war with Iraq had nothing to do with oil is simply preposterous. The US attacked Iraq (which appears to have had no weapons of mass destruction and was not threatening other nations), rather than North Korea (which is actively developing a nuclear weapons programme and boasting of its intentions to blow everyone else to kingdom come) because Iraq had something it wanted. In one respect alone, Bush and Blair have been making plans for the day when oil production peaks, by seeking to secure the reserves of other nations.
Shell knows this and is now running some of the world's largest wind farms. A new project will supply a quarter of London's power needs.
History of oil prices - constant dollars.