UK Globe and Mail:
The views of Mr. Simmons, who runs Houston-based Simmons & Assoc. investment bank, bordered on apocalyptic.More apocalyptic visions - Life after the Oil Crash.
Oil shortages "could lead to social chaos and war," he warned. "The issue is the most serious risk to sustaining the 21st century. Peak oil is real, and we have to take it seriously." He argued that production of conventional crude peaked in May, 2005, at 74 million barrels a day.
Since then, the world has met rising consumption - now at about 88-million barrels a day - by cutting inventories, tapping natural gas liquids that typically are included in crude production figures and using better refinery efficiencies.
How real is this? Very real, we are on the downhill slope. Here are what the insiders think.
The end of the American Empire.
Peak Oil - solved. Can we fix our oil and climate problems at the same time?
Oil Black Monday -
The bottom line: Oil prices are high today, not due to a temporary disruption in the global flow of petroleum as in 1980, but for systemic reasons that are, if anything, becoming more pronounced. This means news headlines with the phrase "record oil price" are likely to be commonplace for a long time to come. The only good news may lie in just how bad the news really is. Sooner or later, ever rising energy costs are likely to push the United States and other oil-consuming nations into deep recession, thus depressing demand and possibly beginning to bring energy prices down. But this is hardly a recipe for lower prices that anyone would voluntarily choose.Peak Oil also coincided with a credit and housing bust after a long binge. All those interest-rate cuts aren't making it any easier for the average Jane to afford a house. There's no simple remedy for the aftermath of a borrowing binge.
On the Treasury Secretary's proposed reforms - "It's a scam, a fraud, a charade, a lie." - Jim Jubak, senior markets editor for MSN Money.
WaMu: Forget the customers; save the exec bonuses.
What's with this Shell Oil Ad? - pdf:
The bad news is that no combination of technologies can plug the energy gap if the peakists are correct. There will be a third, and last, global energy crisis. It will dwarf previous crises. Profound economic dislocation will result. The challenge for human civilization will be how we rebuild post-peak. If we mobilize with renewables and efficiency, as though for war, we have the potential to achieve a renaissance on many fronts. If we forget climate change and go for coal and tar sands, we will achieve the opposite.Is attacking Iraq and Iran really all about peak oil? Touched on in this article which says prepare for even higher gas prices.
Last articles from the peak oil news blog.