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Peak Oil News Monday August 14th 2006
Oil price spike to end, you can bet on it
"At recent conferences on the future of biofuels, I have offered a $10 bet to anyone in the room that the West Texas intermediate oil price will be less than US$40 a barrel within three years. So far only three people have taken up the bet. My view that the oil price will fall to this level by 2009 may seem ridiculous given the hysteria in the media on rising oil and petrol prices."
Peak oil and fragility of global oil supply
"To paraphrase the late Sen Everett Dirksen, "400,000 barrels here, 400,000 barrels there. Pretty soon, you're talking about a lot of oil." I am referring to the recent announcement by BP that it is temporarily shutting down its Alaskan oil operations in Prudhoe Bay. Corrosion in the 30-year old transit lines makes it unsafe to continue operations. BP is removing 400,000 barrels per day of oil from the world's markets. Repairing the transit lines, which gather oil from the wellheads and move it to the main pumping stations along the Alaska Pipeline, will take many months to accomplish. In the interim, the world will simply do without 400,000 barrels of oil every day."
Fossil fuel addicts beware - we'll soon be past our peak!
[Free registration required] Motorists filling their tanks in January this year at prices of 1/ltr could have been forgiven for thinking that, in terms of petrol prices, they were over the worst. The previous summer had seen prices leap as oil production in the US was ravaged by hurricanes. In the wake of these storms crude oil prices rose $25/barrel and pump prices increased by 5pc. Fast-forward six months and petrol has risen to around 1.24/ltr, with a possibility of breaking 1.30/ltr soon. Analysts cite several factors for the continuing rise: the instability of the Middle East, Nigerian terrorism, Iranian nuclear dispute and increased global oil demand.
Oil-addicted America finds a temporary fix in Africa
From last fall to early spring the crude oil flowing from offshore fields near the Akwa Ibom River tropical delta in Nigeria supplied the South Elgin, Ill., Marathon gas station 8,000 miles away with roughly one-quarter of its oil. That was just part of the torrent of foreign-bought crude that prompted President Bush, one of the most oil-friendly presidents in history, to concede in his latest State of the Union speech that "America is addicted to oil, which is often imported from unstable parts of the world."
Senior Oil Exec Warns Of Collision With Oil Supply
ALI SAMSAM BAKHTIARI is a retired senior energy expert, formerly employed by the National Iranian Oil Co. (NIOC) of Tehran, Iran. He has held a number of important positions with NIOC since 1971. He is currently attached to the director's office in the Corporate Planning Directorate of NIOC, and specializes in questions related to the global oil, gas and petrochemical industries. This alone ought to pique your interest because Bakhtiari has the ear of the most important decision-makers in Iran. What is he telling them?
The Great Turning: From Empire to Earth Community
By what name will future generations know our time? Will they speak in anger and frustration of the time of the Great Unraveling, when profligate consumption exceeded Earth's capacity to sustain and led to an accelerating wave of collapsing environmental systems, violent competition for what remained of the planet's resources, and a dramatic dieback of the human population? Or will they look back in joyful celebration on the time of the Great Turning, when their forebears embraced the higher-order potential of their human nature, turned crisis into opportunity, and learned to live in creative partnership with one another and Earth?