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Peak Oil News Tuesday September 5th 2006
Oil Prices - Just Starting to Warm Up
"I'm not a scientist, nor a petroleum engineer. Like most of you, I read what other experts say about complicated issues and try to make sense of it. Also like most of you, I try to think through the consequences. I have no clue whether or not oil is going to $200 anytime soon, but I do know we'd discover the straw that broke the stock market's back long before we ever get there. My wheels started turning when I stumbled upon this attention grabbing headline over on Bloomberg: Peak Oil Forecasters Win Converts on Wall Street to $200 Crude."
Sweden will be the first oil-free country in the world by 2020
Could you imagine a world without oil? A car running without petrol? A country working entirely on clean energy? Well, the Swedes have. In October 2005 the Swedish Minister for Sustainable Development, Ms Mona Sahlin, announced that Sweden aims to become the worlds first oil-free country by 2020. The Swedish government wants to cut-off completely the nation's dependency on fossil energy and switch to clean, renewable energy. That means that Sweden will become the first country in the world to stop using oil.
Massive oil field found under Gulf
Chevron and two oil exploration companies announced the discovery of a giant oil reserve in the Gulf of Mexico that could boost the nation's supplies by as much as 50 percent and provide compelling evidence oil is a plentiful deep-earth product made naturally on a continuous basis. Known as the Jack Field, the reserve some 270 miles southwest of New Orleans is estimated to hold as much as 15 billion barrels of oil.
What's left in the planet's tank?
On a sweltering Tuesday in mid-July, in the fields outside Pisa, Italy, Willem Kadijk scribbles notes as a ragtag troupe of doomsayers predict the end of the Oil Age. With his shaved head, jeans and sandals, Kadijk, 48, blends into a crowd gathered under a white tent to hear of the coming calamity. The death of cheap, abundant crude, the forecasters warn, might unleash war and plunge the world into a second Great Depression. That's not the prophecy of some apocalyptic cult. Kadijk, a hedge fund adviser, had flown from Amsterdam to attend a conference on a geologic theory known as peak oil.
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