steve
08-15-2005, 06:07 PM
It's been argued that the cry of "peak oil" is nothing more than a yelp from Chicken Little. After all, various forcasters have claimed, at different times from the 1960s on, that we were/are at "peak oil". Each time, said forcaster has been shown to be wrong. New oil discoveries were made. However...
"If the actions—rather than the words—of the oil business’s major players provide the best gauge of how they see the future, then ponder the following. Crude oil prices have doubled since 2001, but oil companies have increased their budgets for exploring new oil fields by only a small fraction. Likewise, U.S. refineries are working close to capacity, yet no new refinery has been constructed since 1976. And oil tankers are fully booked, but outdated ships are being decommissioned faster than new ones are being built."
By Mark Williams
M.I.T.'s TechnologyReview.com
source:
http://www.peakoil.org
More and more market indicators, as opposed to just estimations by Geologists, lead to the conclusion that we are at or near peak oil production...or at the very least the indication that the OIL BARONS think so.
So what happens now?
"If the actions—rather than the words—of the oil business’s major players provide the best gauge of how they see the future, then ponder the following. Crude oil prices have doubled since 2001, but oil companies have increased their budgets for exploring new oil fields by only a small fraction. Likewise, U.S. refineries are working close to capacity, yet no new refinery has been constructed since 1976. And oil tankers are fully booked, but outdated ships are being decommissioned faster than new ones are being built."
By Mark Williams
M.I.T.'s TechnologyReview.com
source:
http://www.peakoil.org
More and more market indicators, as opposed to just estimations by Geologists, lead to the conclusion that we are at or near peak oil production...or at the very least the indication that the OIL BARONS think so.
So what happens now?