OPEC: Peak Oil is Real |
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| By Ka-bar in Peak Oil | December 22, 2006 | |
OPEC has released it’s latest bulletin, and buried in the middle of it is an article by Dr. Shokri Ghanem, chairman of the Libyan National Oil Corporation, titled “Is the Era of Cheap Oil Really Over?” Dr. Ghanem covers a variety of subjects including “The Question of Peak Oil.” Here’s what he has to say:
“However, while some of the more pessimistic oil specialists are declaring that peak oil has already been passed, or at best is here now, others believe it is not going to arrive before 2010. Some optimists give the world a little more breathing space — that is to say up to 2020, and perhaps even up to 2030. However, all in all, most would appear to agree that peak oil output is not very far away for all of us. It could take place sometime within the next decade or so, which in fact means that there is not much time left for a world economy to be driven largely by oil. (Emphasis mine)
Furthermore, under any of these scenarios, and since peak oil output is not about the time at which oil will run out, but the time at which production can no longer be increased to cope with increased demand, it seems the only way the oil price can go is up”
When the official bulletin of the Organization of Petroleum Exporting Countries confirms that peak oil is a real problem, those that continue to deny the problem are either deluding themselves, or are intentionally obfuscating the issue.
There will still be plenty of oil flowing in 2020; it just won’t be anywhere near enough to satisfy world demand, and as such will be too expensive for many of us to continue to use in the same amounts that we do today. The time to start preparing for a low-energy economy is now.
Credit: Urban Survial
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