Hoarding is exactly what the government is doing right now by filling the SPR, and frankly it's the best thing that could happen. It drives prices up. High prices encourage demand destruction. They also finance new well development. The hoarded oil gives us a buffer to fall back on once shortages become more prevalent. High prices are what we need in order to adapt to what's coming, and the sooner they happen, the better.
Posted: Sat Apr 05, 2008 12:42 pm Post subject: Re: History section?
I thing the movie was Airport:
First, the Earth cooled. Then the dinosaurs came. But they got too big and fat so they died and turned into oil. Then the Arabs came and they bought Mercedes Benzes. _________________ If you want a picture of the future, imagine a boot stamping on a human face--for ever."
-George Orwell, 1984
Mans use of oil for industry and lighting cause increase in human activity, population growth and demand.
Into the Ocean
Dependence on Whale Oil for lighting
Ocean mining for whale oil
Whale Oil shortages, whale expeditions going farther out
Whales on the Brink
Whales were getting closer to extinction and supplies getting tight. Man started looking for alternatives. Though whales have never recovered to their previous numbers, whales are not presently extinct.
Back to the land
Natural Oil Seeps
Kerosene / Drake PA
US production
Automotive use
Oil companies buying light rail and tearing up tracks to increase consumption
Increased Global oil production
Oil Giants discovered - Ghawar (Saudi Arabia)
US peaked and started to decline
Ghawar watering out
Production declines in oil giants
Improved oil recovery technologies: Water injection, Gas injection
Back to the ocean
Deep water / deep oil
Greater pressure for alternative energy
Greater pressure for light rail and efficient transport
Future: Varying estimates on peak production date
The unusual jump in reserve estimates in OPEC countries
The later downgrading of reserve estimates such as Kuwait cutting their reserve estimates by half, back to original estimates.
Shell cutting it's reserve estimates in half
Climate on the Brink
Global warming, CO2 and Man
Climate Change - Increased drought in instability in climate systems. More extreme weather.
Global Dimming - Soot in the air hiding global warming and cooling the oceans.
Ocean Acidification - The destruction of the oceans though CO2 absorption threatening all ocean life. (No going back to whale oil)
Back to the the land
Alternative energy like solar and wind on land
Improved battery systems and flow batteries
Improved oil recovery technologies: Combustion, toe to heel air injection (thai)
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