A former chairman of Shell made news in late September when he warned the price of oil could hit $150 a barrel with oil production peaking within the next 20 years.
You had to read further on in the article, published in Londons The Independent on September 16, 2007, to learn that he also said I dont know whether there is going to be a peak in world production.
The fact is that there are billions more barrels to be found in the world, whether its in the Middle East, Africa, Russia, Venezuela, and much of the yet to be geologically researched map of the world.
That bit of knowledge, however, rarely makes it into the mainstream media that can be depended upon to give lots of coverage to the Peak Oil crowd which has been predicting we will run out of oil any day now.
This is fine for pessimists, but there is a real world out there and the indications are theres plenty of oil.
The Russians obviously think theres some under the Artic and are taking steps to lay claim to it.When it comes to oil and natural gas, nations have no sense of humor, even if, in the case of the United States, they often display an astonishing lack of good sense. Before Bush, former President Jimmy Carter became convinced in the 1970s that all the proven reserves of oil would shortly be used up. With the price of oil hitting more than per barrel, one would think that Congress would be inclined to opening access to those billions of barrels, but the current Democratic Party controlled Congress is more concerned about a bogus global warming than it is about insuring Americans can drive their cars and trucks, heat their homes, and process oil for the countless products that are produced from it.You are no doubt familiar with the long fight over permitting drilling in Alaskas Natural Wildlife Reserve, where its estimated there are billions of barrels of untapped oil, but you are surely going to be surprised to learn that the oil industry is excluded from exploring 85 percent of all American territorial waters. As Duncan Clarke, Chairman and CEO of Global Pacific & Partners and the author of a new book, The Battle for Barrels, points out regarding Americas continental shelf, The undiscovered oil potential in the areas demarcated for possible offshore (exploration) in the Pacific, Atlantic, and Gulf of Mexico could allow the tapping of up to 85 billion barrels of oil that technically could be recoverable [but this] awaits the political passage of bills through the legislature -- i.e., through the U. And this doesnt even include the vast reserves of natural gas that are estimated to exist.To put it another way, Peak Oil predictions exist mostly to maintain the waning credibility of those who keep making the predictions.Yet another way of looking at Peak Oil is to observe that it is now sustained, not by facts, but by public relations in the form of new books, new studies, international symposia and conferences, websites devoted to the subject, and all the ways the idea is maintained, despite its questionable merit.The sole purpose of the website is to share with interested persons information regarding civics, civic and social education, political science, government, politics, law, constitutional law and history, public policy, and political philosophy and history, as well as current and recent political developments, public issues, and political controversies.It simply does not matter why peak crude oil extraction is reached, the peak is the peak regardless of the cause.There was an interesting news item out of Moscow in late September, 2007, to which most people probably paid little heed.Russia is one of several countries that have rushed to lay claims to the area where a U. study suggests as much as 25 percent of the worlds undiscovered oil and gas could be hidden.The cause could be geological or it could be economics but most likely it will be a combination of the two.Matthew Yglesias Recently wrote in Slate: “I will admit that I’ve always found the “Peak Oil” debate to be a little bit confusing, especially because both the words “peak” and “oil” turn out to have some ambiguity to them.” Some include such things as ethanol, biodiesel, palm oil, bottled gas such as propane and butane and even refinery process gain as oil, I only track, and regard as oil, crude oil plus condensate.