Monitoring Peak Oil Number 2
Oil Production:
March 2007: 85.28 millions of barrels per day
According to this, and looking at the figures of my previous entry, the production of oil seems to have reached a plateau since April of 2006. I think that it is still premature to call it a "peak oil", however, we have to keep an eye on it.
posted by Doctor Marco at 22:42
2 Comments:
Marco,
I have seen some data from commodities analysts that substantiate your data. They say plenty of oil exists, but extraction is not increasing (and no relief is predicted) but demand is increasing.
Some factors preventing increases in nations with oil reserves:
- a poorly maintained Russian infrastructure that is failing
- Venezuelan(sp?) nationalization of oil infrastructure
- war in the Gulf
- low quality Saudi crude (each barrel does not have the same affect as a barrel of high quality crude)
Q
Q
It is true that plenty of oil still exists. Peak oil does not mean the end of oil. The Peak Oil theory states that the maximum rate of oil extraction per unit time will be achieved soon. The consequences would be more expensive oil (and oil derivatives) and widespread recession. The degree of lifestyle change would be inversely proportional to the amount of oil energy that would be replaced by "alternative" energy sources.
The reasons why we do not if we have peaked are precisely the uncertainty of the oil reserves of certain Middle Eastern countries and, as you well said, the capabilities of countries wih political issues going on.
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