Warning: Oil supplies are running out fast

Catastrophic shortfalls threaten economic recovery, says world’s top energy economist

Steve Connor, Science Editor
Someone sprung this clown’s mainspring.

The world is heading for a catastrophic energy crunch that could cripple a global economic recovery because most of the major oil fields in the world have passed their peak production, a leading energy economist has warned.

Jesus, now I need to clean my shorts! What’s with these pointy-headed idiots? Couldn’t they just have dropped another acorn on some chicken’s head!

Higher oil prices brought on by a rapid increase in demand and a stagnation, or even decline, in supply could blow any recovery off course, said Dr Fatih Birol, the chief economist at the respected International Energy Agency (IEA) in Paris, which is charged with the task of assessing future energy supplies by OECD countries.

In an interview with The Independent, Dr Birol said that the public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated.
[snip]

There is now a real risk of a crunch in the oil supply after next year when demand picks up because not enough is being done to build up new supplies of oil to compensate for the rapid decline in existing fields.

Wait a minute; what’s this crap? Not enough is being done to build up “new supplies” after this Poobah of Petro Profligacy just ran through the courtyard screaming modern civilization will collapse in a decade.

So what are we selling here? The acorn didn’t scare you, climate change proved to be a hoax, causing Al Gore to sulk and get fat.
Here’s the next Obama says! “We have to do this immediately, It’s for the newts, Women and children hurt most, Gays, Lesbians offended and SEIU will punch your lights out”, if change doesn’t occur by 4:30 PM.

Environmentalists fear that as supplies of conventional oil run out, governments will be forced to exploit even dirtier alternatives, such as the massive reserves of tar sands in Alberta, Canada, which would be immensely damaging to the environment because of the amount of energy needed to recover a barrel of tar-sand oil compared to the energy needed to collect the same amount of crude oil.
“Just because oil is running out faster than we have collectively assumed, does not mean the pressure is off on climate change,” said Jeremy Leggett, a former oil-industry consultant and now a green entrepreneur with Solar Century.
“Shell and others want to turn to tar, and extract oil from coal. But these are very carbon-intensive processes, and will deepen the climate problem,” Dr Leggett said.

Leggett’s creds are extremely PECCABLE.

“What we need to do is accelerate the mobilisation of renewables, energy efficiency and alternative transport.
“We have to do this for global warming reasons anyway, but the imminent energy crisis redoubles the imperative,” he said.

Oil: An unclear future
*Why is oil so important as an energy source?
Crude oil has been critical for economic development and the smooth functioning of almost every aspect of society. Agriculture and food production is heavily dependent on oil for fuel and fertilisers. In the US, for instance, it takes the direct and indirect use of about six barrels of oil to raise one beef steer. It is the basis of most transport systems. Oil is also crucial to the drugs and chemicals industries and is a strategic asset for the military.

A lefty’s wet dream on a Cialis high: Population control, ending the military, offing big corps, turning everyone Vegan and total organic farming. They’ll need a Priapus rider on the ObamaCare.

*How are oil reserves estimated?
The amount of oil recoverable is always going to be an assessment subject to the vagaries of economics – which determines the price of the oil and whether it is worth the costs of pumping it out –and technology, which determines how easy it is to discover and recover. Probable reserves have a better than 50 per cent chance of getting oil out. Possible reserves have less than 50 per cent chance.

This is better known as the “Dipstick Method” and depends upon who is in office and which lobbyist donated the most money.

*Why is there such disagreement over oil reserves?
All numbers tend to be informed estimates. [snip]

Compilation by eco-nuts for whom CO₂ engulfs the planet

*What is “peak oil” and when will it be reached?
This is the point when the maximum rate at which oil is extracted reaches a peak because of technical and geological constraints, with global production going into decline from then on. The UK Government, along with many other governments, has believed that peak oil will not occur until well into the 21st Century, at least not until after 2030.

The International Energy Agency believes peak oil will occur Thursday.
Enviro-nazis believe it occurred when Rockefeller drilled the first well in Pennsylvania.

*With global warming, why should we be worried about peak oil?
There are large reserves of non-conventional oil, such as the tar sands of Canada. But this oil is dirty and will produce vast amounts of carbon dioxide which will make a nonsense of any climate change agreement. Another problem concerns how fast oil production is declining in fields that are past their peak production. The rate of decline can vary from field to field and this affects calculations on the size of the reserves. If we are not adequately prepared for peak oil, global warming could become far worse than expected.

This is the big acorn tossed from the sky on to your head.
Now do you believe the sky is falling?

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Archived in: Canadian sand tar, Climate Change, drilling, Enviro-Nazis, Peak Oil