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Peak Oil and the End of Cheap Oil

Quoting the 2005 CBC video:

“Peak Oil is a theory that goes something like. The global production of oil will hit its peak and then start to decline. It doesn’t mean that the world will run out of oil. What is means is that the world will run out of CHEAP OIL. The idea has been around since the mid 50’s. Back then a Shell oil geologist named Marion King Hubbert predicted that the US oil production could hit its peak in the early 1970’s. Well, remember that oil shock back in the 70’s. It’s nothing compared to what the supporters of the Peak Oil concept think we’re in for once the decline starts. Economic collapse, geopolitical conflict and the end of your lifestyle as you know it! Here’s why.

The US (5% of human population) consumes about a quarter of the world oil production. It’s used for everything from transporting food to making DVD’s. But demand in China and India is increasing. I mean they do account for one third of the world’s population! So if China’s consumption rate holds then by about 2030 it’ll guzzle as much oil as the US does today. Factor in the rest of planet and their growth and their needs and what you’ve got is an increasing demand and shrinking supply of an infinite resource.

OPEC is the source of about 40% of the world’s oil and while it doesn’t set the price it does determine how much gets produced and that more or less determines the cost. And the price per barrel is getting higher. The record so far about 58 bucks US. Both the IMF and CIBC have warned of $100 barrels. One of the leading energy analysts (Matthew Simmons) says that could happen within the next three years. As for a date when we could hit Peak Oil? Well, that’s hotly debated and hard to determine but depending on who you talk to it could happen sometime between next year and 2020?.
www.cbc.ca/thehour/video/synd/20050505-Setup_peakoil.ram (1:57 minute video)

Suggestion: Leave behind all the SUVs and buy hybrids as we build the clean, circular, solar hydrogen economy as quickly as possible. Then you may have your SUV or rather the Model U back. In this strategy we use energy eco-efficiently while we transition towards the eco-effective cradle-to-cradle global economy of abundance.
www.msnbc.msn.com/id/7774777/site/newsweek/ (7:59 minute audio)

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