Has Peak Oil Production Already Been Reached?
4:14 PM // 0 comments // sb blogger // Category: fossil fuels , Fuel , Politics //By Roger Vanderlely
As the months pass there is more and more discussion about the looming Peak Oil crisis. This is the point at which global production is unable to keep up with demand. It has moved from the field of theoretical to a real situation that is about to have major worldwide global effects.
It is fair to say that the industrial and economic power of developed nations such as the USA, many European countries, Australia and now China have come from the use of fossil fuels. From production capacity to military strength coal, oil and gas have allowed people in those countries a higher standard of living than at any time in the history of the earth.
Pleasant as this situation is for those of us fortunate enough to enjoy it, it may soon be due for a change. Without a serious effort to employ renewable energy on a massive scale, the economies that rely on fossil fuels, oil in particular, will become unstable. This is no idle concern; the International Energy Agency has undertaken a comprehensive study of the 400 most significant oil fields around the globe in an attempt to clarify the situation regarding actual reserves of recoverable oil.
The IEA is concerned about actual oil reserves with very good reason. The Saudi government recently agreed to lift its oil production by 300,000 barrels per day. This rise is not even close to what the US Government was requesting, and there are fears that the Saudis cannot increase production beyond this point. This makes us question the true nature of the oil reserves of OPEC countries, reserves that are not monitored by any external body. Since the mid 1980s the OPEC states have been under a mutual agreement to sell oil in accordance with their stated reserves. This has led to widespread belief that they have grossly overestimated their reserves in order to capitalize on the higher oil prices of the last 10 years.
If this is true then we could find ourselves at Peak Oil very soon, perhaps we have even passed it. The effect of declining oil production on the global economy will be immense. The global economy requires endless growth in order to sustain itself, as all developed economies do. Since one of the primary requirements for this growth is cheap fuel, limiting that fuel through resource shortages will have monumental effects. It does not take a great deal of imagination to envisage resource wars, extreme nationalism and global economic collapse emerging as a result.
The only way for this situation to be addressed in the immediate term is to look to other ways of generating electricity such as renewable sources or nuclear power. Nobody wants a nuclear reactor in their back yard, but despite the hype these reactors have a reasonable safety record and the current technology for nuclear power is well advanced.
Regardless of whether we opt for nuclear power as a stopgap or go all out for renewables like solar and wind power, the future of economies based on oil is grim. Globally we need a major investment in clean energy that is not just a top up to fossil fuels but a major source of energy on its own, regardless of the current ecological crisis of pollution from fossil fuels. - 39468
It is fair to say that the industrial and economic power of developed nations such as the USA, many European countries, Australia and now China have come from the use of fossil fuels. From production capacity to military strength coal, oil and gas have allowed people in those countries a higher standard of living than at any time in the history of the earth.
Pleasant as this situation is for those of us fortunate enough to enjoy it, it may soon be due for a change. Without a serious effort to employ renewable energy on a massive scale, the economies that rely on fossil fuels, oil in particular, will become unstable. This is no idle concern; the International Energy Agency has undertaken a comprehensive study of the 400 most significant oil fields around the globe in an attempt to clarify the situation regarding actual reserves of recoverable oil.
The IEA is concerned about actual oil reserves with very good reason. The Saudi government recently agreed to lift its oil production by 300,000 barrels per day. This rise is not even close to what the US Government was requesting, and there are fears that the Saudis cannot increase production beyond this point. This makes us question the true nature of the oil reserves of OPEC countries, reserves that are not monitored by any external body. Since the mid 1980s the OPEC states have been under a mutual agreement to sell oil in accordance with their stated reserves. This has led to widespread belief that they have grossly overestimated their reserves in order to capitalize on the higher oil prices of the last 10 years.
If this is true then we could find ourselves at Peak Oil very soon, perhaps we have even passed it. The effect of declining oil production on the global economy will be immense. The global economy requires endless growth in order to sustain itself, as all developed economies do. Since one of the primary requirements for this growth is cheap fuel, limiting that fuel through resource shortages will have monumental effects. It does not take a great deal of imagination to envisage resource wars, extreme nationalism and global economic collapse emerging as a result.
The only way for this situation to be addressed in the immediate term is to look to other ways of generating electricity such as renewable sources or nuclear power. Nobody wants a nuclear reactor in their back yard, but despite the hype these reactors have a reasonable safety record and the current technology for nuclear power is well advanced.
Regardless of whether we opt for nuclear power as a stopgap or go all out for renewables like solar and wind power, the future of economies based on oil is grim. Globally we need a major investment in clean energy that is not just a top up to fossil fuels but a major source of energy on its own, regardless of the current ecological crisis of pollution from fossil fuels. - 39468
About the Author:
Get more information about Peak Oil and other related issues in the Fossil Fuels section of Roger Vanderlely's website. There you can also find out about cheap solar panels; where to find them, what to look for and more.
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