Peak Oil is You
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Page added on May 15, 2011
A Former BP Exec Explains Why Peak Oil Is Real
This morning, President Obama announced plans to ease restrictions on oil and gas drilling in the U.S. and off its coasts. His move comes in the wake of recent gas prices, which may now be moderating slightly.
But will it be enough?
Former BP Chief Petroleum Engineer Jeremy Gilbert gave an excellent presentation on peak oil at last year’s ASPO-USA conference that responds to every argument against peak oil and emphasizes the need for immediate action.
Gilbert argues that if we want to keep on this road of oil usage, we’ll need to accept the risks associated with deepwater drilling, something President Obama now seems ready to do. But even that may not be enough, as discoveries decline and supply dwindles.
Now for some harsh realities…
We don’t know when peak oil is coming… we can’t stop it… and we can’t protect ourselves
Traditional oil production has definitely peaked — and check out how long it’s been declining in the US
Deepwater, shale oil, etc. may only delay the peak a few years
Even with gas production we’re hitting a peak
We can’t expect to find new oil
Now here’s how people deny peak-oil: faith in discoveries, faith in technology, and misreading the numbers
Discovery optimists are striking out year after year
Although there’s some hope in deepwater discoveries…
Deepwater discoveries can’t fill the gap
Although new technology has allowed access to these kinds of fields…
It has not made a big difference in recovery rates
And won’t have a big impact on peak timing
Finally, people forget that production rate will decline as reserves decline
Reserves lifetimes may last awhile, but they will produce less and less
Since the BP spill, people should be more aware of the risks
But people don’t understand peak oil
Usually as technologies mature, risks decrease — but this isn’t the case for unconventional oil production
Deep water, heavy oil and arctic oil are a Pandora’s box of risk
What’s the solution? A political mobilization toward efficiency and alternative energy
Business Insider
2 Comments on "A Former BP Exec Explains Why Peak Oil Is Real"
Rick on Sun, 15th May 2011 7:47 am
Peak Oil is real. It’s here now globally.
BS on Sun, 15th May 2011 11:05 am
I have a peak oil chart on my wall(poster). It is from 2006. The prediction then was 33 billion barrels/year production, peaking about now.
The current production is about 28gby, lower than the alarmists back in 2006. History says it is as bad(or worse) than ASPO projects. Oh my….