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Page added on April 13, 2012
The Future of Oil: Peak Prices, Peak Production
The Future of Oil: Peak Prices, Peak Production, Piqued Consumers – Select Committee on Energy Independence and Global Warming – 2008-06-11 – WASHINGTON (June 9, 2008) – As prices at the pump reach record levels on a daily basis, many consumers and analysts are asking the same questions: How bad could prices get? And what policies are needed to address America’s oil crisis? On Wednesday, June 11, Chairman Edward J. Markey (D-Mass.) and the Select Committee on Energy Independence and Global Warming will examine the long term prognosis for oil’s global supply and demand, and what solutions could be implemented to reduce demand and decrease prices. A barrel of oil reached a new record price on Friday, and many analysts are saying 00 oil is a potentially imminent threat. Yet our own government energy analysts are saying oil could slide back to 0 a barrel, and supplies could increase, even as the private sector disagrees. The Select Committee will discuss this disconnect, as well as the global warming concerns of non-traditional oil retrieval methods like oil shale and oil sands. WITNESS LIST: Guy Caruso, Administrator, Energy Information Administration; Adam Sieminski, Chief Energy Economist, Deutsche Bank; Amy Myers Jaffe, Energy Studies Fellow at the James Baker Institute for Public Policy; Athan Manuel, Director of Land Protection Programs, Sierra Club; Karen Harbert, Managing Director and Executive Vice President, Institute for 21st Century Energy US Chamber of Commerce. Video provided by the U.S. House of Representatives.
10 Comments on "The Future of Oil: Peak Prices, Peak Production"
Rick on Fri, 13th Apr 2012 7:18 pm
Complete BS!
Price at the pump will continue to go up. There are no policies, most do not have a clue. The US, and world is not preparing for Peak Oil.
The truth is, if any in our GOV really knows what’s going on, they can’t tell the truth, because it bring the whole system down. So, they carry on, like nothing is wrong, pretend we can fix some of these things.
It’s a real problem, either way humans are screwed.
BTW, the above witness list should include the following:
Richard Heinberg
James H. Kunstler
Nicole Foss
John Michael Greer
just to name a few.
graham on Fri, 13th Apr 2012 7:33 pm
bunch of idiots
SOS on Fri, 13th Apr 2012 11:22 pm
I didnt listen to the entire thing but this man – James Sensenbrenner – is spot on correct. Our problems are political not physical. There may have been a peak oil once but there is no more so peak oil politics have to stop. The next guy in the yellow coat is a flat earther and a lier.
Rick on Sat, 14th Apr 2012 1:29 am
“Our problems are political not physical?”
What planet do you live on? I live on a finite one. Please, give me a break!
BillT on Sat, 14th Apr 2012 2:08 am
SOS, get your head out of … the sand. All the propaganda you hear from the oil companies are just that. They are looking for fools … er, investors for their projects, not telling truths. We have passed peak oil. All signs and even the Us military has said that.
Yes, there is still a lot of oil. And when the last pump is shut down and the age of petroleum is over, there will still be billions of barrels, or more left there. It will stay there forever.
Why? Do you truly understand EROEI? I don’t think you want to because it would pop that bubble you live in.
For example: There is more gold in the world’s oceans than has been mined in the total history of man. And there it will stay. Ditto for most of the world’s minerals. Why? Because there is no practical way to recover it in any quantity. Likewise for oil. Much is NOT ever going to be recovered.
ken nohe on Sat, 14th Apr 2012 2:19 am
“Reduce demand and decrease prices?” Great goal which fly in the face of market mechanisms! Isn’t it rather that if prices go down, demand will grow?
Energy is the core of our society. You can’t just “reduce demand” without a huge downward adjustment of our standard of living unless we can replace oil with “something else”. But the last 30 years have proved that this something else did not exist. “Houston, we have a problem!”
SOS on Sat, 14th Apr 2012 4:39 am
I have worked the oil fields. I know whats out there. I have a first hand experience in the problems and the potentials. I know the politics are costing Americans in a huge way. Change the politics and change your potential. I dont think many of you are happy now. Denial is a problem we all have. Dont be a flat earther. Embrace the wealth.
Arthur on Sat, 14th Apr 2012 1:08 pm
SOS, “Embrace the wealth” is just chamber of commerce happy talk. ‘Working the oilfields’ is no garantee against denial. There are many high-profile consultants from the oil-industry who are warning against the impending oil scarcity.
Like Matt Simons, who was an energy advisor to GW Bush:
http://energyconversation.org/sites/default/files/062006GiantOilFields.pdf
“Thirty-six giant oilfields that were all discovered over 40-years ago still produce close to a combined 16 million barrels a day. In contrast, twelve giant oilfields found in the past decade now produce less than a tenth of this amount, or 1.5 million barrels a day, 2% of the world’s daily supply.”
Answer this please: are you denying that for every newly discovered barrel of oil 4 barrels are consumed and that this is not-sustainable?
And I know you will bring fracking up and indeed many, including me, did not anticipate this upsurge of production of 500k barrel/day, which might grow to 1 million for a short time span. And then it is over.
SOS on Sun, 15th Apr 2012 2:47 pm
The only propaganda that is being delt to America is coming from the left and is being led by our president. New technologies have unlocked vast reserves – in north dakota the number is now 24 billion barells of recoverable crude – all over the world. Why anyone would choose to deny this, outside of their own political beliefs is beyond me.
The media is full of anti energy propaganda. The government is led by anti oil leftests that have choosen to give you much higher energy prices in order to favor a new politcal order that supports them.
Its a shame, the oil/gas is there unfortunately our will to get that wealth is not. Our country could pay off its debt, fund social security and maintain a balanced budget if we had the political will but 40 years of anti energy propaganda and the resutling 40 years of anti energy legeslation and regulation up and down the supply chain have had their effect.
Energy is expensive and scarce. Change the politics and energy will be abundant and reasonably priced. Its your choice.
Arthur on Sun, 15th Apr 2012 7:13 pm
SOS says “in north dakota the number is now 24 billion barells of recoverable crude”
If this is true, do you realise how little this is? The world uses 80 million barrel PER DAY. 24 billion barrel means 300 days world consumption or 1200 days US consumption.
And then there is the issue of EROI.