Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on July 12, 2013
Peak Conventional Oil definitely was in 2005 – Oil Price going to 135
Peak Conventional Oil was in 2005. There is no way back.
We have now crossed the Rubicon.
World Conventional Oil Production will be decreasing by 2 percent per year.
Whether we like it or not.
Oil Prices are going to 135 US$ during the year.
Average Oil Prices will be above 110 US$ for the year.
3 Comments on "Peak Conventional Oil definitely was in 2005 – Oil Price going to 135"
BillT on Fri, 12th Jul 2013 2:14 pm
No news here … move along.
Jerry McManus on Fri, 12th Jul 2013 4:41 pm
The “optimists” might have something to say about that forecast.
Last I heard they think that any carbon, in any form that can be squeezed, scraped, sucked, simmered, or blasted out of any thing, and from any where, will take us to infinity and beyond.
Providing, of course, that it burns nice and hot.
shortonoil on Fri, 12th Jul 2013 6:04 pm
This is off by a couple of years because the EIA started to include bitumen in the production numbers about 2001. Bitumen has almost no energy delivery capabilities to the end consumer, so including it in with conventional crude (API 30-45) is at best a bit disingenuous. Conventional crude (that plots to world GDP with an almost perfect fit, r = 0.995) probably peaked about 2002-2003.
Don’t expect much improvement in the world economy because the energy we are getting from our primary energy source, conventional crude, is now going slowly down by about 2% per year! As it does the price is going up, and will continue to. All the shale oil in the world will not replace conventional light sweet. Mother Nature just didn’t put the right stuff into it to begin with, a high energy density per unit mass.