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Page added on January 7, 2013
Crude Awakening Peak Oil & The End of Cheap Energy Part 2 by John Richter
Crude Awakening Peak Oil & The End of Cheap Energy Part 2 by John Richter
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3 Comments on "Crude Awakening Peak Oil & The End of Cheap Energy Part 2 by John Richter"
BillT on Mon, 7th Jan 2013 6:37 am
Well, besides being 6 years old, and as out of date as the Edsel, it is more techie BS. Not worth the time unless you are a novice peak oiler and need some history.
Arthur75 on Mon, 7th Jan 2013 11:00 am
The “Arab embargo” myth again, Amewicans …
You people should realize once that the first oil shock was a DIRECT CONSEQUENCE of the US peak in 1970.
The embargo was almost a complete non event, especially in terms of barrels taken out of the market, especially compared with US peak consequence, and lasted 3 or 4 months anyway.
Even Maugeri agrees on that, check page 113 chapter 9 for instance :
http://books.google.fr/books?id=JWmx5uKA6gIC&printsec=frontcover&hl=fr&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false
The declaration of the embargo increased the barrel price on spot markets, yes (spots markets that just had been set up), but barrel proce increase was part of majors and US diplomacy strategy : necessary to start more expensive plays such as Alaska, North Sea , Gulf of Mexico.
Moreover the embargo was NEVER effective from KSA towards the US, tankers kept on going from KSA through Barhain (to make it more discrete) towards the US army in vietnam in particular. Check for instance James Akins (US amabssador to Saudi Arabia at the time) interview in “la face cachée du pétrole” part 2 below (after 20:00), unfortunatel dubbed :
http://iiscn.wordpress.com/2011/05/06/bataille-et-lenergie/
Harquebus on Tue, 8th Jan 2013 3:11 am
Thanks BillT. Moving on.