Global Oil shortage is looming large…

A multitude of world issues are converging and manifest themselves around future fossil fuel, energy resources, carbon dioxide, oxygen depletion, including water and mineral depletion. All combined alternative energy sources have limited energy potential to fulfill the needs of an existing and expanding world population.

Analysts said the current depletion rate of Saudi Aramco fields, has increased from 8% in 2005 to around 12-14% in 2006. This would mean that new fields coming in production will only be there to cover lost production volumes elsewhere.
British Petroleum Statistical Review of World Energy 2007 said that (oil) consumption was rising more rapidly than production; it would be 40 years before it outstripped it. BP Group chief executive Tony Hayward said the report was a true recount of the world’s oil usage and availability. “I believe that decision-makers, businesses and members of the public will all benefit from the unbiased, carefully collected data to be found in this review,” Mr. Hayward said.

The National Petroleum Council (NPC), which is funded and staffed by the oil industry, published a misleading, inadequate and lacking factual data in their Executive Summary on July 9, 2007. This shows that the oil industry cannot be relied upon, and we appear to be standing on top of a steep hill, but we do not know how to manage the descend. An easy answer is then “it must be an act of God, yo’ all!!!” Nice going National Petroleum Council.

The ASPO states: “Because oil provides 40% of the globe’s energy, and because the energy system is so large and slow to change, the costs of acting immediately to begin mitigating the inevitable supply crunch are dwarfed by the economic penalties of further delay. By failing to urge timely action, the NPC misleads the public and places the nation’s future at risk. The National Petroleum Council (NPC) seems oblivious to geopolitical and economic reality. Nowhere in the executive summary are the countries of Iraq or Iran mentioned or leaders such as Putin or Chavez. The word “OPEC” appears only once, in a footnote.

Commodity Online