Oil Scene

On a sweltering (from European standards) Tuesday in mid-July, in the fields outside Pisa, Italy, a relatively good crowd had gathered to discuss and debate a geological theory, commonly referred to as peak oil. Many out there predicted the imminent end of the “Oil Age”.

The peak oil movement

The US Energy Secretary has now asked his advisory body, the National Petroleum Council, to investigate if oil supplies could keep pace with (the rising global) demand. Further, the US government accountability office, a non-partisan congressional watchdog, is due to release a study on peak oil this November. Interestingly, a congressional peak oil caucus has also been formed in the meantime, too.

Naturally with the theory of peak oil coming increasingly under discussion, the focus is bound to shift on Ghawar, the world’s super giant well