Peak Oil is You
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Page added on August 20, 2009
Peak Oil: The Threat of Resource Nationalism
Last year on this day, oil was selling for about $115 per barrel, having fallen from a peak price of $147 a month earlier and on its way to around $35 per barrel in December, 2008. The price has been bouncing around $70 per barrel for the last few months. Earlier this month, the International Energy Agency’s chief economist, Fatih Birol warned that global oil production will peak by 2020. As the Independent reports:
…the first detailed assessment of more than 800 oil fields in the world, covering three quarters of global reserves, has found that most of the biggest fields have already peaked and that the rate of decline in oil production is now running at nearly twice the pace as calculated just two years ago. On top of this, there is a problem of chronic under-investment by oil-producing countries, a feature that is set to result in an “oil crunch” within the next five years which will jeopardise any hope of a recovery from the present global economic recession, [Birol] said.
Let’s focus on “chronic under-investment” which I have previously described as driving what I call “Political Peak Oil.” My concern about political peak oil…
….arises because 77 percent of the world
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