Peak Oil is You
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Page added on January 9, 2013
Is ‘peak oil theory’ delayed by fracking?
About a decade ago, the theory of ‘peak oil’ stated that at some point in the near future, global oil production would peak, sending prices sky-high.
But since then, the discovery of vast shale oil and gas reserves – many of them in the US – has led some to question whether that point has been pushed back, or indeed, will ever happen?
Seth Kleinman, Global Head of Energy Strategy at Citigroup, explained his view that peak oil theory has been “very much delayed”.
Kjell Aleklett, president of the Association for the Study of Peak Oil and Gas, told Today business presenter Simon Jack the US are “lucky that they are in this position”, and “the question is whether Europe will be able to follow”.
“Peak oil is not the end of the world… it’s just that we have to reshape our society,” he added.
7 Comments on "Is ‘peak oil theory’ delayed by fracking?"
ken nohe on Wed, 9th Jan 2013 11:55 pm
I strongly disagree. Peak oil has nothing to do with a amount of oil extracted and everything to do with it’s price. If our society decides to focus all it’s resources on extracting oil, we can keep on extracting more oil every year while the rest of the economy slowly grind to a halt. This to some extent is already what it going on. The market mechanisms will adjust offer and demand but without regard for what happens in the “real” economy. Even today, we already know that there can be no marginal oil for $50 and that if prices go down to that level production would stop. Isn’t it enough to understand?
Newfie on Thu, 10th Jan 2013 2:25 am
Peak Oil is not a theory! It’s a fact.
BillT on Thu, 10th Jan 2013 2:47 am
BBC…another propaganda machine trying to convince themselves that their way of life is not ending. The fraking bubble will burst, if not this year, then next. It makes only a blip in the decline of oil production in the world and therefore, the decline of everything else.
GregT on Thu, 10th Jan 2013 4:51 am
“About a decade ago, the theory of ‘peak oil’ stated that at some point in the near future, global oil production would peak, sending prices sky-high.”
Hello? Anybody home?
A decade ago WTI was 25 dollars US per barrel. Hell, 90 years ago it was 25 dollars US per barrel. Today it is over 90 dollars US per barrel. If that is not sky-high enough for these idiots, maybe they should just wait, because it’s going to get even higher.
Yup, that stupid peak oil “theory” sure has been delayed!
Arthur75 on Thu, 10th Jan 2013 4:39 pm
Now a “theory” can be delayed ?
Funny wording …
A theory is timeless, even if it consider timed events in itself.
And when it’s not even a “theory” but elementary maths …
LT on Thu, 10th Jan 2013 4:47 pm
There are, perhaps, only three resources that increase either mildly or significantly alongside with Earth’s population. They are:
– Sea water (polluted) in the 4 oceans.
– Trash/garbage/waste from urban centers.
– Ignorance/poverty/social-unrest.
Reminder: Oil peaked in 2005. It has been on the plateau for 8 years now. How wide is this oil plateau? another 8 years before the descend?
In the past just 8 years the world has burned:
31 Billions/year x 8 years = 248 billions barrels.
Can the world pump this much out of the ground in the next 8 years, and at what cost?
rebecca on Thu, 10th Jan 2013 5:55 pm
Scientific theory:
In science, the term “theory” refers to “a well-substantiated explanation of some aspect of the natural world, based on a body of facts that have been repeatedly confirmed through observation and experiment.” Theories must also meet further requirements, such as the ability to make falsifiable predictions with consistent accuracy across a broad area of scientific inquiry, and production of strong evidence in favor of the theory from multiple independent sources.
Peak oil theory and the theory of evolution are both facts born out with evidence. People don’t understand the meaning of the word theory.