What Is Peak Oil Thesis

King Hubbert, an American geoscientist with a long career in the oil industry who, in 1956, predicted that the world would begin to run out of oil within a few decades.Hubberts prediction was picked up and amplified by others to the point where there is now an Association for the Study of Peak Oil that, several times, has had to revise its estimates of when the world runs out of oil. New reserves of oil, as well as new technology to revive existing fields, find new ones and drill in the oceans depths, keep pushing the date further and further off.

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A former chairman of Shell made news in late September when he warned the price of oil could hit $150 a barrel with oil production peaking within the next 20 years.

You had to read further on in the article, published in Londons The Independent on September 16, 2007, to learn that he also said I dont know whether there is going to be a peak in world production.

Caruba writes a weekly commentary, "Warning Signs," posted on the Internet website of the National Anxiety Center, which is located at Carubas new book, Right Answers: Separating Fact from Fantasy, has been published by Merril Press.

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The fact is that there are billions more barrels to be found in the world, whether its in the Middle East, Africa, Russia, Venezuela, and much of the yet to be geologically researched map of the world.

That bit of knowledge, however, rarely makes it into the mainstream media that can be depended upon to give lots of coverage to the Peak Oil crowd which has been predicting we will run out of oil any day now.

Earlier the Russians sent two small submarines to plant a tiny national flag under the North Pole.

In response, Canada vowed to increase its icebreaker fleet and build two new military facilities in the Artic and Denmark sent a team of scientists to seek evidence that the ridge in question was attached to its territory of Greenland. Bush is fond of saying that America is addicted to oil, but he might as well say that Americans are addicted to water or food. It is a perfectly rational requirement of not only our own, but every other nations need for energy to power its industry, its homes, and its transportation needs.

There was an interesting news item out of Moscow in late September, 2007, to which most people probably paid little heed.

Russia is one of several countries that have rushed to lay claims to the area where a U. study suggests as much as 25 percent of the worlds undiscovered oil and gas could be hidden.


Comments What Is Peak Oil Thesis


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