GhostOfCaptSpaulding
04-07-2010, 01:25 PM
http://i233.photobucket.com/albums/ee162/21b45o13x25c54o34d45e/peak_oil.jpg
Commodities Now | Peak oil man shifts focus to peak price, demand (http://www.commodities-now.com/news/power-and-energy/2274-peak-oil-man-shifts-focus-to-peak-price-demand.html)
The economic shock of global recession has led a prime exponent of the theory conventional oil output has peaked to shift his view of the consequences, but he still thinks the world has to go green. Retired petroleum geologist Colin Campbell, who worked for major oil companies, as well as smaller firms has long been associated with the belief the world's oil supplies are dwindling.
He does not waver from that and dismisses the argument of the so-called optimists that technology will manage to keep eking out more and more oil to keep pace with rising demand. What has changed is his opinion of the price impact and implications for fuel consumption after the spike of July 2008 to nearly $150 a barrel was followed by world economic recession, a deep drop in fuel use and a crash in oil futures to just above $30 in December 2008.
"I have changed my point of view about future prices," said Campbell, who used to think the peak in conventional oil production, which he believes happened in 2005, would lead to a relentless price surge. Instead, the record rally led to a peak in demand in the developed world.
"Peak oil drives prices up in the first place. It has its own mechanism. We're sort of at peak demand right now," Campbell told Reuters from his home in the village of Ballydehob, West Cork. "I think presently the price limit is about $100."
For those who have painted alarming pictures of civil unrest as the world economy is forced to move away from conventional fuel and pay high prices for it in the interim, an inbuilt price mechanism to limit demand and move the world to other forms of energy should be a good thing.
"We have no alternative but to go green," Campbell said. But he does not think reduced demand is enough to offset the gravity of peaking supply. He still sees a possibility of social anger as millions are forced to change their lifestyles in a too-sudden structural shift from economic growth driven by cheap conventional fuel.
"Peak oil," pfffft; that's so a minute ago.
It's now all about peak price/demand.
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Somebody pull the car over; we passed the last exit miles ago and I gotta go take a shit and jerk-off.
Whatever happens, John Titor (http://www.johntitor.com/) was right about one thing; it might be a good idea to keep your bike...
Commodities Now | Peak oil man shifts focus to peak price, demand (http://www.commodities-now.com/news/power-and-energy/2274-peak-oil-man-shifts-focus-to-peak-price-demand.html)
The economic shock of global recession has led a prime exponent of the theory conventional oil output has peaked to shift his view of the consequences, but he still thinks the world has to go green. Retired petroleum geologist Colin Campbell, who worked for major oil companies, as well as smaller firms has long been associated with the belief the world's oil supplies are dwindling.
He does not waver from that and dismisses the argument of the so-called optimists that technology will manage to keep eking out more and more oil to keep pace with rising demand. What has changed is his opinion of the price impact and implications for fuel consumption after the spike of July 2008 to nearly $150 a barrel was followed by world economic recession, a deep drop in fuel use and a crash in oil futures to just above $30 in December 2008.
"I have changed my point of view about future prices," said Campbell, who used to think the peak in conventional oil production, which he believes happened in 2005, would lead to a relentless price surge. Instead, the record rally led to a peak in demand in the developed world.
"Peak oil drives prices up in the first place. It has its own mechanism. We're sort of at peak demand right now," Campbell told Reuters from his home in the village of Ballydehob, West Cork. "I think presently the price limit is about $100."
For those who have painted alarming pictures of civil unrest as the world economy is forced to move away from conventional fuel and pay high prices for it in the interim, an inbuilt price mechanism to limit demand and move the world to other forms of energy should be a good thing.
"We have no alternative but to go green," Campbell said. But he does not think reduced demand is enough to offset the gravity of peaking supply. He still sees a possibility of social anger as millions are forced to change their lifestyles in a too-sudden structural shift from economic growth driven by cheap conventional fuel.
"Peak oil," pfffft; that's so a minute ago.
It's now all about peak price/demand.
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Are we there yet?
Somebody pull the car over; we passed the last exit miles ago and I gotta go take a shit and jerk-off.
Whatever happens, John Titor (http://www.johntitor.com/) was right about one thing; it might be a good idea to keep your bike...