June 22, 2012

HUMBUG NEVER PEAKS:

Shortages: Is 'peak oil' idea dead? (Roger Harrabin, 6/19/12, BBC)

And what do you know? In 2008 we reached a new production high of 73.71 million barrels a day according to the IEA, thanks largely to new technologies for getting the stuff out of the ground.

Oil comes from fragments of vegetable matter laid down amongst particles of rock. Even by 1980 we could only recover about 22% of the oil from a typical well. Technology has now driven that figure to 35%. Same oil wells, more oil.


A surge of car ownership in China has exacerbated concerns about peak oil
Supply has been boosted by unconventional oil extracted from rocks which were previously uneconomic to exploit - like oil shales and tar sands. It takes much more energy and water to separate the oil from these rocks than conventional oil drilling so it's much worse for the environment.

But your car doesn't know or care whether it's running on conventional oil or tar sand oil.

Fears over "peak oil" haven't evaporated, but the advent of unconventional oils has driven the peak further into the distance.

There's also a boom in unconventional gas production that's made the Americans relax about energy security. Gas can be turned into diesel - at a cost - pushing peak oil further into the distance. If things get really bad we can also turn coal into diesel.

Posted by at June 22, 2012 5:27 AM
  

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