World oil production has already peaked and will fall by half as soon as 2030, according to a report which also warns that extreme shortages of fossil fuels will lead to wars and social breakdown.
The German-based Energy Watch Group will release its study in London today saying that global oil production peaked in 2006 - much earlier than most experts had expected. The report, which predicts that production will now fall by 7% a year, comes after oil prices set new records almost every day last week, on Friday hitting more than $90 (£44) a barrel.
THE surge in oil prices to a record level of more than $139 a barrel on Friday has left the economy facing a severe “stagflationary” shock, economists say, with a rising risk of recession alongside high inflation.
A record, two-day surge in oil prices of $16 a barrel last week followed analysts’ predictions that the price will soon hit $150 and could go as high as $200. While others say that the sharply rising price is indicative of a speculative bubble that will soon burst, few investors have so far been prepared to bet against it.
54% in 7 months! W00t foo shizzle daddy-oh. I done love my bikes
Oh yeah, and I fully understand that part of this price rise is speculation from mongdrat investors. I'm so glad the folks that rooted the property market for us and now taking a crack at energy.
The property market was stuff by so many people being prepared to over commit themselves and pay hugely over and above their earning potential for a house to call their own.
At least with petrol, there seems to be a slight willingness for consumers to step away and not pay the asking price.
And the political oil price shocks of the 70's helped the more efficient Asian cars to take dominance, changing the make up of the car market. The current price surge may also have long term effects on the kind of vehicles that are on sale 5 years from now.
Hopefully more energy efficient vehicles - not Mad Max armed to the back teeth fighting off the fuel raider style vehicles.
Joined: Jul 08, 2003 Posts: 2,569 Location: Auckland's North Shore
Posted: Sun 8th Jun 12:58pm Post subject:
I read something the other day that says that driving is still cheaper now (in the US) despite fuel increase as the efficiency of the vehicles have improved so much.
Having said that, my colleague drives an 03 Jeep Wrangler which returns fuel economy nearly 4 times worse than my civic... Which is 10 years older!
I read something the other day that says that driving is still cheaper now (in the US) despite fuel increase as the efficiency of the vehicles have improved so much.
That is because their older 'cars' are so bad. They are making more efficient over sized over weight vehicles.
Anyways....
Looks like the vultures are coming in to pick the carcass. Starting to see google ads for 'run your car on water' and 'double your mileage GUARANTEED'.
Oil cartel Opec on Tuesday cut its global demand forecast for 2008 for the fourth time this year, adding consumption would continue to slow in 2009.
Adding downward pressure, Brazilian oil giant Petrobras said its oil output was back at full capacity and would remain so through the end of a five-day energy workers strike that started at midnight on Sunday.
Chevron restored production at the 120,000-barrel-per-day Escravos pipeline in Nigeria, resolving one of the disruptions that have cut the African country's supply.
Joined: Mar 05, 2007 Posts: 1,357 Location: 127.0.0.1
Posted: Wed 16th Jul 8:54am Post subject:
I know its not the politically correct thing to say these days, but the current price of oil has nothing to do with much really.. its just another investor bubble and like all bubbles it will eventually burst..
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