PETER SCHIFF

PETER SCHIFF

Sunday, May 2, 2010

John Stossel on The Peak Oil Myth

Stossel's Myths: Is Oil Truly Scarce?


Is Peak oil just another media myth ? Are we really running out of oil, or are we just lazy in our gathering methods? Are we really running out of oil, or are we just lazy in our gathering methods?
Are we running out of oil or are we running out of cheap oil ? Alberta Tar Sands in Canada alone can fuel the the whole world for hundred years there is certainly a lot of undiscovered oil and gas beneath the surface...so why are we scared of peak oil or is it just another of those myths...?!



2 comments:

  1. That's complete nonsense about the tar sands capacity. Canadian tar sands at full bore may only produce about 5 million BPD, which is barely enough for 1/4th of U.S. consumption alone. The world needs 90 million BPD! Look up what geologists are saying and do the math.

    Stossel & Huber are classic right-wing deniers of scarcity and this video is mostly propaganda for Huber's "Bottomless Well" book concept. He thinks like Julian Simon.

    U.S. oil production peaked in 1970, which includes Alaska, coastal waters and especially dry shale (weak net-energy prospects). People refuse to grasp what that actually means in terms of total oil flow-rates. After the "peak" flow-rates decline, and nothing short of a miracle can reverse it. All the struggles to extract oil from tar sands and deep-water are perfect examples of that.

    The IEA put out data in 2010 saying that world crude oil production peaked in 2006, and "unconventional" oil sources are straining to keep the total production curve from falling.

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  2. Chris Skrebowski interview (Catalyst - Oil Crunch, ABC TV)
    http://www.youtube.com/watch?v=NAdnuGUYXp8&feature=related

    Fatih Birol (IEA) interview (Catalyst - Oil Crunch, ABC TV)
    http://www.youtube.com/watch?v=iKkISqOCnVA&feature=related

    United States Joint Forces Command:
    U.S. JOINT OPERATING ENVIRONMENT REPORT 2010
    “A severe energy crunch is inevitable without a massive expansion of production and refining capacity. While it is difficult to predict precisely what economic, political, and strategic effects such a shortfall might produce, it surely would reduce the prospects for growth in both the developing and developed worlds. Such an economic slowdown would exacerbate other unresolved tensions, push fragile and failing states further down the path toward collapse, and perhaps have serious economic impact on both China and India. At best, it would lead to periods of harsh economic adjustment. To what extent conservation measures, investments in alternative energy production, and efforts to expand petroleum production from tar sands and shale would mitigate such a period of adjustment is difficult to predict. One should not forget that the Great Depression spawned a number of totalitarian regimes that sought economic prosperity for their nations by ruthless conquest...By 2012, surplus oil production capacity could entirely disappear, and as early as 2015, the shortfall in output could reach nearly 10 million barrels per day...The implications for future conflict are ominous, if energy supplies cannot keep up with demand and should states see the need to militarily secure dwindling energy resources.”

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