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Lloyds Urges Companies, Countries To Prepare For Peak Oil, Energy Disruptions, Slams Iea

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The Lloyd's insurance market and the highly regarded Institute of Strategic Studies (ISS, known as Chatham House) says Britain needs to be ready for "peak oil" and disrupted energy supplies at a time of soaring fuel demand in China and India, constraints on production caused by the BP oil spill and political moves to cut CO2 to halt global warming.

"Companies which are able to take advantage of this new energy reality will increase both their resilience and competitiveness. Failure to do so could lead to expensive and potentially catastrophic consequences," says the Lloyd's and ISS report "Sustainable energy security: strategic risks and opportunities for business".

The insurance market has a major interest in preparedness to counter climate change because of the fear of rising insurance claims related to property damage and business disruption. The review is groundbreaking because it comes from the heart of the City and contains the kind of dire warnings that are more associated with environmental groups or others accused by critics of resorting to hype. It takes a pot shot at the International Energy Agency which has been under fire for apparently under-estimating the threats, noting: "IEA expectations over the last decade have generally gone unmet."

The report the world is heading for a global oil supply crunch and high prices owing to insufficient investment in oil production plus a rebound in global demand following recession. It repeats warning from Professor Paul Stevens, a former economist from Dundee University, at an earlier Chatham House conference that lack of oil by 2013 could force the price of crude above $200 (£130) a barrel.

It also quotes from a US department of energy report highlighting the economic chaos that would result from declining oil production as global demand continued to rise, recommending a crash programme to overhaul the transport system. "Even before we reach peak oil," says the Lloyd's report, "we could witness an oil supply crunch because of increased Asian demand. Major new investment in energy takes 10-15 years from the initial investment to first production, and to date we have not seen the amount of new projects that would supply the projected increase in demand."

EDIT

http://www.guardian.co.uk/business/2010/jul/11/peak-oil...

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Nothing shocks me more than the total lack of plaining (in the open anyway) on this subject. I am also shocked that we are not + $100 a barrel @ this point.

Mike

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Does anyone give two $hits about peak oil.

So many fly for leisure several times a year, so many drive gas guzzlers.

Don't worry about it. Peak oil will be FUN. And good for houseprices (i.e. down)

Edited by Money Spinner

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The Lloyd's insurance market and the highly regarded Institute of Strategic Studies (ISS, known as Chatham House) says Britain needs to be ready for "peak oil" and disrupted energy supplies at a time of soaring fuel demand in China and India, constraints on production caused by the BP oil spill and political moves to cut CO2 to halt global warming.

"Companies which are able to take advantage of this new energy reality will increase both their resilience and competitiveness. Failure to do so could lead to expensive and potentially catastrophic consequences," says the Lloyd's and ISS report "Sustainable energy security: strategic risks and opportunities for business".

The insurance market has a major interest in preparedness to counter climate change because of the fear of rising insurance claims related to property damage and business disruption. The review is groundbreaking because it comes from the heart of the City and contains the kind of dire warnings that are more associated with environmental groups or others accused by critics of resorting to hype. It takes a pot shot at the International Energy Agency which has been under fire for apparently under-estimating the threats, noting: "IEA expectations over the last decade have generally gone unmet."

The report the world is heading for a global oil supply crunch and high prices owing to insufficient investment in oil production plus a rebound in global demand following recession. It repeats warning from Professor Paul Stevens, a former economist from Dundee University, at an earlier Chatham House conference that lack of oil by 2013 could force the price of crude above $200 (£130) a barrel.

It also quotes from a US department of energy report highlighting the economic chaos that would result from declining oil production as global demand continued to rise, recommending a crash programme to overhaul the transport system. "Even before we reach peak oil," says the Lloyd's report, "we could witness an oil supply crunch because of increased Asian demand. Major new investment in energy takes 10-15 years from the initial investment to first production, and to date we have not seen the amount of new projects that would supply the projected increase in demand."

EDIT

http://www.guardian..../11/peak-oil...

Peak oil is a complete ruse made up by the elites to con us out of ever more money and wreck any economy they choose.

Until every oil producing nation on earth publishes independent verifiable oil reserve info - peak oil is imaginary elite bollllox - designed to scare you into buying into the elites next exploitation 'greening' methods (which they already secretly run/own)

Guess why 'they' pumped billions £$ into bankrupt car industries recently!!

The only recent constraint in oil would be due Opec turning a load of taps off to keep the price of oil from dropping further - they failed and after they did so, oil prices dropped another 2 dollars the days after!

Edited by erranta

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Peak oil is a complete ruse made up by the elites to con us out of ever more money and wreck any economy they choose.

Until every oil producing nation on earth publishes independent verifiable oil reserve info - peak oil is imaginary elite bollllox - designed to scare you into buying into the elites next exploitation 'greening' methods (which they already secretly run/own)

Guess why 'they' pumped billions £$ into bankrupt car industries recently!!

The only recent constraint in oil would be due Opec turning a load of taps off to keep the price of oil from dropping further - they failed and after they did so, oil prices dropped another 2 dollars the days after!

That's setting the bar a bit IMO.

Peak oil is a fact.

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That's setting the bar a bit IMO.

Peak oil is a fact.

With what 'data' - baker man

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Peak oil is a complete ruse made up by the elites to con us out of ever more money and wreck any economy they choose.

Until every oil producing nation on earth publishes independent verifiable oil reserve info - peak oil is imaginary elite bollllox - designed to scare you into buying into the elites next exploitation 'greening' methods (which they already secretly run/own)

Guess why 'they' pumped billions £$ into bankrupt car industries recently!!

The only recent constraint in oil would be due Opec turning a load of taps off to keep the price of oil from dropping further - they failed and after they did so, oil prices dropped another 2 dollars the days after!

Utter bollux.

Let's see, peak passed three decades ago in the US, a decade ago in the North Sea. Mexico declining at a fabulous rate, and you'd have us put our faith in certain secretive Middle Eastern countries who have never adjusted their reserve figures, in spite of pumping oil for nearly two decades.

A few questions: which elites are you talking about? Cuba and China seem to be in the vanguard of "green" technology. Are you talking about them? What are these greening methods they "secretly" own, as you obviously, know of them?

Come on then, Frank Hovis asked you. Put your data up. let's see it.

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Guest spp

If I'm not mistaken China and India make up 1/3 of the worlds population!??

This combined with a currency crisis could very well be a problem in the future.

Will we see oil priced in something with intrinsic value, rather than printed paper? <_<

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Peak oil is a complete ruse made up by the elites to con us out of ever more money and wreck any economy they choose.

Until every oil producing nation on earth publishes independent verifiable oil reserve info - peak oil is imaginary elite bollllox - designed to scare you into buying into the elites next exploitation 'greening' methods (which they already secretly run/own)

Guess why 'they' pumped billions £$ into bankrupt car industries recently!!

The only recent constraint in oil would be due Opec turning a load of taps off to keep the price of oil from dropping further - they failed and after they did so, oil prices dropped another 2 dollars the days after!

Just to be clear, are you stating that you believe that we will never hit peak oil, or that you believe that we haven't hit it yet?

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Nothing shocks me more than the total lack of plaining (in the open anyway) on this subject. I am also shocked that we are not + $100 a barrel @ this point.

Mike

I think you answered the second question with your first statement.

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I'd be more inclined to believe in this peak oil stuff if it wasn't being propagated by the very same dupes and VIs who fell for the global warming lies.

It'd be interesting to hear what your stance on Peak Oil is, as I asked erranta - are you stating that you believe that we will never hit peak oil, or that you believe that we haven't hit it yet?

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It'd be interesting to hear what your stance on Peak Oil is, as I asked erranta - are you stating that you believe that we will never hit peak oil, or that you believe that we haven't hit it yet?

I just don't think it matters. Price will ration use - and as peak oil cultists are happy to point out, we waste a lot of oil so we have huge potential to cut down use when price incentives enforce this. The stone age didn't end for running out of stone.

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Enjoy the cheap oil now. Live for today!

Going to have a blast on the old Humvee.

Someone understands.

It's not that we are running out of oil.

It's that were running out of cheaply extractable oil.

If we want oil now we don't just dig a small hole with a JCB, we having drill5 miles under the sea.

There's plenty of oil, it will just cost more to extract.

The problem is we are dependent on cheap oil... the US particularly.

Fuels. Plastics. Fertilisers.

Everything is derived from oil, and if oil gets more expensive, everything else has to too!

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Fuels. Plastics. Fertilisers.

Everything is derived from oil, and if oil gets more expensive, everything else has to too!

Lots of ways to cut down usage then when the price mechanism incentivises.

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Everything is derived from oil, and if oil gets more expensive, everything else has to too!

Nearly right.

If everything is derived from oil, and as it becomes more scarce, everything else will too.

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Someone understands.

It's not that we are running out of oil.

It's that were running out of cheaply extractable oil.

If we want oil now we don't just dig a small hole with a JCB, we having drill5 miles under the sea.

There's plenty of oil, it will just cost more to extract.

The problem is we are dependent on cheap oil... the US particularly.

Fuels. Plastics. Fertilisers.

Everything is derived from oil, and if oil gets more expensive, everything else has to too!

Exactly. Oil will soon become too expensive to burn. Once we are saddled with energy supplies that have an EROEI of <4:1, modern civilisation simply cannot function. The entire world is dependent on a fragile and finite energy supply.

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Of coure oil is cheap. When can you in the whole point in human history travel from London to Southampton for the price of a few hours of labour (even on minimum wage). Not even Royalty could travel that fast and cheaply 100 years ago.

Enjoy the oil, no point in conserving, it just prolongs the agony. Oil will go down in history as a candle that burned twice as bright and half as long.

Just stick the problem to the next generation, as we always do. Drop the moral pretences.

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  • 140 Brexit, House prices and Summer 2020

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