Sunday, January 13, 2008

Was peak oil in 2005

Peak Oil and Beyond

Matt Simmons (MS): My opinion is that it's increasingly likely that we actually set an all-time record in May 2005 of 74,252,000 barrels per day. And for the first three months of 2007, we're almost a million barrels per day behind that, and we're dropping fast. If that record still holds a year from now, I'll bet someone ten-to-one that we set peak oil in May 2005 and it's now past tense.

Posted by sold 2 rent 1 @ 03:31 PM (733 views)
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8 thoughts on “Was peak oil in 2005

  • japanese uncle says:

    Unless and until completely neutral/reliable scientists conduct an intensive and extensive survey over all major oil fields current and potential on earth, I would not believe a word those potential oil charlatans say about peak oil, particularly in view of the utterly contradicting report from Russian geologists published a few years ago. Given the scale of money/wealth to the tune of hundreds of trillions of pounds at stake, one can easily be prepared/forced to provide false information. Keeping the world alarmed about ‘peak oil’ all the time should certainly be a natural strategy for the parties concerned to maximize/optimize their profits from oil trade, apart from providing nicely effective inroads towards further construction of nuclear power plants, which again has trillions of pounds of business potential.

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  • @JU, I agree with you… I’m as suspicious about “peak oil Now !” as “Houprices always go up”, or Buy Gold !!!

    I think this site is a bit too much infested by the “Buy Gold” VI… trillions of pound of business potential I guess.

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  • japanese uncle says:

    Tanagara

    Probably gold is a good buy now. But how many of the common men on the street are prepared to invest in gold, given the cost and trouble for safekeeping, unless you are semi-professionals or very wealthy with facilities such as bank vault.

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  • Edgar Friendly says:

    I first became aware of the peak oil thing about 5 years ago and it scared the hell out of me. However, as F. William Engdahl (author of a very interesting book called ‘A Century of War: Anglo-American Oil Politics and the New World Order’) recently joined the abiotic oil gang, I am now not so sure.

    That aside, what do you think would be the best way of investing in gold for the average man in the street? e-gold such as Goldmoney? Sovereigns?

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  • planning4acrash says:

    Yer, and peak liquids was summer 2006, I believe. It is likely that we never get that high again.

    People here are obsessed with Gold, because, in the absence of houses to invest in, and in the face of falling currency and high inflation, we seek a safe haven for our deposit/pension. Fair enough, criticise gold, but it would be more useful to suggest an alternative,.

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  • Gold is cheap to buy, if you avoid companies with excessive fees, I’m relieved I have built up my stake, given the astonishing and scary rises! As someone said, the public will flood in when it hits $1000/oz, then the price rise will astonish many, and humiliate governments and central banks for dropping the Gold standard.

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  • Excellent link, thanks s2r1! Tenuous link to HPC but nevertheless a great article.

    @JU: If anything, the world isn’t worried enough about Peak Oil. Most people don’t believe oil supplies will be a problem in their lifetimes, and everyone else believes we’ll find an alternative soon. We appear to be sleepwalking into disaster, with a small group of well-informed people trying desperately to make their voices heard before the governments make any more stupid decisions.
    It’s just like the housing market – we were the small group of dissenting voices years ago, shouting at the government not to let the bubble grow so big, and to at least save some money for the rainy days ahead. Sadly the government didn’t listen even though it must have known the consequences of those bad decisions. As happened with housing, the same could happen with peak oil.

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  • japanese uncle says:

    All the public hazard including man-made chemicals associated with the use of oil whether combustion or synthesis as part of Industrialization at large rather than the peak oil itself is the more serious issue, as they have not been around long enough to be tested fully, whose hitherto unknown implications will be revealed from now.

    Anyway we must stop driving cars, and start sycling. We must use wind and waves and geothermal power to generate electricity.

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