Re: Peak oil
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Once we hit the top of the bell curve, we will see prices begin to rise.
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I agree, we have already seen 500% rises. Huberts curve has been very accurate so far. Are we at the top yet? Goldman Sachs recently issued a trading udate with a price target of $105/barrell...a 'super spike'. A french analyst said $380/barrell within 10 years.
The oil companies have vastly scaled back exploration, restated reserves downwards, and diversified into solar energy, (BP is the second biggest in the world) and the US hasnt built a new refinery in 3 decades. The tar sands in Canada arent economcally viable...or they would have been tapped by now. There will be no additional capacity brought online if it costs more energy to take it from the ground than it produces. The saudis cannot stop the price increases (and are large users of solar energy). If it took the world 150 years to use the first half of global oil reserves, how long will the second half last at present consumption (and hoarding) rates?
Dont kid yourself that all is well. There is nothing that can replace the scale and economy of oil when it runs out. Thinking there is 100 years left, or there is a super technology waiting in the wings would be a dream...and is.
Bingo
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