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Latest from the Taskforce On 23 May 2011, six UK companies - Arup, Buro Happold, SSE, Solarcentury, Stagecoach Group and Virgin - welcomed the UK Government’s commitment to work with the private sector on contingency plans to protect the UK and its economy from the growing risk of rising oil prices. In a press release, available here , ITPOES said that the first collaboration should be to jointly examine concerns that global oil supply will begin to fall behind global demand within as little as five years - far earlier than previous widely-held assumptions. If you have a press query, please visit the press contacts page. The UK Industry Taskforce on Peak Oil and Energy Security (ITPOES) formed in 2008 as a coalition of British companies sharing concerns about the state of the UK’s energy security.
Latest from the Taskforce | The Peak Oil Group
The very size of oil reservoirs in Saudi Arabia means that as the dominant method of water flooding is used to sweep oil to the producing wells, not all the oil in place migrates as hoped. Some remains in place and this makes up a very significant volume of possibly lost production. This is particularly true in reservoirs such as the Hanifa and Hadriya reservoirs at Berri, where water flooding since 1975 has largely obscured the field. Recognizing this problem, Aramco has increasingly used sophisticated mathematical models of various reservoirs to help locate these remaining pools, searching for oil volumes that could be successfully recovered.
The Oil Drum | Discussions about Energy and Our Future
The Oil Drum | Where we are headed: Peak oil and the financial crisis
Our economy is very much a one way economy--because of its heavy reliance on debt, it needs to grow. It is easy to overlook the importance of debt. Most businesses would not be able to build new factories without debt.The following is a brief portion of a paper of the same title that we (Charles Hall and I) wrote and that is currently under peer-review. I will be presenting on this topic at this year’s ASPO conference in Washington, D.C. I hope that our readers will attend! Numerous theories attempting to explain business cycles have been posited over the past century, each offering a unique explanation for the causes of--and solutions to--recessions, including: Keynesian Theory, the Monetarist Model, the Rational Expectations Model, Real Business Cycle Models, New (Neo-) Keynesian models, etc… Yet, for all the differences amongst these theories, they all share one implicit assumption: a return to a growing economy, i.e. growing GDP, is in fact possible.
The Oil Drum: Net Energy | Discussions about Energy and Our Future
The Oil Drum: Net Energy | Further Evidence of the Influence of Energy on the U.S. Economy
Tags: dot-com bubble , economy , energy , eroi guy , finance , housing bubble , oil crisis , original , petroleum expenditures , steve balogh [ list all tags ] Gail , Jeff Rubin , and now James Hamilton (warning- pdf) of the University of California – San Diego have produced literature correlating either this financial collapse or recessions more generally with peak oil and oil prices. The take-away message of their work is that oil prices played a fundamental role in causing the current recession and many previous recessions. In this post I, along with Steve Balogh, a fellow researcher here at the EROI Institute at SUNY-ESF, will add to this discourse.
London, 10 February, 2010: A group of leading business people today call for urgent action to prepare the UK for Peak Oil. The second report of the UK Industry Taskforce on Peak Oil and Energy Security (ITPOES) finds that oil shortages, insecurity of supply and price volatility will destabilise economic, political and social activity potentially by 2015. Peak Oil refers to the point where the highest practicable rate of global oil production has been achieved and from which future levels of production will either plateau, or begin to diminish. This means an end to the era of cheap oil. The report, “The Oil Crunch - a wake-up call for the UK economy”, urges the formation of a coalition of government, business and consumers to address the issue.
2010 Peak Oil Report | The Peak Oil Group