we can’t let the false threat of disappearing oil lead the government to throw money away on harebrained renewable energy schemes or impose unnecessary and expensive conservation measures on a public already struggling through tough economic times.
The other just blames OPEC. Don't forget to read the comments on this one - highly entertaining and informative.
So should one worry about oil and oil prices or not? Go figure
2 comments:
Anandbhai,
I agree with the following points mentioned in the comments on the article blaming OPEC:
1. Oil price is being measured in USD. Therefore, one should also look at the performance of the USD in the currency market. USD index is at ~78 - the lowest pt in 2009. Unfortunately, this factor will never register with the Americans.
2. Peak oil is not necessarily a geological phenomenon. It will be the consequence of underinvestment in the upstream oil sector and will likely be caused when the incremental output from new fields/wells lags behind natural depletion of mature fields. What will be interesting to see is what happens to the oil markets when demand once again reaches 87 mmbbl/d.
Cheers,
Sandeep
Hi Anand,
FP has a compelling article on peak oil.
Regards,
Sunil V
http://www.foreignpolicy.com/articles/2009/09/04/oil_spin?page=0,0
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