The EIA's latest Short Term Energy Outlook - "China's apparent liquid fuels consumption in December increased by 0.9 million barrels per day (bbl/d), or 12 percent, above year-earlier levels, as China's economic stimulus package continued to help push up both oil usage and economic growth." Remember, we are only exiting (or still in) the great recession.
The chart below is complex - the dark blue line graph at the top shows total consumption. Note that world petroleum consumption is about to exceed the consumption levels of 2007-2008, when oil soared above $120 a barrel. The oil drums show the growth of U.S., China, and other consumption from the previous year.
Saudi Arabia Says Peak Demand for Oil is an 'Alarm' tells that the oil-rich kingdom is concerned about peak oil. In order to boost production, it will begin injection carbon dioxide into the world's largest oilfield within two years. The nation believes world oil production will peak at 100 to 105 million barrels of oil. Crude oil for March delivery is trading at $74 a barrel.
Virgin's Richard Branson Takes on Peak Oil predicts 2015 as the time when all the pumps in the world will never pump as much again.
Mmm. I think peak oil will occur prior to 2015 because there is no incentive for oil producers to maximize production. It is in their economic and strategic interest to limit production and maximize prices. The 2008 oil shock prices educated the producers -there are no scalable alternatives to petroleum energy.
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