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(The Raw Story)   Economists warn that the world economy in serious jeopardy as "peak oil" hits its, well, peak. In case you're wondering, this is a repeat from just about every year since 1973   (rawstory.com) divider line 193
    More: Scary, global economy, economic bubble, low carbon, shale oil, conventional oil, peak oils, production leveling, environmental changes  
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3304 clicks; posted to Main » on 20 Nov 2013 at 11:26 AM (47 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



193 Comments   (+0 »)
   
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2013-11-20 11:04:46 AM  
We finally get to see what happens when peak oil hits the anus.
 
2013-11-20 11:24:01 AM  
WE NEED TO STOP shiatTING AROUND AND START CLONING MORE DINOSAURS, LURING THEM INTO SWAMPS AND LETTING THEM SINK...PLAN FOR THE FUTURE PEOPLE! THAT OIL JUST WON'T MAKE ITSELF!!!


/rant off
 
2013-11-20 11:28:08 AM  
So let's not worry about it until it's way too late.
 
2013-11-20 11:29:10 AM  

gopher321: WE NEED TO STOP shiatTING AROUND AND START CLONING MORE DINOSAURS, LURING THEM INTO SWAMPS AND LETTING THEM SINK...PLAN FOR THE FUTURE PEOPLE! THAT OIL JUST WON'T MAKE ITSELF!!!


/rant off


You are so dumb we don't need to put them in swamps we can just crush them with big rocks like how oil is made now study it out!!
 
2013-11-20 11:29:25 AM  
So the US just brought on massive new, previously uncounted-for resources of oil and gas, but somehow we're on the brink of disaster?
 
2013-11-20 11:29:38 AM  
Basically, the headline says we will continue to be told we are getting a beege, while receiving a butt farking with out the courtesy of a reach-a-round.
 
2013-11-20 11:30:14 AM  
Economists pissing and moaning trifecta in play?
 
2013-11-20 11:30:58 AM  
The US Geologic Survey says there's at least 2 trillion barrels of oil around. Also, we can currently only pump up to about 40% of existing wells, meaning at least 60% is still there. Furthermore, in places like Alaska and the Middle East, where there's a lot of natural gas pressure, they don't even pump wells at all. When they stop gushing, they just drill a new hole. "Peak Oil" is code for "record oil company profits".
 
2013-11-20 11:31:13 AM  
There's more juice.
We need to suck this big blue ball dry!
 
2013-11-20 11:33:22 AM  
Isn't the concept of "Peak Oil" that eventually oil will reach a price point where existing alternative energy technologies become more economic than oil and if no existing technologies fit the bill various industries will be willing to invest a ton of money to develop them?
 
2013-11-20 11:33:51 AM  
Lando Lincoln [TotalFark]

So let's not worry about it until it's way too late.

No, lets make "sky is falling" predictions every year. That's the way to be taken seriously.
i.huffpost.com

After all, you'll eventually get one right (even though we're 40+ years and still waiting.
 
2013-11-20 11:33:51 AM  
The price of gas hasn't risen since 1973, these peak oil conspiracy nuts just need to shut-up. Right Submitter?
 
2013-11-20 11:34:10 AM  
So is it time to crack open my neighbors skull and feast on the sweet goo inside?
 
2013-11-20 11:36:22 AM  
In other news, people still believe the ridiculous idea dead dinosaurs made oil, now that we've found complex hydrocarbons all over the universe. Some planets with oceans of the stuff.
 
2013-11-20 11:36:35 AM  

gopher321: WE NEED TO STOP shiatTING AROUND AND START CLONING MORE DINOSAURS, LURING THEM INTO SWAMPS AND LETTING THEM SINK...PLAN FOR THE FUTURE PEOPLE! THAT OIL JUST WON'T MAKE ITSELF!!!


/rant off


...they recently discovered that petroleum is created through processes that involved minerals and rocks, not so much biological matter.
 
2013-11-20 11:38:24 AM  

untaken_name: The US Geologic Survey says there's at least 2 trillion barrels of oil around. Also, we can currently only pump up to about 40% of existing wells, meaning at least 60% is still there. Furthermore, in places like Alaska and the Middle East, where there's a lot of natural gas pressure, they don't even pump wells at all. When they stop gushing, they just drill a new hole. "Peak Oil" is code for "record oil company profits".


When did the United States hit their peak? 1970, was it?

But let me guess: it's just because we don't need as much oil now as we did back then. Or maybe we're just saving up our own oil for later, after we drain everyone else's dry.

So like I said. Let's just not worry about the problem until it's way too late. We're good at that.
 
2013-11-20 11:38:34 AM  

OnlyM3: Lando Lincoln [TotalFark]

So let's not worry about it until it's way too late.
No, lets make "sky is falling" predictions every year. That's the way to be taken seriously.
[i.huffpost.com image 260x190]

After all, you'll eventually get one right (even though we're 40+ years and still waiting.


I hate clowns.
 
2013-11-20 11:39:03 AM  
let me get this straight.
the oil will never run out, at least in out lifetime, we can burn and burn and burn until our hearts are content.
and even with all the oil that we burn, we won't at all modify the atmosphere to the point that the climate changes...
got it.
 
2013-11-20 11:41:00 AM  
The fact mining greasy sand for oil is now profitable enough to build a pipeline should tell you something about how much oil we have left.

If we don't do something soon for the future, there isn't enough energy left to fuel a second industrial revolution if we fall into another dark age -- or meet some colossal natural disaster.  It's lights out, forever.
 
2013-11-20 11:42:28 AM  

stratagos: Economists pissing and moaning trifecta in play?


beat me to it
 
2013-11-20 11:42:31 AM  
God, between this and the article a couple of posts down, I really hate economists. I probably already hated them, though...
 
2013-11-20 11:42:44 AM  

Sticky Hands: let me get this straight.
the oil will never run out, at least in out lifetime, we can burn and burn and burn until our hearts are content.
and even with all the oil that we burn, we won't at all modify the atmosphere to the point that the climate changes...
got it.


Don't even ask about that fracking process. The oil and gas industry thank you for your cooperation.
 
2013-11-20 11:43:09 AM  

Incontinent_dog_and_monkey_rodeo: So the US just brought on massive new, previously uncounted-for resources of oil and gas, but somehow we're on the brink of disaster?


First, Peak Oil never predicted a "brink of disaster".  The model shows a peak and slow but inevitable decline, which is more of a long but tragically preventable permanent emergency.

Second, us going after that harder-to-extract-than-light-sweet-crude shale and oils sands were accounted for in the original models.  They also extrapolated that technology improvements and price increases would make it economically feasible.  In other words, every single argument trying to refute Peak Oil was specifically pre-empted yet the same idiots keep making them anyway.

OnlyM3: After all, you'll eventually get one right (even though we're 40+ years and still waiting.


The prediction for 1973, i.e. the peak of U.S. production, was spot-on.  We're enjoying a nice rebound that was also loosely predicted but it's nowhere near the 1973 peak, also as predicted.  The prediction for the rest of the world was around the late 90s.  It peaked about ten years later but for a prediction it's a hell of a lot better than any financial adviser you can hire for any amount of money.
 
2013-11-20 11:44:07 AM  
> A report by the World Energy Council (WEC) last month, for instance, stated that peak oil was unlikely to be realised within the next forty years at least. This is due to global reserves being 25 per cent higher than in 1993.

so... we've killed a lot of dinosaurs in the last 20 years?
 
2013-11-20 11:44:19 AM  

tuxq: gopher321: WE NEED TO STOP shiatTING AROUND AND START CLONING MORE DINOSAURS, LURING THEM INTO SWAMPS AND LETTING THEM SINK...PLAN FOR THE FUTURE PEOPLE! THAT OIL JUST WON'T MAKE ITSELF!!!


/rant off

...they recently discovered that petroleum is created through processes that involved minerals and rocks, not so much biological matter.


Non-Soviet source?
 
2013-11-20 11:44:36 AM  

Incontinent_dog_and_monkey_rodeo: So the US just brought on massive new, previously uncounted-for resources of oil and gas, but somehow we're on the brink of disaster?


Last I checked, the Earth is not a sphere of infinite volume.
 
2013-11-20 11:45:43 AM  
I've spent five years of my life trying to invent a pee coil...failing to do so has been my greatest regret...
 
2013-11-20 11:46:07 AM  
www.schnews.org.uk
 
2013-11-20 11:47:21 AM  
Mind you, after the upcoming nuclear war in the far east, demand should drop.
 
2013-11-20 11:47:36 AM  
This article being released was obviously a mistake.
Stuff like this is only supposed to be released when a Republican is in office.
 
2013-11-20 11:48:26 AM  
Quickly, someone submit another soul crushing depressing 'we're all gonna die poor, homeless and there's no hope for this country' article!
 
2013-11-20 11:48:29 AM  

Incontinent_dog_and_monkey_rodeo: So the US just brought on massive new, previously uncounted-for resources of oil and gas,


How massive?
 
2013-11-20 11:48:59 AM  

untaken_name: The US Geologic Survey says there's at least 2 trillion barrels of oil around. Also, we can currently only pump up to about 40% of existing wells, meaning at least 60% is still there. Furthermore, in places like Alaska and the Middle East, where there's a lot of natural gas pressure, they don't even pump wells at all. When they stop gushing, they just drill a new hole. "Peak Oil" is code for "record oil company profits".


A trillion isn't what it used to be when we're sucking up close to 100 million barrels a day.
 
2013-11-20 11:51:10 AM  

untaken_name: The US Geologic Survey says there's at least 2 trillion barrels of oil around. Also, we can currently only pump up to about 40% of existing wells, meaning at least 60% is still there. Furthermore, in places like Alaska and the Middle East, where there's a lot of natural gas pressure, they don't even pump wells at all. When they stop gushing, they just drill a new hole. "Peak Oil" is code for "record oil company profits".


At current consumption rates, we will consume 2 trillion barrels of oil in about 50 years. That assumes that demand doesn't go up anywhere.
 
2013-11-20 11:52:21 AM  
Actually, if they try the peak oil stunt now it'll just cause the final push on alternatives. Finally sealing the fate of big oil.

Bring it on. As fast as you can.
 
2013-11-20 11:53:53 AM  
Oil is renewable. It's just that we're sucking it out of the ground faster than it can replenish. Worth a read:

http://www.amazon.com/The-Deep-Hot-Biosphere-Fossil/dp/0387985468
 
2013-11-20 11:55:12 AM  

stratagos: Economists pissing and moaning trifecta in play?


lol
 
2013-11-20 11:55:42 AM  
Incontinent_dog_and_monkey_rodeo

So the US just brought on massive new, previously uncounted-for resources of oil and gas, but somehow we're on the brink of disaster?

Let the dims have their fun
4.bp.blogspot.com
 
2013-11-20 11:57:29 AM  
I think we should move to free energy. It makes more sense now than ever.
 
2013-11-20 11:57:56 AM  
Since man has learned to record/write, we've had over 200 predictions for the end of ther world.  But peak-oil, THIS is the real one.
 
2013-11-20 11:59:05 AM  

russlar: > A report by the World Energy Council (WEC) last month, for instance, stated that peak oil was unlikely to be realised within the next forty years at least. This is due to global reserves being 25 per cent higher than in 1993.

so... we've killed a lot of dinosaurs in the last 20 years?


Global reserves are based on "recoverable oil".  The majority of oil in the ground is non-recoverable due to a number of issues.  Over the last 20 years, the technology for finding and extracting oil has been increasing faster than we are using oil, although you might not know that from the price at the pump.
 
2013-11-20 11:59:10 AM  
Good to see the oil companies got all their Departments of Making Stuff Up working to come up with yet another justification for why the price of gas is justified.
 
2013-11-20 12:00:51 PM  

Earl of Chives: untaken_name: The US Geologic Survey says there's at least 2 trillion barrels of oil around. Also, we can currently only pump up to about 40% of existing wells, meaning at least 60% is still there. Furthermore, in places like Alaska and the Middle East, where there's a lot of natural gas pressure, they don't even pump wells at all. When they stop gushing, they just drill a new hole. "Peak Oil" is code for "record oil company profits".

A trillion isn't what it used to be when we're sucking up close to 100 million barrels a day.


So a trillion barrels of oil will only last 10 days?
 
2013-11-20 12:02:09 PM  
 It kinda irritates me when people try to cite the explosion in shale oil, and Fracking gas as evidence that Peak Oil is BS. It's direct evidence that we are right in the middle of the Peak Oil crisis. If we were able to meet demand without those supplies then would be. This oil is expensive in terms of resources as well as money and the only thing that makes it attractive is the fact that it's all there is. With Fracking you have an insane process where your injecting crap directly into the ground at extremely high pressures. Even if the Fracking fluid were totally safe (which is at best debatable) it's being done at such a high volumes that it almost can't help but be a problem. How many times have these exact same industries told us and insisted something was completely safe  only to find out later that it was not only dangerous in a long term and permanent way? Now we're doing this on a large scale over a long period of time, with a chemical compound that only recently was created, because the last one THAT THEY WERE USING was already proven to be a hazard, is a good idea?
The only thing that drives that kind of logic is desperation.
 
2013-11-20 12:02:29 PM  

NewWorldDan: Over the last 20 years, the technology for finding and extracting oil has been increasing faster than we are using oil, although you might not know that from the price at the pump.


Some of the new technologies are also more costly.
 
2013-11-20 12:02:39 PM  

Rapmaster2000: gopher321: WE NEED TO STOP shiatTING AROUND AND START CLONING MORE DINOSAURS, LURING THEM INTO SWAMPS AND LETTING THEM SINK...PLAN FOR THE FUTURE PEOPLE! THAT OIL JUST WON'T MAKE ITSELF!!!


/rant off

You are so dumb we don't need to put them in swamps we can just crush them with big rocks like how oil is made now study it out!!


Aren't there some swarthy countries we can just bury with dirt using USAF bombers?
 
2013-11-20 12:02:53 PM  

Slayinit: Oil is renewable. It's just that we're sucking it out of the ground faster than it can replenish. Worth a read:

http://www.amazon.com/The-Deep-Hot-Biosphere-Fossil/dp/0387985468


I love made up Science!
It's Unobtanium!  Unobtanium everywhere!!
 
2013-11-20 12:03:29 PM  

lelio: Earl of Chives: untaken_name: The US Geologic Survey says there's at least 2 trillion barrels of oil around. Also, we can currently only pump up to about 40% of existing wells, meaning at least 60% is still there. Furthermore, in places like Alaska and the Middle East, where there's a lot of natural gas pressure, they don't even pump wells at all. When they stop gushing, they just drill a new hole. "Peak Oil" is code for "record oil company profits".

A trillion isn't what it used to be when we're sucking up close to 100 million barrels a day.

So a trillion barrels of oil will only last 10 days?


Nope. 10,000 days.
 
2013-11-20 12:03:35 PM  

Loucifer: I think we should move to free energy. It makes more sense now than ever.


I hear the government's sitting on this one weird trick that power companies don't want us to know about...
 
2013-11-20 12:03:44 PM  

EdNortonsTwin: Since man has learned to record/write, we've had over 200 predictions for the end of ther world.  But peak-oil, THIS is the real one.


Mostly because it doesn't predict the end of the world at all.  More like a paradigm shift in civilization, which happens quite often on historical timescales.
 
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