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Peak Oil: Myth or Reality?
The phrase Peak Oil has been coined to bring attention to the belief that the world is at, or very close to, the point where reserves of global hydro-carbon resources commence the downward path, which will ultimately lead to the complete exhaustion of global oil & gas resources.
Whilst the theory of Peak Oil is popularized by a sympathetic media, the oil industry, continues to produce in excess of 90 million barrels each day whilst enjoying record levels of profitability, yet remains remarkably silent on the issue.
The mainstream media is also strangely silent on the existence of alternative theories to Peak Oil. Why is this? Does everyone in the Oil & Gas industry agree with the forecasts that the world is entering the last days of an oil-based economy? If not, what is the alternative viewpoint and why is it not given coverage by the mainstream media?
In addition, the proponents of Peak Oil conveniently ignore rapidly advancing well construction, reservoir management and stimulation techniques, which enable more than twice as much oil to be extracted than when oil was first discovered in the late 19th Century. Not to mention the development of production from unconventional sources, such as the massive Shale Oil deposits beneath Colorado, Utah & Wyoming.
Harvard PhD graduate Jerome Corsi wrote, Oil companies are making record $100 billion annual profits not because oil is scarce but because we believe it is.
Ian R. Crane, a veteran of a twenty-year career in international oilfield services, which provided him with the opportunity to live & work in the UK, Mainland Europe, Middle East and the USA, believes that counter theories to Peak Oil should be given equal consideration and people should be given the opportunity to see the truth behind Peak Oil. Is it real decline in availability of resources or perceived shortage, which has resulted in the price of oil escalating from $9.81 per barrel in 1999, to in excess of $140 per barrel today? What cannot be denied is that over the past five years, the major oil companies have achieved the greatest levels of profitability in corporate history. Over the same period, oilfield related stocks have increased in value by as much as a 500%, reaping enormous rewards for oilfield executives and industry investors.
Ian does not suggest that we should continue to burn in excess of 90 million barrels of hydro-carbons each day but he is concerned that the proponents of Peak Oil are inadvertently playing into the hands of Big Oil. With the price of petrol now firmly set above the £1 per litre mark in the UK, its time to hear the other side of the story.
Categories: money
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