There Will Be Fuel

Source: NY Times

THREE summers ago, the world’s supertankers were racing across the oceans as fast as they could to deliver oil to markets growing increasingly thirsty for energy. Americans were grumbling about paying as much as $4 a gallon for gasoline, as the price of crude oil leapt to $147 a barrel. Natural gas prices were vaulting too, sending home electricity bills soaring.

A book making the rounds at the time, “Twilight in the Desert,” by Matthew R. Simmons, seemed to sum up the conventional wisdom: the age of cheap, plentiful oil and gas was over. “Sooner or later, the worldwide use of oil must peak,” the book concluded, “because oil, like the other two fossil fuels, coal and natural gas, is nonrenewable.”

But no sooner did the demand-and-supply equation shift out of kilter than it swung back into something more palatable and familiar. Just as it seemed that the world was running on fumes, giant oil fields were discovered off the coasts of Brazil and Africa, and Canadian oil sands projects expanded so fast, they now provide North America with more oil than Saudi Arabia. In addition, the United States has increased domestic oil production for the first time in a generation. Meanwhile, another wave of natural gas drilling has taken off in shale rock fields across the United States, and more shale gas drilling is just beginning in Europe and Asia. Add to that an increase in liquefied natural gas export terminals around the world that connected gas, which once had to be flared off, to the world market, and gas prices have plummeted.

Energy experts now predict decades of residential and commercial power at reasonable prices. Simply put, the world of energy has once again been turned upside down.

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Read more: http://www.nytimes.com/2010/11/17/business/energy-environment/17FUEL.html?partner=rss&emc=rss

our addiction must be fed at Costco prices!

"Conventional oil" that is - the liquid stuff you pump out of the ground. Most production is in decline, and the primary segment of that which isn't in decline is incredibly difficult to produce. Brazil is projecting a $225 billion investment to begin developing their deepwater fields, for example, and the tar sands projects are an absolute ecological nightmare. Nothing in the real world currently exists to justify the tone of the NY times article; its just more of the same blowing-sunshine-up-american-ass that the media is so good at.

We're screwed on liquids, and there is no increase in supply available to the US, ever. This again according to the IEA. What we do have is a good new technology for producing shale gas, It is likely to keep us in NG heat and fertilizer (being the primary ingredient) for some time, but the catch there is that the current market price has to double for it to be profitable.

extracted now. What has been found now is hard to get thus making it more expensive.

To be used while nuclear energy takes over.Global warming negates the extended use of fossil fuels and shale gas drilling ,oil sands etc., wouldn't be resorted to if nuclear reactors could put in place in a short period of time. That's what most countries are doing right now, putting definite plans in place or actually constructing nuclear facilities at present. They're even stockpiling uranium for future use and to have a backup supply in case there are shortfalls in mine outputs. The decades of reasonable prices for power will not be brought about by fossils fuels,that won't happen because global warming will be threatening our existence in a very short period of time. Anybody who thinks otherwise either has their head up their butt or is a true believer waiting in anticipation for the end times. And don't kid yourself into thinking otherwise, there's quite a few of both types around

Bloomberg's were discussing earlier this week that the current issue is an over abundant supply of gas which is keeping the price of it low. Assuming that to persist than gas powered cars and trucks my make more sense then electric.

it doesn't distract from the face that both China and India are still growing year upon year with an average of 5% oil needs increase year upon year.

To anyone who actually pays attention, Peak Oil has never ever been about running out of oil, it's about not meeting the worlds demand.

We will have oil for a very long time, but like any finite resource it will too, one day run out, but not for a while.

As the world believes that there is any endless treadmill of growth, the reality of a downward slope, regarding fossil fueled energy needs, will become more and more apparent each and every year.

To base ones claim for or against upon the price per barrel of oil is a foolish way to determine peak oils path. You might as well read tea leaves, because Saudi Arabia, the holder of the worlds largest oil reserve, hasn't release data on those same reserves in over 20+ years.

All it takes is a quick look at the rate of oil discoveries, their size and quality to show anyone what we are facing. Compound that on top of the raising rate of failed fields and you have a very bleak outlook.

but alas, people enjoy hyperbole instead of facts.

i.e., oil industry shills, and the CEO of Chevron.

Awesome reporting, NYT. :eyes: