RightBanker
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Did anyone watch George Lee's excellent documentary last night on RTE - Future Shock: End of the Oil Age?
Lee will probably get a bashing for being a doom and gloom merchant but he presented the facts on our dependency on cheap oil, which were profound and frightening.
Only 18% of our journeys are on public transport - nearly 70 % are by private car - the reverse is the case in Europe.
We use 200,000 barrels of oil a day.
Our air travel has increased 400% since 1990.
We import 60 billion Euro worth of goods.
Lee explained "Peak Oil" is when production of oil reaches a maximum and thereafter supply reduces.
"Peak Oil" is the onset of a new permanent condition with forecasters predicting production dropping by 3% per year, every year and some as much as 8%. No one was quite sure when the peak would arrive but it could be here already likely by 2010 and certainly by 2030.
The impact on the world economy is staggering. In the oil crisis of 1973 OPEC reduced production by 5% in reaction to US support of Israel. Oil prices quadrupled, leading to inflation unemployment and high interest rates. It's frightening to think what a permanent decline will bring
Dick Cheney in 1999 "By some estimates, there will be an average of two-percent annual growth in global oil demand over the years ahead, along with, conservatively, a three-percent natural decline in production from existing reserves. That means by 2010 we will need on the order of an additional 50 million barrels a day".
It's no wonder the US invaded Iraq.
Lee will probably get a bashing for being a doom and gloom merchant but he presented the facts on our dependency on cheap oil, which were profound and frightening.
Only 18% of our journeys are on public transport - nearly 70 % are by private car - the reverse is the case in Europe.
We use 200,000 barrels of oil a day.
Our air travel has increased 400% since 1990.
We import 60 billion Euro worth of goods.
Lee explained "Peak Oil" is when production of oil reaches a maximum and thereafter supply reduces.
"Peak Oil" is the onset of a new permanent condition with forecasters predicting production dropping by 3% per year, every year and some as much as 8%. No one was quite sure when the peak would arrive but it could be here already likely by 2010 and certainly by 2030.
The impact on the world economy is staggering. In the oil crisis of 1973 OPEC reduced production by 5% in reaction to US support of Israel. Oil prices quadrupled, leading to inflation unemployment and high interest rates. It's frightening to think what a permanent decline will bring
Dick Cheney in 1999 "By some estimates, there will be an average of two-percent annual growth in global oil demand over the years ahead, along with, conservatively, a three-percent natural decline in production from existing reserves. That means by 2010 we will need on the order of an additional 50 million barrels a day".
It's no wonder the US invaded Iraq.