Is peak oil just a myth?

Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years.

Mr. Gabrielli, the CEO of Petrobras, gave a presentation in December 2009 in which he shows world oil capacity, including biofuels, peaking in 2010 due to oil capacity additions from new projects being unable to offset world oil decline rates.

John Hess, the chairman of the US independent producer of the same name, has fired a warning shot to the world, claiming a “devastating oil crisis” looms large on the horizon if global action is not taken.

Royal Dutch Shell Plc’s chief executive, Jeroen Van Der Veer warned that the next spike in oil prices is already in the making as demand will continue to grow and the current oil and gas industry cannot supply all the additional needs. Jeroen spoke at the 14th Annual Asia Oil & Gas Conference on 7-9 June in Kuala Lumpur, Malaysia.

The number of exploration wells being drilled in the North Sea has collapsed by 78 per cent in the first quarter of 2009 compared with the same period last year, according to the most recent industry data from Deloitte, the accounting and consulting firm.

The worsening exploration climate could knock 10-15 years off the North Sea’s expected lifespan of 20-30 years, meaning almost half of all its infrastructure could be decommissioned within the next 11 years, UK Oil and Gas estimates.

Instead of satisfying 45 per cent of the UK’s oil and gas needs in 2020, at the current investment pace the North Sea would only be able to meet 12 per cent of its demand. Consequently, the UK and Europe will increasingly have to rely on Russia for natural gas and the Middle East for oil.,Authorised=false.html?

Are all these people crazy?
So I guess what most people think is that the CEO’s of comapnies like Shell and Petrobras are just lying? That the governments of the UK and Norway ARE finding new oil deposits and just saying they’re not?

OR is it none of you read anything and just decided to randomly say there’s more oil where that came from?

10 Responses to “Is peak oil just a myth?”

  1. TH Says:

    No, not all crazy at all.

    There are "PEAK" levels for ALL non-renewable resources.

    These peaks are set, for example, by the accessibility of the resource, cost of recovery/extraction per unit vs wholesale returns on investment, transport costs, associated liabilities, and capital investment returns.

  2. Monster Brain Says:

    As they keep finding new huge deposits I would say that is could be a myth but maybe the peak has just not occurred but drill baby drill.

  3. jbnotthescotch Says:

    If a certain russian is right, yes.
    Let’s hope they’re right, imagine the amount of pollution we can cause with infinite oil.

  4. qncyguy21 Says:

    any "Peak __insert finite resource here___" is most likely true.

  5. Canadian Bacon Says:

    As long as new oil continues to be discovered, then Peak Oil won’t happen. Some day there really won’t be any oil deposits left, though, and that’s when we’re really f*cked.

  6. Fan of PG the Cheat Says:

    It’s a conspiracy for Big Oil so they can have bigger profits for themselves.

  7. imaxkr Says:

    At some point we will reach a point of "peak oil".
    But when?
    In the seventies we were at the peak of oil production and would exhaust the oil supply by the new century.
    Just recently reserves have been discover of the coast of Brazil that are estimated to be as large as those in the Middle East.
    Problem is they are in deep water and stretches current technology to tap those reserves. New technologies have allowed for the extraction of oil from areas and geologic structure that were previously inaccessible.

  8. Vadagator Says:

    Another way to raise prices and drain our wallets.

  9. Daren Says:

    Oil companies aren’t allowed to explore as much as they used to be able to. In reality, there’s no way to know how much oil is down there. Eventually it will dry up. But there is just as much evidence that there’s plenty left. It depends on who you listen to. Since there’s no way to know for sure, each side gets to claim they have the "facts."

  10. jeeper_peeper321 Says:

    If you go back to around 1910, you will find experts that said oil would all be gone by 1030

    If you go back to 1930, you will find experts who said all the oil would be gone by 1950

    If you go back to 1950, you will find experts who said all the oil will be gone by 1970

    In the 1970’s they said peak oil would be reached in the 1990’s

    They were all wrong.

    Technology keeps developing , so we are finding oil where we never thought possible before and we can drill for oil in places never though possible before. Technology also allows us to go back to closed oil wells and restart production of oil reserves that couldn’t be tapped before.

    Two of the largest oil fields ever found, were found in the last two years.