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Saturday, January 21, 2006 

More Iran Speculation / Energy Security - Peak Oil

New articles at The Energy Bulletin

First - Chris Cook (EB author posting at AsiaTimes) says the Iran crisis is not due to the proposed Oil Bourse but is driven by the the same old reason: the US need for energy security. It is probabaly a little bit of both and it makes sense that if one is even thinking of invading Iran - you better due it before they get the nukes. Anyways, interesting article.

Second - "What They Don't Want You to Know About the Coming Oil Crisis". A well rounded and straight forward article -
We have allowed oil to become vital to virtually everything we do. Ninety per cent of all our transportation, whether by land, air or sea, is fuelled by oil. Ninety-five per cent of all goods in shops involve the use of oil. Ninety-five per cent of all our food products require oil use. Just to farm a single cow and deliver it to market requires six barrels of oil, enough to drive a car from New York to Los Angeles. The world consumes more than 80 million barrels of oil a day, 29 billion barrels a year, at the time of writing. This figure is rising fast, as it has done for decades. The almost universal expectation is that it will keep doing so for years to come. The US government assumes that global demand will grow to around 120 million barrels a day, 43 billion barrels a year, by 2025. Few question the feasibility of this requirement, or the oil industry's ability to meet it.

They should, because the oil industry won't come close to producing 120 million barrels a day; nor, for reasons that I will discuss later, is there any prospect of the shortfall being taken up by gas. In other words, the most basic of the foundations of our assumptions of future economic wellbeing is rotten. Our society is in a state of collective denial that has no precedent in history, in terms of its scale and implications....
Read this article. It is a good one and while you are at the Energy Bulletin check out the Peak Oil Primer. The Energy Bullet1n is just a good site to poke around in.

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