Charles Maxwell, sr oil analyst Wheadon & Co...
Notes:
-Oil sands in canada are coming online
-Anwar-even if the most positive estimates oil reserves in ANWAR, the amount is irrelevant and may not be worth the expense to access. 4 months of world oil supply (at best, he believes far less) Later restated that ANWAR is not good or bad...just meaningless in world terms..may be good out of keeping Alaska pipeline open..
-US needs to get on with realization that we MUST move to alternatives to oil as a fuel. It will take 25-30 years, we had better commit to embracing change. Sees nuclear as inevitable. Not ideal, but probably will come to this.
-More and more oil producers are seeing reduced production, sees serious problems coming by 2010....high prices, rationing...
-solar, biomass, nuclear, wind,..all need to be explored.
-Average US comsumer consumes 24-26 barrels of oil a year. The average Chinese person use 1.6 barrels, when this rises to just 3-4 barrels, there will be major problems.
-Are big oil companies a good investment in a time declining supply? Oil will go up, they will make huge profits but the oil companies are basically liquidating themselves....so they may evolve into just big piles of cash with fewer and fewer assets. (very interesting thought)
-He said there is an answer out there, it's called conservation....if we would pick up the gauntlet of conservation, we could make great headway and buy time to develop new energy systems.
-Saudi's will be in decline by 2030-2035.
-Alaska's North Slope is definitely in decline.
-With rise of China and India, we have a rapidly approaching worldwide problem. |
