Some interesting curves and predictions. Looking at Norway, Hubbert could be right.
Hubbert Peak Oil
Hubbert World Oil Consumption
World Energy Consumption.
Norway Production over a bell curve.
Pessimistic predictions of future oil production operate on the thesis that the peak has already occurred[4][5][6][7] or will occur shortly[8] and, as proactive mitigation may no longer be an option, predict a global depression, perhaps even initiating a chain reaction of the various feedback mechanisms in the global market which might stimulate a collapse of global industrial civilization. In early 2008 there are signs that a possible recession will be made worse by rising oil prices.[9]
Concerns over stated reserves
“ World reserves are confused and in fact inflated. Many of the so called reserves are in fact resources. They’re not delineated, they’re not accessible, they’re not available for production ”
— Sadad Al-Husseini, former VP of Aramco, Oct. 2007.
While the energy used, resources needed, and environmental effects of extracting unconventional sources has traditionally been prohibitively high, the three major unconventional oil sources being considered for large scale production are the extra heavy oil in the Orinoco river of Venezuela,[46] the tar sands in the Western Canada Basin,[47] and the oil shale in the Green River Formation in Colorado, Utah and Wyoming in the United States.[48][49] Chuck Masters of the USGS estimates that, "Taken together, these resource occurrences, in the Western Hemisphere, are approximately equal to the Identified Reserves of conventional crude oil accredited to the Middle East."[50 |
