CERA Refutes Peak Oil Theory
In a new report out today by Cambridge Energy Research Assoc. (CERA), the organization disputes the widely held belief that the world has seen the peak in oil production.
CERA states that the globe has oil resources closer to 3.74 trillion barrels, three times as large as the number estimated by the oil bears. They also go on to refute the peak oil theory on a number of points, and say that the argument is based on faulty analysis.
This is the fifth time that the claim has been made that the world is running out of oil. While CERA's view is not one of abundant supply, they say that production will likely not peak before 2030, and then it will more likely plateau rather than decline precipitously.
Interesting work.
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posted by J. Kahn @ 10:57 AM
2 comments
2 Comments:
I have seen this report referenced in many places, but what I find disturbing is that it really just suggests a less severe problem - not the lack of a problem. The article is entitled "Peak Oil Theory is Faulty" and yet it seems like their data essentially supports the theory. Yes, if the decline is 20 years away instead of 5 years, that is good. If the decline is less precipitous than the doomsday people thing, that is also very good, but the reality is that our consumption is increasing rapidly and will continue to increase as China, India, and even third world countries increase their living standards. I would think that we have to expect some very significant inflationary pressures in this arena.
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