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| Economy | |
| 'Four Saudi Arabias' needed for oil | |
| 2009-10-21 | |
| THE world will have to find four Saudi Arabias by 2030 if it wants to maintain its oil dependency, the International Energy Agency says. The reality of peak oil is fast approaching, and more must be done to develop and encourage the use of alternatives including solar and nuclear, the agency's chief economist has warned. "My main motto never changes, the era of low oil prices is over," Dr Fatih Birol said. "When the economy recovers, oil prices will recover accordingly. Mid to long term, we will be experiencing high prices." Oil prices have been on a steady upward trajectory for much of 2009.
Crude is traded in dollars, so it essentially gets cheaper when the US currency is weak. Benchmark crude for November delivery fell 52 cents to settle at $US79.09 on the New York Mercantile Exchange. Earlier in the day, oil ran as high as $US80.05 a barrel as the euro came close to $US1.50. Saudi Arabia, the globe's largest oil producer, pumped out more than nine million barrels of crude oil per day in 2008, the US Energy Information Agency reported. Dr Birol believes one major change needed is a move to electricity by transport. "There is a need for the transportation sector to make more use of electricity," he said from the IEA's headquarters in Paris. Both nuclear- and solar-powered electricity were acceptable alternatives. Dr Birol said the success or otherwise of efforts to tackle climate change would hinge largely on the upcoming UN climate summit in Copenhagen. "Agreement in Copenhagen is very, very important," he said. | |
| Posted by:tipper |
| #8 Read, the FUTURE OWG-NWO, NAU, ETC. which mainstream AMerica = Amerika Voters, the USA = USSA-USRoA, didn't and wasn't allowed to vote on NEEDS $$$ FOR ITS OWG GLOBAL NANNY STATE [which US Voters also will not be allowed to vote on]??? YOU JUST FEEL THE HONESTY, DEMOCRACY, FREEDOM, + PROGRESS OF HUMANITY-CIVILZ CAN'T YE! But, I digress .... |
| Posted by: JosephMendiola 2009-10-21 20:33 |
| #7 There is plenty of oil and natural gas all we have to do is drill. |
| Posted by: bman 2009-10-21 15:11 |
| #6 Peak Oil IS fast approaching - it may even have already passed. |
| Posted by: Glenmore 2009-10-21 14:36 |
| #5 There are both minor and major adjustments that can be made to the oil market. OPEC can only make the minor adjustment, over the short term, by manipulating prices. But the major adjustment is in consumption and non-OPEC production. Between those two, OPEC could be neutered. |
| Posted by: Anonymoose 2009-10-21 11:23 |
| #4 Nabors industries |
| Posted by: 746 2009-10-21 10:38 |
| #3 Here's 1.5 Saudi Arabias priced at $25/barrel equivalent, with reserves rising quickly. The reality of peak oil is fast approaching Peak oil, like Godot, has been fast approaching for decades. In the mean time, OPEC's declared reserves have doubled in the last 30 years. And finally, Peak Oil isn't the problem. The problem is Saudia and the rest of OPEC make oil reserves and planning state secrets, and regularly turn on the taps to screw with the economics of alternatives. Which prevents the market from properly pricing oil. Bravo, Phil. Variable oil import taxes to support stable prices so domestic energy sources can develop. If the gov is going to get our money, better it gets it in a way that increases domestic industry and keeps money within the economy. Oh, and Drill. |
| Posted by: ed 2009-10-21 06:39 |
| #2 The reality of peak oil is fast approaching, and more must be done to develop and encourage the use of alternatives including Both nuclear- and solar-powered electricity were acceptable alternatives. Meanwhile in real world, 9 out of 10 new generating facilities use natural gas. And finally, Peak Oil isn't the problem. The problem is Saudia and the rest of OPEC make oil reserves and planning state secrets, and regularly turn on the taps to screw with the economics of alternatives. Which prevents the market from properly pricing oil. |
| Posted by: phil_b 2009-10-21 04:11 |
| #1 Four Saudies = four times Jihad? |
| Posted by: g(r)omgoru 2009-10-21 03:17 |