Ahh, ok. There are many such blogs, forums etc. and I do read several (others). The reason being, regardless of what they write, they often link to the news you'll never see in the mainstream media. Also they often link to foreign news you'd never find otherwise.
That still doesn't justify you calling Sxotty's statement "untrue". ANWR is the most relevent untapped oil field and the others are quite expensive. According to your link, there are 11 billions barrels of oil off California, and half of it may be recoverable in existing conditions. That doesn't sound cheap or plentiful.That article doesn't prove anything except how slanted the Santa Barbara Independant is, though I never intended it to. I thought the drilling moratorium off California was widely held knowledge. My apologies, here you go: http://www.anwr.org/features/akeval.htm
Well that would explain why he had all those fabricated numbers in his speech.The Granada Forum entertains alternative ideas with zero credibility. It's all people that believe in the Illuminati, ghosts, aliens, magic and whatever other lunacy you can think of.
Mize et. al
Now what it means is that there is a decline in production, though that doesn't mean supply.
Mize et. al The real underlying truth of what it means is the amount of known reserves that are economic to extract is declining. When that happens prices go up and more are economical to extract, but no matter what at some point we will reach an equilibrium where alternatives are cheaper than petroleum, tar sands, or oil shale. We have loads of oil shale and tar sands, but they are more expensive.
The IEA now expects spare capacity of oil to remain at a comfortable 3.5m barrels a day (bpd) in 2015, with consumption edging up by an extra 1m bpd each year to around 90m bpd (or 92m if global growth is stronger). All this is quite manageable. It talked of a “gentle nominal price escalation through mid-decade, with prices rising from $77 to $86″.
The alarmist stories we heard last year from certain City banks about collapsing supply (I will spare the names) were wildly wrong. The IEA’s upward revisions from 2009 come from the US, Russia, Colombia, Canada, Mexico, Norway, Egypt, and even the UK (+80,000).
Their medium-term outlook for fossil fuel markets is a dazzling contrast with last year’s warnings that a combination of break-neck industrialisation in China and lack of investment in new oil fields (thanks to the credit freeze) would exhaust global spare capacity by 2013.