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Blog item: People That Have a Clue About Peak Oil

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0 comments   Add a comment   Author:  newculture (Jun-20-2008)    Play a Video
Categories: Economic/Financial, Peak Oil/Gas & Energy Demand

Peak oil and the modern worldThere are quite a few people that have a clue, but there are so many others that don't, it is sometimes hard to know to whom to listen. I've been noticing this more and more recently, particularly due to the huge deluge of chatter that goes on in newspapers, radio, television, and especially, on the Internet.

I focus here on oil in particular, because at the moment, this is the most important topic, and also because the of the very small number of people that have a clue that are actually speaking up.

Rick Santelli

Santelli points out that speculation is NOT driving up the price of oil. In two exceptional video clips from CNBC, Discussing Oil Crisis and Market Task Force, he explains that when an oil futures contract comes due, all must be purchased by a refinery or someone that will physically take delivery of the oil. Santelli has a clue.

Matthew Simmons

Over three years ago, Matthew Simmons published a book which explained the oil situation that we find ourselves in. Since then, he has been continuing to share that oil is under priced, and explaining how it will be increasing in value.

CNBC has been doing a good job of interviewing Simmons periodically, most recently, on May 29. Simmons says, "We are out of offshore drilling rigs... We have run out the clock... The decline rate is probably going to average 10-15% over the next decade." Simmons is invested in energy stocks and steel stocks. He notes that our usable inventories of diesel are VERY low right now, and we need to worry about shortages.

Here is another good clip from CNBC interviewing Simmons, who points out we have a shortage of both workers and raw materials for drilling. Oil is currently 20 cents per cup which is basically free. We may be leaving the "Starbucks Economy" and going back to the blue collar economy. Simmons has a clue.

T. Boone Pickens

Pickens is a oil billionaire who is now investing in wind energy. Again, CNBC did some good interviews with him about both peak oil and why he is investing in wind. Pickens consistently talks about how oil will hit a higher price, which of course, it will. Oil is practically free right now. Pickens has a clue and he's acting on it.

Robert Hirsch

Hirsch wrote a full report about peak oil and what is going on with it, now and in the future. CNBC interviewed Hirsch in May about what was going on with peak oil. He points out that people are incorrect to think that there are going to be easy solutions, because the magnitude of the problem is enormous. Hirsch points out that drilling more is not going to "solve" peak oil. Hirsch has a clue.

Neil King, Jr.

King has been writing about peak oil for the Wall Street Journal for about six months now. His series of articles point out that we are reaching limits all around and that supply will not be increasing. For those "in the know", his articles provide a great deal of illumination and support for why oil prices are the way they are, and why they will continue going up. Several other reporters with the Wall Street Journal have started to get a clue as well, particularly a few that are now looking into impacts on food prices, and connecting the dots with the airline and automobile industries. King has a clue.

Bart Anderson

Bart Anderson is the lead editor for an online peak oil news aggregation site, Energy Bulletin. From articles contributed from various individuals, he carefully sorts, categorizes, and takes clips from stories that relay what is going on due to rising oil prices. This site will most likely be the one that historians go to in order to write their chapters on how this final oil crisis emerged. Anderson has more than a clue, he appears to see the big picture.

Many Others

As evidenced by the articles on Energy Bulletin, many others have a clue on what is going on with peak oil. The GAO wrote an entire report on it; they have a clue. Tom Whipple of ASPO-USA writes daily and weekly about it, he has a big clue. The folks at "The Oil Drum" are constantly paying attention, writing articles, and compiling news; many, if not most, of them have a big clue. Jeff Vail, Robert Rapier, Stuart Staniford, and Nate Hagens are just a few of the many at The Oil Drum who provide insightful analysis.

And, of course, there are many, many others that we already know, such as Colin Campbell, Richard Heinberg, Ken Deffeyes, Pat Murphy, and etc. This article provides just the tip of the iceberg, for people wanting to learn more about the why things have been happening the way they have, and what to expect in the future.

In order to get a clue, one must first listen to those that have a clue, and now you have a clue on how to do that. 

Talking with clueless Daniel Weiss, and David Kreutzer, who has a clue
Clueless Larry Kudlow, but John McCain is hinting that he has a clue

Clueless Kudlow goes so far as to exclaim that not only that there is lots of oil to be drilled, particularly in the Bakken fields, but that only is not limited!?! Clueless! Here are the details on Bakken, as just one example.

  • The most probable estimate of recoverable oil from this is 3 billion barrels
  • 3 billion barrels of oil = 35 days (at current global rates of extraction)
  • Actual USGS Report
  • Nothing can stop peak oil, and this Bakken oil, at best, will take a long while to come on, and come on quite slowly.
  • Kudlow doesn't seem to understand the scale of the situation, or he just likes to act dramatic, either way, until he gets a clue, he is a waste of time.
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About author/contributor Member: newculture (Aaron Wissner) newculture (Aaron Wissner)
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Member: newculture (Aaron Wissner) Aaron Wissner is a teacher, educator, organizer and guest speaker. He is a graduate of the University of Michigan, with emphasis on mathematics, science, and education. Mr. Wissner has taught and consulted for sixteen years in public school, in areas ranging from mathematics, science, computers, to leadership and television news production. He is the founder and organizer of the grassroots Local Future Network, a non-profit educational outreach organization dedicated to saving Earth through culture change.

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