The Oil Crisis of 2012?

I just found this article from about a week ago, outlining the potential oil crisis in the imminent future.

The other option is to reduce demand, West said, “but that involves pain”—and the United States has failed in this respect as well. The size of cars, for example, has only grown in recent years. This led West to make a sobering prediction: Only the “massive economic dislocation” caused by an oil shortage will induce American leaders to find alternatives to petroleum and make the tough choices necessary to curb demand.

Also, this article is from the end of September, outlines an oil crisis then too:

The report has him accusing the petroleum industry of having its head "in the sand" about the upcoming depletion of supplies, and warned that " [w]e may be sleepwalking into a problem, which is actually going to be very serious, and it may be too late to do anything about it by the time we are fully aware."

In the same article, Oxburgh also added that oil companies must invest more heavily in developing viable alternatives to oil and gas.
The writer of the article concludes: "The International Energy Agency has forecast what it calls an oil 'supply crunch' by 2012, a prediction that Lord Oxburgh said could possibly come to pass."

The year 2012 is not that far off. This is a serious and urgent issue - one that needs to be recognized as such if we want to have a fighting chance of preventing the worst consequences of this 'crunch' that is upon us.

Found another one:

This article states:

Business Report, South Africa - Sep 14, 2007
This brings us to Guinness' prediction that the oil price will hit $150 a barrel in three years time.

Yep, all that'll happen is the return of the early 1800's. We'll be able to catch and farm food, we'll have sail ships, horses, clothing etc. Won't be so bad actually, the world's not really that cool right now so a change like that would be welcome.
What do you reckon?

reply to post by NathanNewZealand


I don't think so. There are many alternatives out there as it is. Once oil becomes too expensive economics will balance things out and the alternatives will become more prominent than it is now.

Here's a list alternative sources of energy that are already in existence and being implemented here and there on a small scale basis --

Electricity generation

From the sea
World's First Commercial Wave Farm - Pelamis
Floating Oceanic Windmills
OTEC: Ocean Thermal Energy Conversion

On dry land
Wind Power
Solar Power
Nuclear Power



For vehicles

Biodiesel, from a variety of sources. My personal favourite is from algae
Electricity, like the Tesla Roadster
Hydrogen, which can be obtained viably from a number of ways, by utilizing bacteria or algae to using sunlight to split water atoms

I'd post more, but I've got to go for dinner right now. More later.

In three years time, we'll have nearly as much oil as we have right now. The problem is that OPEC and the other oil producing nations will realize that oil is a finite resource and the price will be much higher. $100 a barrel oil is workable but people are going to start feeling a pinch. That means we won't have money to buy plasma televisions, jet to Jamaica on the weekend, or buy the H4. These things will still be around but the price of these items will be very high and low on your list of priorities.

It's a squeeze on the middle class but I wouldn't suggest that we'll be driving a horse and buggy quite yet.

[edit on 17-10-2007 by dbates]