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Stop wrangling over global warming and instead reduce fossil-fuel use for the sake of the global economy.
That’s the message from two scientists, one from the University of Washington and one from the University of Oxford in the United Kingdom, who say in the current issue of the journal Nature (Jan. 26) that the economic pain of a flattening oil supply will trump the environment as a reason to curb the use of fossil fuels.
“Given our fossil-fuel dependent economies, this is more urgent and has a shorter time frame than global climate change,” says James W. Murray, UW professor of oceanography, who wrote the Nature commentary with David King, director of Oxford’s Smith School of Enterprise and the Environment.
The “tipping point” for oil supply appears to have occurred around 2005, says Murray, who compared world crude oil production with world prices going back to 1998. Before 2005, supply of regular crude oil was elastic and increased in response to price increases. Since then, production appears to have hit a wall at 75 million barrels per day in spite of price increases of 15 percent each year.
“As a result, prices swing wildly in response to small changes in demand,” the co-authors wrote.
Originally posted by Beavers
The rich have killed everyone who won't buy oil through them and are now bumping up the price.
they did the same with the diamonds.
the shocking things is these people are also in charge!
[List of oil companies and their losses] The usual oil company response to a period of shrinking profits is to rein in new drilling, cut costs, and wait for prices to rise again. And recent months have seen a modest recovery in oil prices.
But a new report from the influential U.K. think tank Chatham House says the old playbook isn’t going to work this time. The problems go way beyond rock-bottom oil prices, and they are unlikely to vanish in a hoped-for recovery.
by outsourcing much of their activity to smaller service companies, the oil giants lost their technological edge. That’s why they came late to the shale gas revolution in North America, the report asserts, and grossly overpaid for assets when they did arrive.
The dim prospects are further darkened by the increasing urgency to reduce carbon emissions: oil companies may have on their books billions of barrels of reserves that will never be produced as the world shifts away from fossil fuels.
The Chatham House report offers two unappealing options for today’s oil majors: “managing a gentle decline by downsizing or risking a rapid collapse by trying to carry on business as usual.”
Of course, there is another option: the oil and gas companies could become energy companies, focusing on new technologies, decentralized energy systems, and providing clean energy.
Walking In Your Footsteps - The Police