Richard Heinberg Defines Peak Oil

[sangolt88]

The Saudis are pumping in the Persian Gulf now... LMAO. They are desperate to keep production leveled, well, soon they will be declining, probably at around the same time as Russia, and then we will see a true economic havoc. My thoughts on when that will happen..? Mid 2013? Impossible to say.

[pheromoneaction]

Keep up the good video work looking good. When you have time come visit my channel!

[MrEnergyCzar]

We all have to lower our standard of living unless we have lots of money ie. energy....

[zeno57]

We print dollars out of thin air.The saudies AND OTHERS take these dollars for payment for thier oil.When they wise up and demand something of real value,WE HAVE HAD IT.

[yogiudo]

The problem is large, however it is not infinite. Don't forget or discount that it is not as if the US produces _NOTHING_. Because it does produce alot of goods and quality, and a big part of that is why the dollar has value. Check your stats.

Unfortunately the problem of PO is much bigger than that.

Cheers.

[indigoflamingo]

"that's the country where it will sink first when there is no oil any more they really have established nothing to help out"

nothing to help out? what is that even supposed to mean? maybe they fudged on the numbers for production, but it is the US and other world powers who have become so dependent in the first place. Saudi Arabia is keeping us alive right now. we shouldn't be looking for vengeance or hoping one country does worse than the other... we are looking for a solution

[mu3lem]

i am happy to hear peak oil is true particularly the Saudi part its better that's the country where it will sink first when there is no oil any more they really have established nothing to help out

[naaseransar]

smarty, oil will not disappear ... the production will decline but this means for Saudi that there will come a time when they are the only producers of oil with very high prices , so peak oil is the best for saudi thats if the US and china don't go to war at it in saudi land

[thearmin]

It looks like we're set to go off the oil plateau late this year/ early next year.

Just focus on the bright side, like I did when I first found out that the peak was closer to 2005 than 2050. You don't feel as guilty about being unemployed (but this of course assumes you are unemployed.)

[dgendvil]

I hope Al Gore's message will come true within the next 10 years that peak oil is declining now, so that we can come to have clean & efficient energy sources, instead of fossil fuel consumption, such as oil & coal.

[symmetry08]

we want to extract as soon as can like a Bush minded people. Stealing it from our kids and grand chilren without any thought about limiting overpopulation we are facing. Our kids sure will curse Bush minded people for along time. All the problem they gonna have then.

[Yayapilo]

April 22, 2008 OIL hits $119 a barrel......guess we are going to hell soon!

[milofonbil]

There is quite a bit of oil left. Prices are going up and there are alternatives. We don't talk much about conservation and always push on technology for an answer. It's impossible to solve an exponential growth problem with an arithmetic solution. We must stop if not reverse the exponential growth of oil demand and transition to renewable sources of energy. We also must learn how to do with less and using what we have got much more efficiently.

Internal combustion engine 30% efficient

[milofonbil]

(con't) Electric motor 80% efficient

Rubber tires on dry road - friction = 0.7

Steel wheels on steel rails - much lower

etc.

We need to make some drastic shifts in our paradigms which assumed unlimited oil.

[yogiudo]

"Yayapilo (1 year ago)"

"April 22, 2008 OIL hits $119 a barrel......guess we are going to hell soon! "

Guess what... you're in it.

[stocktargetsfan]

Also a sound approach to look at the barrel of oil. Its price is rising inexorably. No sign of a drop there. The rule is that a rare item is expensive. It becomes rare and its price rises with it. Price is the sign of scarcity.

[milofonbil]

The slope on the demand curve is very steep (people consuming it can't hardly do without it) and so is the slope on the supply curve (the suppliers can't maker more of it). Increasing demand in this situation means steeply rising prices. This is very simple supply and demand from economics 101.

[stocktargetsfan]

1'200 billion barrels in the ground (US geological survey) and 83.5 billion barrels consumed per day growing historically at 2.4% per annum lead to 26.4 years of consumption left. That's all.

[utuba69]

mmmmmm........"83.5 billion barrels consumed per day" the entire world put together does not consume 83.5 billion barrels per day. US consumes about 22/23 million barrels a day.

[stocktargetsfan]

Yes, i meant 83.5 million barrels per day. You had done the math, I am sure. Indeed 22 million barrels per day comforts my number. In 26 to 30 years, no more oil left.

[sickliberal]

you're omitting the fact of different qualities of oil. i would not like as a canadian to see the beaches torn apart because there's oil down there in the sand. you know how much filth and money it costs to get that? it's probably be a rapid fall after peak and a slow decline in the end.

[johnebii]

is this guy at a comedy club? what's up with the brick wall?

[geir44]

Is this the central limit thorem? When you add oilfieldt together?

[milofonbil]

No, not really. The cumulative production curve from a single well follows a logistic "S" curve. When you take the derivative of this curve, it forms a bell-shaped "Hubbert" curve that looks similar to the gaussian curve that applies to the CLT. The summation of the hubbert curves from a whole bunch of oil fields still follows that equation.

[lextalionis2001]

I love the speech, but the graphs are simply projections. These projections have proven time and time again to be wrong.

I understand that oil is a finite resource and that resources are dwindling, but I don't think the sky is falling quite as soon as these projections would indicate.

however to each his or her own... right ? :)

[GilgameshIV]

You've been warned.

Either these petroleum liquids peak in 2010, or they don't. Maybe Saudi Arabia has been messing with all the petroleum experts outside their country. Maybe they will discover some 10 trillion barrel field in the deep Pacific. Sure.

Or maybe you are screwed.

I bet on screwed, and am planning accordingly.

[milofonbil]

The largest field in the world is Ghawar. It's been estimated to have 170 billion barrels in the 1970's. They have refined this to 70 billion barrels left. The chances of finding an undiscovered trillion barrel field is ziltch, nada. I agree with you.

[fraglessone]

mad max!