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Myth: The World is Running Out of Oil (Peak Oil Theory)

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Uploaded on Mar 2, 2011

20/20 John Stossle makes the case that the peak oil theory is a Myth.

We have enough oil and other carbon based fuels for hundreds of years.

Even "expensive" oil is cheap.
The MOST EXPENSIVE oil of them all is from deep ocean at $70/bbl. which equals $1.67 per gallon. Oil from Tar Sands is about $20/bbl. which equals $0.48 per gallon.

Dxpensive oil has many alternatives, such as NG, Coal, Nuclear, Solar, Wind, Geothermal, Hydroelectric, Biodiesel and Biofuels, Ethanol, etc. . .

Almost no Oil is used for electricity, less than 1%.

Almost 15% of all transportation fuel has been replaced with ethanol additives and biofuel alternatives.

Some countries, they are not dependent on oil. South Africa uses coal and also turns coal into tranportation fuel. In Brazil they use mostly ethanol.

In 30 or 40 years all cars will be electric.

Worrying about running out of oil is like worrying about starving to death because we are running out of cows. Cows may be our favorite meat, but it is not our only meat. And meats are not the only things that can sustain us. Beef has many alternatives. Oil is the exact same way. The world is not going to starve of energy if we run out of oil. Oil has many alternatives.

We do not need oil for fertilizer, plastics, or medicines. We use oil only because it is cheap. Oil has many alternatives.

Cows are man made and Oil can also be man-made.

Oil is NOT a finite resource. Oil CAN be man made. Oil can be made from plants, biomass and Algae. Alagae can be grown anywhere even deserts and oceans and does not have to compete with food crops. Some strains of Algae can double their mass in a day, or under ideal conditions, within hours.

EROEI Argument:

The whole EROEI argument is a bad argument because it is irrelevant and based on a false claim that it takes more energy to get the oil from shale or tar sands than it can provide. This is an outright lie.

The rate of return is roughly 1 to 6 and improving with new technology and methods. This gives you a net gain of 5. A return of 6 for 1 is not bad at all. Think of it in terms of money. If you had to spend $1 to make $5, wouldn't you do it? Most businesses or investmenst do not do nearly that well.

Also, the EROI argument is irrelavant because it almost doesn't matter what the EROI is ... even if it is a net loss.

We have lots of coal, lots of Natural Gas. The Sun, Wind, Geothermal, and Nuclear fuels are virtually limitless. It really doesn't matter what the EROEI is. Trade what you have lots of for what you have less of.

Food provides a lot less energy than it costs to produce it, especially when you consider the energy input from the sun. Should we stop producing food because it is a net energy loss?

We can't fuel our gasoline engine car with a bag of coal or natural gas or with a wind generator or solar panels so why not use energy derived from those sources to develope the shale or tar sands into fuels that we can use? It doesn't matter if there is a net energy loss. This EROI argument is bogus!

And lets not forget there is no net energy loss. It's a net gain of 6 for 1. Actually, the latest EROEI numbers are 7.3 to 1. That's pretty damn good!

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