Paul Krugman discusses PEAK OIL in today's NYTimes!

[frank frankly]

This is an incredible OpEd from one of our greatest living writers.

Whew. Read it for yourself. He is so easy to read and he covers a lot in a tiny amount of space.

Thanks again, Paul!

:yourock:

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http://www.nytimes.com/2004/05/07/opinion/07KRUG.html?pagewanted=print&position=

<snip>

Oil is a resource in finite supply; no major oil fields have been found since 1976, and experts suspect that there are no more to find. Some analysts argue that world production is already at or near its peak, although most say that technological progress, which allows the further exploitation of known sources like the Canadian tar sands, will allow output to rise for another decade or two. But the date of the physical peak in production isn't the really crucial question.

The question, instead, is when the trend in oil prices will turn decisively upward. That upward turn is inevitable as a growing world economy confronts a resource in limited supply. But when will it happen? Maybe it already has.

I know, of course, that such predictions have been made before, during the energy crisis of the 1970's. But the end of that crisis has been widely misunderstood: prices went down not because the world found new sources of oil, but because it found ways to make do with less.

<snip>

Since then, however, world demand has grown rapidly: the daily world consumption of oil is 12 million barrels higher than it was a decade ago, roughly equal to the combined production of Saudi Arabia and Iran. It turns out that America's love affair with gas guzzlers, shortsighted as it is, is not the main culprit: the big increases in demand have come from booming developing countries. China, in particular, still consumes only 8 percent of the world's oil — but it accounted for 37 percent of the growth in world oil consumption over the last four years.

[Indiana_Dem]

1. Thanks! Bookmarked it! n/t

[keithyboy]

2. Oh, to have the money and other resources to go for synthetic fuel

or alternate sources. Now that it is imperative, the big oil companies will begin ease their control of the research and development in this area. All those patents pending on alternative and synthetic fuels will not be bought up by the oil companies and R&D will go full speed ahead.

Only problem is that Japan and China will probably beat us to it.

[frank frankly]

3. this is one of many areas that JK will address

i truly believe that.

bush, on the other hand, had this to say about Peak Oil

"who cares? we'll all be dead."

[Old and In the Way]

4. It presents a unique opportunity, no doubt.

Stop a deadended Republican energy policy of wars for oil and put Americans to work developing an entirely new power grid that focuses on inefficient technologies that are renewable. We can literally renew our society by transforming it's core energy strategy.

We'd could reduce the Defense Budget by 50% to pay for it, since we won't be needing to station troops and bases in the ME. I really hope Kerry pushed the 2 fold benefit of this sweeping vision for America.

[frank frankly]

5. absolutely. you said it perfectly.

we need a new economic engine. make it science and technology. get off oil completely. save the environment as a priority. that can create jobs. also reverse the course of our auto industry. subsidize alternative energy projects and boom we will have it soon.

the money is already being spent (laundered). switch from these massive military "reconstruction" projects and put it towards real development.

also upgrade the highways and other infrastructure and that recreates a working class middle class.

man, do we need universal healthcare, though. people would be so much happier and able to switch jobs and train and just go for it in general.

to be sure, JK represents the only hope for any of that. it is make or break time for us bipedal mammals.

[The Backlash Cometh]

6. My stupid question of the day:

Have they found any major oil locations in China? Have they even tried looking?

[hatrack]

9. China's production peaked, either two or three years ago

This (along with its current economic boom) is why China passed Japan last year to become the world's #2 oil consumer. Also check Environment/Energy - they're buying African crude at 7 times the rate of US purchases.

[AP]

7. Anyone interested in this needs to read War at the Top of the World

by Eric Margolis

http://www.amazon.com/exec/obidos/tg/detail/-/0415934680/qid=1083941829/sr=8-1/ref=sr_8_xs_ap_i1_xgl14/103-3140896-0180604?v=glance&s=books&n=507846

You can read a few pages here:
http://www.amazon.com/gp/reader/0415934680/ref=sib_dp_pt/103-3140896-0180604#reader-page

[trof]

8. Check out the ASPO website

http://www.peakoil.net/Default.htm
Association for the Study of Peak Oil

Scarey stuff.

[frank frankly]

10. thanks, trof

bookmarked it for later...