Sunday 16 May 2021 | 00:42 | SYDNEY
Sunday 16 May 2021 | 00:42 | SYDNEY

Australia election: Peak oil


Sam Roggeveen


21 November 2007 10:44

Via Energy Blog, I see that another blog devoted to energy issues, The Oil Drum, has surveyed Australia's major political parties on their views of Peak Oil theory. The results are somewhat underwhelming, owing to the fact that only the Greens and Coalition bothered to reply. The Coalition response indicates scepticism about Peak Oil, and I daresay Labor feels the same (a search for 'peak oil' on the ALP's website brings nil returns).

Peak Oil is still not politically mainstream. But according to a report in Monday's Wall Street Journal, that might be changing, at least in the oil industry:

A growing number of oil-industry chieftains are endorsing an idea long deemed fringe: The world is approaching a practical limit to the number of barrels of crude oil that can be pumped every day.

Some predict that, despite the world's fast-growing thirst for oil, producers could hit that ceiling as soon as 2012. This rough limit -- which two senior industry officials recently pegged at about 100 million barrels a day -- is well short of global demand projections over the next few decades. Current production is about 85 million barrels a day.

There's imporant context further down in the article and some counter-arguments, so read the whole thing.