Hidden Nook

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Tuesday, September 13, 2005



End Of Oil By 2027?


[Media Source*]

(EU Observer) The chief of the Washington-based NGO Foundation on Economic Trends indicated that the world will have used up over half its oil reserves by 2027 at the latest or between 2010 and 2020 at the earliest.

"Let's hope and pray that we don't peak in the next two to three years, or we are going to be in trouble like we have never been before in human history", he said.

If this analysis is correct then Social Security will not be the only major thing the next generation will have to worry about. Oil prices could sour to $90 a barrel which would strain western nations severely and threaten middle eastern ones economically. Jeremy Rifki (a US Thinker who is becoming controversial now-a-days) is urging world leaders to develop renewable fuel resources in order to usher in "a third industrial revolution after steam and oil power."

Ironically of all the places, Jeremy places his bets on Europe to save the day.

(EU Observer) MEPs from the conservative, socialist, green and liberal groups who launched a new EU hydrogen manifesto on Monday echoed Mr Rifkin's arguments.

Under the scheme, the European Parliament hopes to raise money for hydrogen research by selling eurobonds to European investors, as well as pushing through energy-saving directives on higher car taxation, public transport use and home insulation.

Although "the experts" are warning of a future oil shortage, many industry leaders do not seem to be too worried as they cite that technology has generally outpaced any foreseen shortages, such as allowing for the conversion of non-oil hydrocarbons (like tar) into oil-type products. Technology has also allowed for oil companies to drill in new locations, such as the ocean, enabling them to drill deeper in order to satisfy the global economies need for "black gold."
Proven world oil reserves currently stand at some 1.18 trillion barrels, compared to 761 billion 20 years ago, and are not expected to run dry until 2045 at the earliest, British Petroleum (BP) said.

"Based on BP's work and statistics, the world is not facing a shortage of hydrocarbon resources", a spokesman said.

This is probably good news, although leaders from around the world probably should not delay in developing alternative energy sources as that could lessen the financial burden upon the consumer. After all, oil reserves are rather finite, and unless another source can be developed to replace it, humanity may literally enter into another dark age, something history probably advises us to avoid.



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By Darnell Clayton • 10:47 PM • Email Post • •

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