Oil: In perpetuity no more – Al Jazeera English
This article in Al Jazeera English provides a good overview of the looming economic problem of peak oil. Here is an excerpt:
“Even if demand remained steady, the world would have to find the equivalent of four Saudi Arabias to maintain production, and six Saudi Arabias if it is to keep up with the expected increase in demand between now and 2030.”
Of course, the elephant in the room here is coal. We may well run out of conventional oil in the next few decades but coal supplies, which when burned are much worse than oil in terms of greenhouse gas emissions, will last for centuries. If we burn all this coal, it is projected that the average global temperature would increase by an astonishing 15 degrees Celsius. If even 2 degrees of warming is considered by scientists to be dangerous, we can safely assume that 15 degrees of warming would be game over for humanity.
Incidentally, one of the analysts quoted in this Al Jazeera story, was interviewed on Earthgauge a few weeks ago for our Earthgauge Radio special on the Northern Gateway pipeline.