A Quote by Gunther Oettinger
My fear is that the global consumption of oil is going to increase, but European oil consumption has already reached its peak. The amount of oil available globally, I think, has already peaked.
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Our oil problems are only going to get worse. Our trade balance is only going to get worse. So we have to slow the growth of U.S. oil consumption, particularly imported oil consumption.
Government experts have estimated that ANWR reserves would only provide enough oil for six months of U.S. oil consumption. In addition, the oil industry itself has estimated that it would take 10 years to bring this oil to the market.
In my humble opinion, we should now have reached peak oil. So it is high time to close this critical chapter in the history of international oil industry and bid the mighty peak farewell.
A significant number of petroleum geologists believe that we will reach the global maximum of petroleum extraction within this decade or that we have already reached it. Peak Oil happened in 1970 in America, when over half of our oil that we gained from the soil was exhausted ... This is very disturbing, regardless of global warming.
Saudi Arabian oil production is at or very near its peak sustainable volume (if it did not, in fact peak almost 25 years ago), and is likely to go into decline in the very foreseeable future. There is only a small probability that Saudi Arabia will ever deliver the quantities of petroleum that are assigned to it in all the major forecasts of world oil production and consumption.
Although the United States cannot unilaterally lower the price of oil, it can reduce its consumption by using oil more efficiently and by developing alternative sources of fuel.
The oil patch pays good. They're decent jobs paying between 50 and 70 thousand a year. Fracking has a big impact on the oil consumption in the United States.
Increase your consumption of healthful fats like extra virgin olive oil, avocado, grass-fed beef, wild fish, coconut oil, nuts and seeds. At the same time, keep in mind that modified fats like hydrogenated or trans fats are the worst choices for brain health.
There are many disturbing news. We believe that the production of conventional petroleum reached peak oil already in 2006. The oil fields in the North Sea and the US are collapsing ... time is running out.
I've been saying for a long time, and I think you'll agree, because I said it to you once, had we taken the oil - and we should have taken the oil - ISIS would not have been able to form either, because the oil was their primary source of income. And now they have the oil all over the place, including the oil - a lot of the oil in Libya, which was another one of her disasters.
Every day we hear about a new invention here and there and they are reducing considerably their consumption of oil. But the day they use hydrogen for transportation, this is the day that oil disappears.
We passed law that encouraged consumption through different purchasing habits like, you know, hybrid vehicles. You buy hybrid, you get a tax credit. We've encouraged the spread of ethanol as an alternative to crude oil. We have asked for Congress to pass regulatory relief so we can build more refineries to increase the supply of gasoline, hopefully taking the pressure off of price. And so the strategy is to recognize that dependency upon crude oil, in a global market, affects us economically here at home. And, therefore, we need to diversify away as quickly as possible.
Regardless of how you feel about peak oil or global warming, the increased use of natural gas is a positive thing because it is being found at a rate that is faster than that of new oil reserves, it is relatively abundant, and our reserves are longer lived than our oil reserves... It does not get the kind of attention it deserves.
Goldman Sachs now has the biggest oil position in America and probably one of the biggest oil positions in the world. They're long oil. So the banks have aggressively been buying oil on their balance sheets. I think they might see this as a way to bail themselves out of this mortgage crisis.
I don't think for a minute we went to Iraq for oil. It just so happened that it had oil. But I think we'll come out of the Iraqi situation with a call on their oil at market price.
I do believe that oil production globally has peaked at 85 million barrels. And I've been very vocal about it. And what happens? The demand continues to rise. The only way you can possibly kill demand is with price. So the price of oil, gasoline, has to go up to kill the demand. Otherwise, keep the price down, the demand rises.
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