A Quote by Michael Kumhof
A key impact of recent events was a very persistent, if not permanent shock in the oil supply. This was caused as the oil industry hit geological boundaries, which meant that it could no longer maintain the historic growth rates in petroleum extraction.
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...the era of cheap oil and natural gas is coming to a crashing end, with global oil production projected to peak in 2010 and North American natural gas extraction rates already in decline. These events will have enormous implications for America's petroleum-dependent food system
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.
There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.
Speaking about our largest oil company Rosneft, and I recalled in the beginning that almost 20 percent of it [19.7] belongs to BP. Who's company is that? British Petroleum, isn't it? I suppose that is not bad. I have to tell that British Petroleum's capitalization is significantly related to the fact that it owns more than 19 percent of Rosneft, which has vast oil reserves both in Russia and abroad. This has its impact on the company's stability as well.
It was very interesting to me that when Louisiana was destroyed in that flood the fundamentalists were very quick to say, it's the punishment of God on a sinful city. Now that the oil industry has been so hard hit in Galveston, are they up on their pulpits saying, God is punishing the oil industry? No, no, no!
You folks been following the big British Petroleum oil spill in the Gulf of Mexico? I'm telling you, British Petroleum has put more birds in oil than Colonel Sanders.
Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.
I think oil prices are down for two reasons. One is, there is a lot of supply. There is a lot of supply because the U.S. now produces a lot of oil and there is a lot of supply because the Saudis seem to want to produce a lot of oil, maybe to punish the Iranians and the Russians.
There's a huge misconception that it's all about the oil, and the truth is there's actually not much oil left in Abyei. The misperception arose because when the peace agreement was signed in 2005, Abyei accounted for a quarter of Sudan's oil production. Since then, the Permanent Court of Arbitration in The Hague defined major oil fields to lie outside Abyei. They're in the north now, not even up for grabs, and they account for one percent of the oil in Sudan. The idea that it's "oil-rich Abyei" is out of date.
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.
It's important to Russia to be able to attract capital and to attract technology to develop their oil fields, their oil and gas fields, many of which suffer from lack of access to the very best technologies. And it's also important, and this has been the US government's view to have diversification of supply, diversification of supply roots and, of course, diversification in terms of alternative energy.
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.
There is enough oil out there for world demand. It is true that a lot of what's driving oil prices up right now is not the lack of supply. There's enough supply.
The two largest oil-producing countries in Latin America, Mexico and Venezuela, sold petroleum to Nicaragua at concessional rates for several years beginning in 1980. The program was curtailed because Nicaragua could not make even reduced payments.
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.
The global supply of oil is going to decline because we've used up a good deal of the easy-to-get oil. We're going to reach a point in the not-too-distant future when it is impossible to keep increasing the daily supply.
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