The Association for the Study of Peak Oil and Gas(USA) released their Peak Oil Review for 2006. A copy of the article was posted on the EnergyBulletin. You can also download directly from ASPO-USA here (registration required)
Some notable points about the report:
- 2006 Oil prices started and ended at the same level, at $61/barrel.
- World Wide Production for crude and condensate increased only by 0.18% (72.39 million b/d)
- The increasing cost of Oil production as well as the inherent threat to supplies caused by internal troubles and terrorism posed to some oil exporting countries(Saudi Arabia and Nigeria).
- There is also a noticeable drop in demand caused by the high price. However for oil exporting countries, it has been noted that oil consumption has been increasing slightly. This effect could drive prices of oil up because it leads to less exports in order to meet local demand.
- Expect price of oil to remain volatile; mostly caused by speculators, inventory levels and hurricane season.
- The race for Alternative Fuel had led to near doubling of corn based ethanol production. Along with that came the debate of fuel vs food for feedstock and land usage. Current levels of corn in the US is not enough to meet the 20.5 million barrels/day requirement.
- Recognition of Global Warming and it’s relation to the consumption of fossil fuels.
- Peak Oil theory is still not yet widely accepted and embraced by the different sectors.
- A largely untapped energy resource: Energy Efficiency. By building more energy efficient engines, the US could save 1.5 million b/day
- China’s oil importation increased 10% from 2005 with local production increasing by only 1.8% Category: Oil, Peak Oil
