Posted by: energyblogwalter | September 27, 2006

Re: Peak Oil Forecasters Win Converts on Wall Street to $200 Crude :: Bloomberg

This article is from August 31 before the drop to the $sixies now. However an excellent article showing all the pundits and peaksters in action. Interesting from an energy investment viewpoint. I hope to see more mainstream news regarding Peak Oil grow as we reach the winter heating season.  That this is in the investment community to such detail though, may speak to a larger undertoe occurring with bankers and economists but still leaving the general public unaware.

Peak Oil Forecasters Win Converts on Wall Street to $200 Crude

One quibble is that this article claims that Canadian tar sands can support the USA for 25 years, yet natural gas is also now set to decline in North America. The tar sands are huge.  That’s nice and all, but natural gas is used to change the tar sands into oil. Without it, no oil.   Ooopsy.  So if the tar sands are limited by the supply of natural gas, why are we not talking about Canada’s supply of natural gas?

I feel Canadians are deluted to think that the tar sands will conquer all ills. It won’t. Also add in the demand for gas powered powerplants and you now have competition in the marketplace preventing more energy from being made, not more energy. Therefore it’s likely that the demand for natural gas alone will price it away from those who cannot pay before its eventual decline.

Nuclear power required for oil sands production?
Shawn McCarthy, Globe and Mail (Sept 26th, 2006)
The much-touted potential for Canada’s oil sands to offset projected declines in North American oil production remains highly questionable because of constraints on natural gas production and environmental problems, a group of Swedish industry experts concludes in a new report. …

Writing in the influential European journal Energy Policy last month, the analysts for the Uppsala Hydrocarbon Depletion Study Group warned that the world should not count on Canada’s massive oil sands deposits to meet future demand growth.

I’m glad there is the Internet.  Sure it’s a Globe and Mail article but it Sweden talking to Canada, not Canadians listening to Canadians.  And what part of any government in Canada is talking about this?

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