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197 comments on DrumBeat: May 21, 2007

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PeakTO on May 21, 2007 - 10:13am Permalink | Subthread | Parent | Comments top

I know a lot of people still may think PO is not here yet.

But at the beginning of such a plateau, someone somewhere must start reducing demand if other countries continue to grow. US, and Chinese demand is still growing, as an example.

So, the effects of Peak Oil are already rippling thru the third world - Parts of Africa, Asia, South and Central America.

The longer the plateau, the further up the ladder the forced conservation/demand destruction climbs.

This is reconciled against the OECD (rich countries) continuing to draw down stockpiles at a rate of almost 1MMBPD (930kbpd April). They are just deferring the climb a short while (delaying the next major bidding round) but not for long.

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paal myrtvedt on May 21, 2007 - 10:48am Permalink | Subthread | Parent | Comments top

Hi peakTO, here is where US gets the extra oil form, Reuters-senegal , feeling guilty ?

The other day (2 days ?) they prompted Senegal has ONLY 1 week worth of diesel (fuel) to run their entire national electricity supplies..... full blackout is in the comming

Senegal are tasting the fruits of soaring fuel-costs and have "peak-oil (money-wise) in the corner of their eyes ...."
The Guinea had similar issues some time back - and it is not going away ...

A pumpkin is ONLY so big -

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Marco on May 21, 2007 - 12:07pm Permalink | Subthread | Parent | Comments top

Just watch the MSM blank this one for a while!

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SailDog on May 21, 2007 - 6:00pm Permalink | Subthread | Parent | Comments top

Wall Street Journal 18 May:

The impact of today's energy crunch on the poor is plain in rich nations such as America: Expensive gasoline and soaring heating bills make a hard life harder. In impoverished countries such as Guinea, where per capita income is just $370 a year and surging gasoline prices have helped spark bloody riots, the energy shock has become a matter of life and death.

Global demand for oil has soared in recent years, pushing international prices to record levels. Despite a recent decline, a barrel of crude still costs about double what it did three years ago. The most powerful energy-importing nations have responded by proclaiming energy security a top policy goal. President Bush has vowed to wean America off its "addiction" to oil. The U.S. is mobilizing more ships and soldiers to protect supply lines, while Beijing is scrambling to buy oil fields from Asia to Africa.

While robust economies like America and China are withstanding the shock, the poorest countries aren't. Increasingly they can't afford to slake their citizens' thirst for petroleum -- breeding another form of energy insecurity. The pressure threatens to undermine economies and sow domestic strife, further unsettling shaky regions and presenting fresh worries for policy makers in the West. In addition to Guinea, Nepal, Yemen, Iraq and Indonesia all have been rocked by fuel protests in the past two years.

From Saildog - I picked this up from another thread here on TOD to drop into another post on FMNN (there are some real nutters over there) - so thanks to whom ever it was who originally posted it!

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197 comments on DrumBeat: May 21, 2007

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