53 comments on Oil Quiz - Test Your Knowledge
Comments can no longer be added to this story.
| Show without comments | PDF version
53 comments on Oil Quiz - Test Your Knowledge
Comments can no longer be added to this story.
| Show without comments | PDF version
Search The Oil Drum with Google
Support The Oil Drum
Recently on TOD:World
TOD:Campfire
- What "Lower Consumption" Means
- Tricking and Treating the Future
- Meeting Energy Decline Part-Way - Potatoes?
TOD:Europe
- The Future of Nuclear Energy: Facts and Fiction - Part IV: Energy from Breeder Reactors and from Fusion?
- The US stimulus and "green jobs"
- EROWI - energy return of water invested
TOD:Canada
- In this house, we obey the laws of thermodynamics!
- The Round-Up: October 24, 2008
- Compressed Air Energy Storage - How viable is it?
TOD:Australia/NZ
- The Bullroarer - Saturday 7th November 2009
- The Bullroarer - Friday 30th October 2009
- Details of Solar Flagships Released
TOD:Net Energy
Blogroll
Energy Sites
- The Coming Global Oil Crisis
- Die Off
- Dry Dipstick
- Energy Bulletin
- From the Wilderness
- Life After the Oil Crash
- Peak Oil Crisis
- Peak Oil News and Message Boards
- Powerswitch
- Rigzone
- Matthew Simmons
- Wolf at the Door
Environment & Sustainability Sites
- The Daily Green
- EcoGeek
- Eco Street
- Green Car Congress
- Green Options
- green.alltop.com
- Gristmill
- RealClimate
- Sustainablog
- Treehugger
- WorldChanging
Blogs
- The Big Picture
- Casaubon's Book
- Cleantech Blog
- Clusterf
k Nation (Jim Kunstler) - The Cost of Energy
- David Strahan
- The Energy Blog
- Entropy Production
- European Tribune
- GraphOilology
- Health After Oil
- jeffvail.net
- Mobjectivist
- Peak Energy (Australia)
- Peak Energy (USA)
- R-Squared
- Resource Insights
Finance & Economics Blogs
- Calculated Risk
- The Crash Course
- Ecological Economics
- Econbrowser
- Environmental Economics
- Infectious Greed
- The Mess That Greenspan Made
- Mish's Global Economic Trend Analysis
Organizations
Peak Oil Primers
Beware email scams!
Beware email scams claiming to be from this site. We do not have any job openings. If anyone contacts you about a job at The Oil Drum, do not reply to them, and definitely do not give them any personal information or send them money. Read more here.
“Where ideas are concerned, America can be counted on to do one of two things: take a good idea and run it completely into the ground, or take a bad idea and run it completely into the ground.”
—George Carlin
User login
Contact
- Content: editors at theoildrum dot com
- Tech support: support at theoildrum dot com
Personnel
- Editors: Nate Hagens, Gail the Actuary, Prof. Goose
- DrumBeat Editor: Leanan
- Contributors: ace, Engineer-Poet, Heading Out, jeffvail, JoulesBurn, Sam Foucher, Robert Rapier
- TOD:Campfire: Glenn, Jason Bradford
- TOD:Europe: Chris Vernon, Euan Mearns, Francois Cellier, Jerome a Paris, Luís de Sousa, Rembrandt, Rune Likvern, Ugo Bardi
- TOD:Canada: benk, Libelle
- TOD:ANZ: Big Gav, Phil Hart, aeldric
- Emeritus: Stuart Staniford
- Technician: Super G
License
This work is licensed under a Creative Commons Attribution-Share Alike 3.0 United States License.










GAIA Host Collective
"Economists have had a surprisingly large say in this discussion. Their view is that it doesn't matter whether oil production begins to decline or not. They believe that oil is like any other commodity, and that substitutes will be found. They also believe that scarcity will lead to higher prices which will lead to greater production and/or demand destruction, so that declining oil production will never be a significant issue."
This is an important comment. Years ago I told a senior professor at Stanford that petroleum depletion would irreversibly and radically alter the function of social economies worldwide. He shot back, without missing a beat, that before depletion occurred substitutes for petroleum would enter the market and a seamless segway would be obtained. He then made passing reference to the German production during the second world war of petroleum substitutes. My take on this professor was he was ignorant, arrogant and presumptuous (Brings to mind Rene Dubois statement that "Trend is not destiny.".)
Perhaps what will occur are failed attempts at substitutionthat will jolt our "leadership" to realize that future petroleum prospects are not what they used to be.
One thing I want to do is put together a piece on coal-to-liquid, talking about how much it would really cost, what it would require in terms of amount of coal per year, and how much gasoline this would actually replace. Also some of the many other issues - would we really have enough water in Wyoming to produce a huge amount of coal-to-liquid, or would we need to transport the coal to locations with sufficient water.
I talk more about the problem with economists in the article I wrote for actuaries Our Finite World: Implications for Actuaries"
One of the recommendations I make in that article is that actuaries begin to question economic models. Actuaries are not economists, but parts of their work are quite closely related to economics. Thus, actuaries should be in a better position to begin questioning what the economists are saying than most other professions.
I doubt that this is going to happen on any scale soon - economists must outnumber actuaries at least 100 to 1, and most actuaries are used to models that assume infinite growth.
<< My take on this professor was he was ignorant, arrogant and presumptuous (Brings to mind Rene Dubois statement that "Trend is not destiny.".)>>
Perhaps he has an MBA. I was told (at Stanford) that MBAs are "often wrong but never in doubt".