The Oil Drum

As part of a public relations outreach effort to improve their image on climate change, Exxon Mobil invited a half-dozen or so green-shaded bloggers to a conference call with Ken Cohen, their Vice President of Public Affairs. The Oil Drum editors were invited, and I ended up being the one to do it. Here are a few thoughts.

Anyone care to estimate the price elasticity of oil supply from this time series? Let's see, if you double or triple the price, and supply doesn't change at all, 0/N = 0. At least as perceived by Exxon, oil supply appears to be completely inelastic - no response to price whatsoever.

Each year, ExxonMobil publishes its view of the long-term trends of worldwide economic growth and energy demand: The Outlook for Energy. In the newly-released 2005 version, the energy giant's basic conclusion--that through the year 2030, traditional fossil fuels will continue to supply the vast majority of energy needs--remains the same, although the mix and sources are adjusted slightly.

Schlumberger: US Oil Demand 21.642M B/D, Highest Ever in Week. (link) Update [2005-12-15 0:6:13 by Prof. Goose]: Link fixed!

Exxon: Oil demand to rise 50%...Energy industry can supply what's needed, company says. (link)

Participate.net: Syriana talk. (link)

John Robb (Global Guerrillas): "Clear and Hold?"  The current US approach in Iraq is to clear areas of insurgent activity and hold them to prevent their return. This is a redux of a 20th Century counter-insurgency method called oil spots (a variant is strategic hamlets). (link)

US News and World Report (not necessarily a peak energy publication!!): The Big Chill, A winter fuel crisis of high prices and shortages could darken homes and factories. (link)