Yoshie, do you really believe this? I have been reading you stuff here on pen-l and on A-list and I can' t believe you are serious. For one thing, you don't seem to understand what 'peak oil' is. Peak oil is the point at which CONVENTIONAL OIL has reached its peak -- i.e. when half the reserves of CONVENTIONAL OIL have been extracted leading to ehnanced oil recovery and a shift to NON-CONVENTIONAL oil, which is more expensive to extract and which has a much lower EROEI (energy return on energy invested). Sure, we can extract oil from tar sands, palm trees and pig skins, but it won't be economic, nor will it save the environment. When will you get serious about the problem?
Paul P Yoshie Furuhashi wrote:
TECHNOLOGY TO SQUEEZE OPEC Within 20 years, he predicts, technology will have cut deep into demand for transport fuels. Crude will slump even more heavily than the single-digit prices seen during the last glut, in 1998. This year's oil price scare will feed rival non-OPEC production, suppress demand and, most damagingly for OPEC, breed new fuel technologies. He sees hybrid engines for automobiles and hydrogen fuel-cells drastically cutting the consumption of gasoline while big new finds lift crude flows from non-OPEC nations. "Technology is a real enemy for OPEC. Technology will reduce consumption and increase production from areas outside OPEC." "The real victims will be countries like Saudi Arabia with huge reserves which they can do nothing with - the oil will stay in the ground for ever." OPEC, said Yamani, had failed to learn the lessons of the series of gluts and shortages which have marked its turbulent history. Its leading negotiator during the oil price rises of OPEC's heyday, Yamani says his warnings against pushing crude too high went unheeded. "I will never forget. It was 1979. I was in Caracas and I said that at this price - it was $28 a barrel at the time - OPEC production will drop, OPEC countries will fight each other. I said production has to be raised to lower prices. They said I was crazy." While Saudi Arabia, sitting on 100 years of reserves, now favours prices no higher than $25 a barrel, fellow OPEC members remain keen to squeeze their customers for as much short-term revenue as possible. "There are some members in OPEC who always tried to resist extra production - like Venezuela, Iran, Libya. In OPEC, from day one that has not changed," said Yamani. -- Yoshie <http://montages.blogspot.com/> <http://mrzine.org> <http://monthlyreview.org/>
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