On Saturday, October 9th, 2010 in Washington, D.C., the 6th annual Association for the Study of Peak Oil and Gas Conference came to a close. The conference communicated important information about the impacts of the looming energy crisis in a world without a readily available supply of cheap oil.
Among the conference guests were former Secretary of Energy James Schlesinger, former CIBC Chief Economist Jeff Rubin and policy expert Ralph Nader. A host of peak oil scientists were also joined by US Representative Roscoe Bartlett, and energy analysts, including Dr. Bob Hirsch, Dr. Roger Bezdek, and Charlie Maxwell.
There is a great deal of misunderstanding about peak oil in the US, specifically the difference between easy-to-get-to and hard-to-get-to oil. Americans, particularly Republicans, need a better understanding of the complex socioeconomic and geopolitical impacts of peak oil.
While there are huge tar sand reserves, (500 billion barrels in Orinoco tar sands, and another 170 billion in the Alberta tar sands), extracting oil from the Canadian oil sands costs up to $70 to $80 a barrel and deep water offshore drilling efforts can cost $50 to $60 a barrel.
The simple fact is that the price of oil will increases as oil becomes more expensive to access. We will never again see oil below $40 a barrel.
According to the conference press release, “Petroleum is being consumed four times faster than it is being discovered. It’s time for the government and society to recognize the crisis. Immediate, bold action is required in the areas of conservation, mass transit, new technologies and lifestyle changes.”
Peak oil is another reason for the US to get serious about supporting the transition to renewable sources of energy that are limitless and emissions free.
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