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Peak Oil Matters

A fresh perspective on the concept of peak oil and the challenges we face

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Tag: capex

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U.S. crude oil production is falling because investments into shale oil production dried up as the price of crude oil fell below $60/bbl. Companies aren’t interested in putting new capital to work, and because these oil fields deplete, that means crude production is falling. Why is that significant? Because most of the world’s new oil production in the past 6 years has come from U.S. shale oil fields. It is hard to overstate the global importance of the new crude supply that came online in the U.S. since 2008

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As a lead-in to discussing the main theme of this series: the role System Justification plays in the climate change/peak oil denial strategy, it would be useful to provide a brief summary of some of the more pressing and critical facts suggesting an issue or two in Fossil Fuel Production Land….

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There are—almost always—at least two sides to any story of significance and potential impact upon others. The greater the impact and potential for a range of outcomes, the more certain one can be that there are more than a handful of factors, considerations, and perspectives to be accounted for if the issue at hand is to be both understood and resolved effectively.

Ignoring the “other side” of the issue may be effective if one prefers their narrative to remain unchallenged and to provide reassurance to fellow believers, but beyond that, it’s hard to understand what the benefit might be to those seeking information if what’s shared is inaccurate or purposely incomplete.

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I suggested at the outset of this series that I did not want it to turn into yet another exercise in mocking those who do not accept the implications of peak oil. A legitimate argument could be made that I’ve failed in that objective.

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We will have to transition to a post-fossil-fuel economy eventually, either out of wisdom or chaos [1]

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