Kevin Vranes has a phud in Physical Ocean- ography and Cli- matology. He now studies sci- ence policy and politics at the Wow, did Chevron really just print a two-page centerfold ad in the NY Times today admitting that Peak Oil is a reality? (Here's the ad.)
Big headline: The world consumes two barrels of oil for every barrel discoverd.
Yea, that's called Peak Oil. M. King Hubbert talked about it a long, long time ago.
The beginning of the rest of the ad:
"The fact is, the world has been finding less oil than it's been using for twenty years now. Not only has demand been soaring, but the oil we've been finding is coming from places that are tough to reach."
Exactly....we've picked all the low hanging fruit and the salad days are over. The rest continues on. If you want to read it, see the link above.
So Chevron is priming the American consumer for the reality of Peak Oil. Introducing the concept slowly to lessen the shock, having a fallback on which to say, "We've been warning you about this since the mid-00's!" Interesting turn of events, even while some oil exploration people are adamant that there is no peak.
Comments
# 1 | Michael Bains | January 18, 2006 10:23 AM
If you want to read it, see the link above.
I not only wanted to read it, I posted on it! (With a "hat tip" your way of course.)
My cynic says this a nice Public Relations ploy from the always profitable, so far, Chevron. Whatever... As long as it gets the point across to the masses and their masters.
Thanks
# 2 | Christopher Mims | January 18, 2006 11:03 AM
This is incredible! Chevron obviously doesn't think peak oil will affect its profits - in fact, their analysts are probably convinced this will make profits soar. (Witness all the ca$h the oil companies made in the wake of refinery shutdowns post-Katrina.) Things are really bad if Chevron takes out a two-page ad on this... here's a fun puzzle: which is going to affect us more - peak oil or climate change? (Trick question : they're intimately related!)
# 3 | kevin | January 18, 2006 1:37 PM
Shorting production has been going on for a while. Shell shutdown an apparently highly profitable refinery in central CA a couple of years ago and then held on to it as an unwilling seller, ostenisbly to further squeeze an already tight production market to drive prices up. Some in Congress tried to add provisions to the energy bill to try to stop that behavoir.