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Friday, August 21, 2009

OPEC’s greed will herald the end of the oil age

The TIMES ONLINE have published a story by guest columnist and former editor of The Economist Bill Emmott on why, despite the barest of financial green shoots following the largest financial correction in a generation, OPEC are still restricting oil supply in an effort to raise the price of oil. Even with demand still down significantly the price of oil has doubled in the last 6 months and is seven times higher than just a decade ago.

We have previously reported that OPEC has made their intensions clear that they will not raise production until oil returns to $100 a barrel. The oil producers’ cartel has deliberately cut production by nearly five million barrels a day, which is more than the drop in global demand, to keep prices high.

Mr Emmott explains that if the cartel continues to over play it's hand the oil age will end, not because they run out of oil but because oil consumers run out of patience with greedy oil producers, and develop substitutes instead. We tend to think that this trend is already well under way, gathered significant momentum in September 2001, and is basically already unstoppable.

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TommyTexas said...

Quote: The Stone Age did not end because we ran out of stones.
- - - sheik Zaki Yamani, former Saudi oil minister

I will say this: I will NEVER again buy a gasoline powered vehicle. My next vehicle will either be powered by domestic biofuel like E85 or biodiesel (Bio-Willie because I am a Willie Nelson fan) -OR- will be all electric.

Either way, I will never again be responsible for oil wars and fattening the wallets of terrorists and their sympathizers.

reno08 said...

TommyTexas - I'm glad for your position and think that the technology will soon be available to make it realistic. Now if only you could convince all the others who seem to think an F150 is the starting size for a reasonable vehicle.

Dan Frederiksen said...

it's all wrong. they are holding back because they know peak oil is here and if they pump as fast as they can the fall will hit very hard.

it's further wrong in that humans for the most part are incredibly thoughtless and have no vision to change anything. as good little sheep they just pay the slightly higher price while politicians betray their future for a few pennies from the oil companies.
even Steven Chu is too stupid to do something.
we wont really get electric cars until the shit really hits the fan and there is severe oil shortage

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