“One of the world's most authoritative sources for oil industry data is confirming what many others, both inside and outside the oil industry, have long suspected,” our energy guru Byron King responds to BP’s Statistical Review of World Energy report released yesterday. “Mankind is at or near (if not already past) the era of cheap oil.”
BP announced that global oil reserves are in decline, and that, at best, we’ve got 40 more years of oil consumption at current levels.
“For the past 150 years or so, long-term extraction of petroleum from the ground could always be counted upon to increase over time,” continued Byron. “For the past seven generations, energy and useful hydrocarbon molecules, derived from crude oil, were continuously available to meet world needs. But no longer. The resource base is starting to reveal its limits. Mankind's limited ability to exploit that resource base will follow in turn. The future begins today.”
BP announced that global oil reserves are in decline, and that, at best, we’ve got 40 more years of oil consumption at current levels.
“For the past 150 years or so, long-term extraction of petroleum from the ground could always be counted upon to increase over time,” continued Byron. “For the past seven generations, energy and useful hydrocarbon molecules, derived from crude oil, were continuously available to meet world needs. But no longer. The resource base is starting to reveal its limits. Mankind's limited ability to exploit that resource base will follow in turn. The future begins today.”
No comments:
Post a Comment