Mon Mar 01, 2010 12:46 pm
Are oil industry experts afraid ?
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Are oil industry experts too afraid to publicize the realities through peak oil news?
Most of the researchers and experts have accepted the fact that the world is going to face great difficulty in meeting the energy demands. Notable establishments like International Energy Agency are persistent on their firm mission to focus on keeping the volatile market steady. But the warnings given by such agencies about the decline of oil prices were often constantly ignored by people.
Does anyone remember the question that the Queen had asked to the economists of London School of Economics, a year ago, during the peak time of financial recession? She asked the reason why they couldn’t forecast it. While applying that question to the peak oil it can be found that many people had foreseen the slow fall in oil resource, but their opinions were not considered seriously and they were completely marginalized by others.
If we examine the 2008 edition of World Energy Outlook annual report and examine it in detail, we can find that the peak oil period was somewhere in 2008-09 and that the oil production from current fields were about to drop off the cliff.
Oil fields which are yet to be developed and the ones which are yet to be found out may enable a stable area of production, but researches are still going on about it.
The most notable point in examination of traditional energy investment is that it the energy resources will fall down to the level of sheer inadequacy by 2030, and would make many countries energy hungry.
Oil production business is always accompanied by the massive clash over sharing it. Hence panicky investors in oil energy market can cause enormous damage to the industry. Panic buying and selling can often prompt fights and other mayhems, as crude oil industry is of great demand these days. But our political and economic systems have failed to maintain the balance in dealing with oil energy market.
Most of us live in a world of illusion that we can manage the volatility of oil energy market, whereas the reality has reached to a very dangerous situation where the inadequacy is very evident. We don’t even think seriously about devoid of the plentiful supply of oil resources.
