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In our part of the world we are paying $1.34 L for regular petrol (which we call gasoline)
What are you paying?
A nice can of worms you've opened up here Bill.
$500 oil is not really a meaningful statistic. Before then a number of technologies will become "economical", coal to liquids and shale oil spring to mind but there are always "buts". (And world order will collapse before then anyway.)
These technologies are very polluting and we must start diverting our available resources to developing them now if we are to have any chance of of replacing oil as it depletes. They are mutually exclusive and it won't happen. By the time we decide on some technology there will not be time or resources to phase it in.
Ethanol is a crime against humanity.
But TC and friends will need real diesel to grow our crops or we'll starve. So rationing will happen. Wanna bet the hoons will be the last to run out of petrol?
Sometime in 2005, you can dig up the exact month with some googling. Around 85 MBPD from memory.Have we actually hit peak oil production yet? I dont think we have.
Just paid $1.50 litre to fill up yesterday with premium so regular unleaded would be about $1.40. Given that there is still a 3.5 cent gap between the AUD and the CND it sounds we are paying the same prices.
Is that what it means though?The point of peak oil is in theory supposed to mean that half the oil is still left
Is that what it means though?
I thought "peak" referred to the rate of extraction, not the amount of oil left, so once a well has peaked, the rate of extraction starts to fall (ie. the number of barrels per day). The amount of oil left could be anything, possibly only a relatively small fraction of the initial reserve.
GP
Hi all,
Looking at the effect of $500 oil on currencies is probably an important aspect that has been overlooked by some.
I would expect the $A to rise in value with the higher oil price, effectively negating some of the impact here especially with our coal, uranium and gas resources .
Higher inflation is another aspect that will negate the effect of higher oil prices. If inflation were to go to 8-10% because of higher oil, it might be the higher interest rates that hurt more than the higher oil price for some.
I could see that countries that have a falling currency with the rising oil prices would be the hardest ones hit. However if the world generally went into recession and there were lower prices overall for 'resources' then our $A may also fall, but such a scenario would make the demand for oil lower and $500 oil hard to maintain.
The more I think about it, the less worrisome $US 500 oil is, for us anyway. My opinion is that things will be pretty much business as usual for most Australians with a slight variation of existing habits (ie car pooling). Of course the media will have a feeding frenzy, and the G&D brigade will be shouting 'I told you so, just wait for $2000 oil'
bye
There is a write up on the effects of reduced oil imports into Cuba
http://globalpublicmedia.com/articles/657
Cheers