Posted on 01/31/2023 10:27:19 AM PST by Oldeconomybuyer
Oil giant BP released a report Monday predicting that the world would sharply reduce its reliance on the company's signature product, oil and gas, over the next 25 years as countries hasten their transition to renewable sources of energy so as to combat climate change.
Helping spur the transition to renewables, the report says, are actions being taken by countries like the United States to rein in greenhouse gas emissions that 99.9% of scientists believe are responsible for rising temperatures.
“Government support for the energy transition has increased in a number of countries, including the passing of the Inflation Reduction Act in the US,” the report states. “But the scale of the decarbonization challenge suggests greater support is required globally, including policies to facilitate quicker permitting and approval of low-carbon energy and infrastructure.”
On Monday, President Biden promoted U.S. subsidies passed in the Inflation Reduction Act designed to help consumers purchase zero-emissions electric vehicles.
On my watch, the great American road trip is going to be fully electrified.
And now, through a tax credit, you can get up to $7,500 on a new electric vehicle.
The speed at which the world transitions to clean sources of energy is of the utmost importance, climate scientists have warned. A report issued last April by the United Nations Intergovernmental Panel on Climate Change concluded that pledges and action taken by the world's nations were falling short of the goal of preventing a catastrophic rise in global temperatures.
(Excerpt) Read more at news.yahoo.com ...
Thirty years ago they were sure the supply side of oil would collapse.
Didn’t happen, so now they’re trying to get the oil’s demand side to collapse.
Everyone knows its just so they can have cheaper fuel for their private jets and yachts.
This article seems uninformed.
I have it on good authority from Jimmy Carter that Peak Oil occurred in 1977.
This information backs up the idea that Earth is actually an oil-producing machine. We call energy sources such as crude oil and natural gas fossil fuels based on the assumption that they are the products of decaying organisms, maybe even dinosaurs themselves. But the label is a misnomer. Research from the last decade found that hydrocarbons are synthesized abiotically.
In other words, as Science magazine has reported, the “data imply that hydrocarbons are produced chemically” from carbon found in Earth’s mantle. Nature magazine calls the product of this process an “unexpected bounty “ of “natural gas and the building blocks of oil products.”
https://www.investors.com/politics/commentary/we-are-not-running-out-of-oil-earth-produces-crude/
that is certainly, at least in part, my opinion.
but it’s definitely a minority opinion atm, to say the least....
1973, wasn’t it?
The cause of peak oil is the strangling of production.
I believe that was 1978 by the worlds professional scientists…
And so:
Peak Oil has a very specific and mathematical definition, and it has always proved correct. When you get folks extrapolating and pretending to know the definition, when they do not, you get errors.
Every oil well every drilled has a production rate (the ones that were not dry) that rises, reaches a maximum, and declines. That’s it. That’s the whole definition. You drill, rock permeability cracks via the pressure differential of the bore to the surface vs the surrounding rock, oil flows increasingly fast, then the local depletion of rock pores asserts itself and the flow rate declines. Conventionally, this takes decades. In shale, about 3 years.
Rises, peaks, declines. Every well ever drilled does this. No, they do not refill. You can get drainage from an adjacent well’s rocks, but there is no new net total percolating up from below.
Rises, peaks, declines. Every oil well ever drilled does this.
That’s Peak Oil. It has always been correct. It never failed in 1977 nor now. A given well rises, peaks and declines.
It is wackos who decide that this also applies to entire oil fields because all those wells are going to behave like that. Well, there are caveats to that. You have to understand the details.
There are people who hold up charts of an oil field and show that it peaked, and then a few years later increased again. They stomp their feet and point and say . . . see?!?!? Peak Oil is false!!!!
And then someone looks into it and finds that the oil field boundaries expanded.
As for peak consumption, that’s a different animal. It is pretty easy to define a peak. Just nuke 1/2 the world’s population and next year’s oil consumption will be below this year’s.
Yep the peak oil theories of the early 2000’s turned out to be total BS.
What a big lie wrapped in bogus claims.
Read The Prize.
“...like the United States to rein in greenhouse gas emissions that 99.9% of scientists believe are responsible for rising temperatures.” Total bull Dorkbama. Prove it, media *ssholes.
What would expect from the leftists at Yahoo? The truth is there is enough oil to last 1000 years but the rats won’t let the world get to it.
Yahoo news says it all.
same class as most large city’s news organizations,
pure BS! From Democrat party hacks.
I remember “peak oil” in the 80’s... but then, I’m in Texas, where oil is boom/bust/boom/bust/boom
Tommy Gold will be proven correct on the abiotic origin of petrochemicals.
We’re now on to Peak Egg!
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