Has Oil Peaked?

Only a peakoiler might find this somewhat amusing. I spotted this with my Yahoo newsreader :

The peakoiler mind reads this literally as follows : "Has oil peaked?: Yes - 1 minute ago". Get it? Muahahahaha. It's really quite absurd.

Actually, it's how "old" the news item is, current time minus indexed time.
Meanwhile, the actual article is here :
http://www.energybulletin.net/17009.html

(2006-06-12 18:19:12 SGT) [Musings] Permalink

G8 ministers see threat from high energy prices

washingtonpost.com :

Finance ministers from the world's most industrialized nations said that global economic growth remains strong, but that high energy prices and global imbalances pose continuing dangers. The finance ministers from the world's most industrialized nations, meeting ahead of next month's summit of leaders from the Group of Eight, said global growth "is gradually becoming more broadly based," but risks remain from "high and volatile energy prices" and widening global imbalances, including the U.S. trade deficit and China's trade surplus.

Russia, which is leading the G-8 for the first time, has been resisting pressure form the European Union to ratify the Energy Charter, a pact designed to provide a mechanism for crafting predictable market conditions for producers and consumers. The document would require Russia to open its export pipeline network and other energy assets to foreign investors.

Russia's push for accession into the World Trade Organization has been stymied by disputes with the United States over demands for more open financial markets and other issues. Russia, the world's second-largest oil exporter after Saudi Arabia, has been bolstered by windfall profits from record world prices.

Malaysians urged to change energy use patterns

peakoil.com -> btimes.com.my :

Malaysians need to change their energy consumption and production patterns in order to adapt to global challenges, Minister of Energy, Water and Communications Datuk Seri Dr Lim Keng Yaik says. The minister said energy security and sustainability, including ensuring a minimum impact on environment, will require everyone to play a crucial role so that "all of us can still enjoy these privileges in future". Dr Lim said the final commercial energy demand in Malaysia is expected to increase by 47 per cent by 2010. It has already increased by 31 per cent, to 1,632 petajoules [453,000 GWh] in 2005 from 1,244 petajoules [345,000 GWh] in 2000.

The total energy supply is expected to increase by 30 per cent in 2010. These energy sources include crude oil and petroleum products, natural gas and coal. "Our reserves of crude oil are projected to last for only another 19 years, while natural gas is expected to last for 33 years," Dr Lim said.

Dr Lim said his ministry is focusing on two aspects, namely developing alternative or Renewable Energy (RE) and reducing fuel consumption through Energy Efficiency. Lim said efforts were currently being taken to explore the various potentials of the biomass resources from oil palm plantations to be converted into commercially viable projects.

Portugal to build 11MW solar power plant

peakoil.com -> neoseeker.com, theregister.co.uk :

Portugal has recently started construction on what is to be the [second?] largest solar energy collection facility in the world. The project will employ some 52,000 photo voltaic cells when completed, and will pump out 11 megawatts of clean renewable energy. The construction of this plant will cost roughly $70 million US dollars. When finished, this solar plant will provide enough juice for about 8000 homes. The solar array will be panels that rest about 2 meters off the ground, giving sheep a nice shade in which to graze.

The project is seeing funding from General Electric Financial Services and the renewable energy power company Catavento. It is hoped that this initiative will help to secure a stable energy supply for Portugal in the near distant future. Although Portugal does produce some 3745 barrels of oil a day, that is barely a drop as compared to the 326,500 barrels they consume every day. The solar array may not provide total crude independence for Portugal, but it is a start.

(2006-06-12 12:41:23 SGT) [Energy] Permalink

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