“Archie Bunker is about to get into Bed with Al Gore”

December 13, 2010

Peak oil prices are already beginning to shift the Global Economy back to local and regional economies.

Economist Jeff Rubin explains.

We’re not running out of oil, we’re running out of oil we can afford.

3 Responses to ““Archie Bunker is about to get into Bed with Al Gore””

  1. otter17 Says:

    Mr. Rubin seems to be right in the second video when he says that conventional oil production has not grown in the past five years.

    I’ve looked at the Energy Information Administration’s (EIA) data on world oil production and since 2005 the numbers have held essentially flat (spreadsheet 4.4).

    The consulting group GLG has some figures in this article that tell the same story, 2010 looks to have the same average production rate as 2005. Their numbers are lower than the EIA’s numbers, so I guess they are excluding the lease condensate (not sure).

    The documentary “A Crude Awakening: The Oil Crash” shows interviews with experts that claim the Saudis are investing in offshore drilling and have little conventional land-based wells discovered. The movie makes the Saudis and other Middle East countries seem reluctant to quote their production rates much higher than today’s rates.

    Bottom line, this flat oil production for the past five years is unprecedented, except for the 1970’s rise/fall in production. If we don’t see oil production increase in the next few years, the world’s peak in conventional oil may be upon us. I hope the economic consequences are not too shocking, and I hope I’m wrong.

  2. livinginabox Says:

    Humans can do without oil, but I don’t believe we can do without food.

    In the US to produce one kg of food on the farm uses one kg of oil. That’s machinery, pumped irrigation, pesticides and fertilizer.
    “In the United States, 400 gallons of oil equivalents [~ 9.5 barrels or 1,500 litres] are expended annually to feed each American (as of data provided in 1994)”
    There was no allowance for processing, transport, packaging, refrigeration or cooking.
    From “Eating Fossil Fuels”, by Dale Allen Pfeiffer. http://www.mountainsentinel.com/content/eatingfossilfuels.pdf

    Agriculture as provider of both food and fuel

    Click to access Ambio_Agriculture.pdf

  3. […] New York Times may or may not follow this blog, but a story today underlines Jeff Rubin’s take on the economics of global oil. Detroit’s Monsters Thrive on Cheap Oil is the message of […]

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