Oh cool! We’re all doomed:
Peak oil, or the point when the maximum rate of global petroleum extraction has been reached and is about to enter terminal decline, is no longer the fringe theory it was just 10 years ago. Even Jeroen van der Veer, the chief executive of Royal Dutch Shell, has admittedthat oil supply may no longer keep up with demand by 2015. But the just released cables, which detail a back-and-forth between the U.S. consul general and geologist Sadad al-Husseini, the former head of exploration at Saudi Aramco, confirms that the situation is serious.
Here’s an excerpt from one cable:“In a presentation, Abdallah al-Saif, current Aramco senior vice-president for exploration, reported that Aramco has 716bn barrels of total reserves, of which 51% are recoverable, and that in 20 years Aramco will have 900bn barrels of reserves.“Al-Husseini disagrees with this analysis, believing Aramco’s reserves are overstated by as much as 300bn barrels. In his view once 50% of original proven reserves has been reached…a steady output in decline will ensue and no amount of effort will be able to stop it. He believes that what will result is a plateau in total output that will last approximately 15 years followed by decreasing output.”
Thanks for the nightmares, Julian Assange. Whatever, oil is so totally Web 1.0. Buy electric, y’all!