18 October 2009

Iraq Says: Screw You, Peak Oil!

Iraq's long-neglected oil fields are preparing to enjoy a renaissance, as international oil companies prepare to return to the country that Saddam almost destroyed.In a devastating blow to popular peak oil prophecies, international oil companies are slowly but surely acquiring oil drilling rights from the Iraqi government. Peak oil devotees claim that world oil production has already peaked, and is on a precipitous downward fall. Doomseekers of Peak Oil produce many models and curves to support their obsession for doom.

But in order to obtain curves such as the one above, it is necessary to neglect oil from OPEC and from Russia and the former Soviet Union. It is also necessary to ignore unconventional oil production such as oil sands, oil shale, heavy oil, CTL, GTL, BTL, etc. Further, you must also pretend to be ignorant of exciting new oil production technologies that promise to double and triple current oil field yields. In other words, in order to believe in Peak Oil Doom, one has to ignore most of the world's energy in oil and oil equivalent.
The potential increase in oil output from the three deals is around 4.5 million barrels per day (bpd), which would nearly triple Iraqi output to around 7 million bpd from around 2.5 million bpd. The increase is around 5 percent of global oil supply. It is enough oil to supply nearly a quarter of daily U.S. consumption, or more than half of China's. _NextBigFuture

Yet another new round of bidding for access to Iraqi oil fields is due to take place December 11 - 12, 2009.

Yes, the Earth only has room for so much fossil fuel, so eventually the original supplies of fossil fuels will become more scarce and expensive than presently. The problem arises when Peak Oil Prophets attempt to make predictions based upon an inadequate knowledge base. They become so caught up in their fervent beliefs of coming collapse, that they allow their assumptions to become corrupted. They pretend to know more than they do about what is coming.


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“During times of universal deceit, telling the truth becomes a revolutionary act” _George Orwell

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