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Letters to the Editor

Crisis confirmed

March 11, 2009

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To the editor:

In his March 5 letter, “Oil crisis looms,” Steve Craven states that global oil production will peak in a few decades. Kevin Phillips, in his book “Bad Money: Reckless Finance, Failed Politics and the Global Crisis of American Capitalism,” published in 2008, states that the peak may well have been hit as early as 2007 and at the latest will be hit by 2020.

The recent rise from 2005 to 2008 of oil going over $100 per barrel and gasoline to $4 a gallon are strong indicators of this fact. He states that, during this time of low oil demand and price, world oil producers are filling oil tankers and holding them in storage until the demand goes back up and the low-priced oil will sell again at over $100 per barrel. No U.S. government entity has disputed this that I have heard about.

Is our government filling all of our oil storage reserve capacities? I doubt it. We are facing a crisis of unseen proportions. All of the catastrophic impacts Craven mentioned in his letter are detailed clearly in Kevin Phillips’ book.

Bruce Muzzy,
Lawrence

Comments

i_tching 5 years, 1 month ago

The Gahwar oilfield in Saudi Arabia, the largest one in the world, is pumping 90% seawater and is in depletion mode. The Cantarel field in Mexico has seen production falling off at 5% per year for a few years now. Domestic oil production here in the U.S. peaked, just as predicted by geophysicist M. King Hubbert, decades ago.

That is all well and good. We have always known that oil is a finite resource. But we are not planning. We act as if production of fossil fuels will always, always meet demand, one way or another. The plain fact of the matter is that it won't.

What are we waiting for?

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parrotuya 5 years, 1 month ago

They should be. I remember Bush refusing to fill it the last time prices were low. Not a problem, though. The world's richest nation ought to be able to seize the Saudi oilfields any time it wants to. Right?

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geekin_topekan 5 years, 1 month ago

The strategic reserve is still in the ground.

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labmonkey 5 years, 1 month ago

One of the few good things W did was to keep filling the reserves, no matter the price or how loudly the Democrats called for release from the reserve. $4 gas is NOT a national emergency, and will likely be the norm again sometime in the near future. Hopefully we see the same wisdom from Obama.

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