Sunday, July 19, 2009

Is Peak Oil real or Imagined?

There is a lot of discussion over peak oil; if it is real; if it is here or still to come.

The article below presents the most compelling data on peak oil that I've seen in a long time."

Whether you are a believer or a doubter, Praveen Ghanta's data is worth looking at.

I have long believed that peak oil is a reality. I just didn't know for sure if we'd reached it or not. Now the answer is clear and tells me that apart from any environmental reasons or social reasons, the new alternative fuels from waste business I'm building is the right thing at the right time.

What's more, the data reinforces that we need every type of alternative fuel if we are to avoid an energy catastrophe once the down turn is over. The IEA's report from last year shows we'll need an additional 45 million barrels per day to meet demand by 2030.

Based on my own research, this new supply wont come from new oil discoveries. Our only chance is alternatives, but we have to move now because these things take time to prove and to scale up. We have to look at everything from bio-fuels to electric vehicles and every energy source from biomass to waste.

Fischer Tropsch is proven and ready to go, most of the other alternatives have problems with scaling up, social implications or are too early stage. Now is the time to act.

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