Richard Heinberg discusses peak oil and the global economic crises

Peak oil?

How is that old nonsense working out again.

The world just keeps producing more and more at lower and lower prices.

Heinberg is VERY knowledgeable. I attended a conference once for several days with him in attendance. He is very personable. Although we brag that we are awash in oil, the oil trapped in the sands costs like hell to produce, pollutes the shit out of the groundwater, and the fields play out in no time. Listen to what he has to say. Combined with the credit crisis, and all the other bullshit going on, we are looking at tough times.

2020 is the year to watch, after that if something else hasn't come down the pike, the energy picture gets very interesting

The world is awash with oil

Iran just came back online
Russia is producing
America is self sufficient
Oil tankers everywhere have stopped moving oil

Published just recently
Oil stockpiles have swollen to a record of almost 3 billion barrels because of strong production in OPEC and elsewhere, potentially deepening the rout in prices, according to the International Energy Agency.

This “massive cushion has inflated” on record supplies from Iraq, Russia and Saudi Arabia, even as world fuel demand grows at the fastest pace in five years, the agency said. Still, the IEA predicts that supplies outside the Organization of Petroleum Exporting Countries will decline next year by the most since 1992 as low crude prices take their toll on the U.S. shale oil industry.

“Brimming crude oil stocks” offer “an unprecedented buffer against geopolitical shocks or unexpected supply disruptions,” the Paris-based agency said in its monthly market report. With supplies of winter fuels also plentiful, “oil-market bears may choose not to hibernate.”