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World Watch Magazine's Peak Oil Forum |
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Although no one knows for sure when oil production will "peak," nearly everyone in the January/February issue of World Watch magazine's Peak Oil Forum agrees that the age of oil will end—and the time to start transitioning to alternatives is now. While industry representatives such as Arturo Jimenez of the American Petroleum Institute argue that failure to develop "the potentially vast oil and natural gas resources that remain in the world" will have a high economic cost, others, such as Worldwatch Institute's Christopher Flavin, argue that "the current path—continually expanding our use of oil on the assumption that the Earth will yield whatever quantity we need—is irresponsible and reckless."
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Injured in a car crash? Find help from a Colorado car crash
attorney.
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U.S. Energy Information Agency predicts $50/barrel oil for 2006 |
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&t The Department of Energy's Energy Information Agency predicts continued high oil prices through 2006. "World oil markets have been extremely volatile for the past severalArturo Jimenez
years and the Energy Information Administration (EIA) now believes that
the reference case oil price path in recent editions of the Annual Energy Outlook did not fully reflect the causes of that volatility and their implications for future oil prices. In the Annual Energy Outlook 2006 (AEO2006)
reference case, released today by EIA, world oil supplies are assumed
to be tighter, as the combined productive capacity of the members of
the Organization of the Petroleum Exporting Countries (OPEC) does not
increase as much as previously projected. World crude oil prices,
expressed in terms of the average price of imported light, low-sulfurWells Fargo customer service
crude oil to U.S. refiners, are projected to fall from current levels
to about $47 per barrel in (2004 dollars) in 2014, then rise to $54 per
barrel in 2025 and $57 per barrel in 2030. The projected crude oil
price in 2025 is about $21 per barrel higher than projected in last
year’s reference case," reads the December 12 report from the EIA.
View the EIA Macro Advisors presentation from December 14 Here In the reference case—one of several cases included in AEO2006—the
average world crude oil price continues to rise through 2006 and then
declines to $46.90 per barrel in 2014 (2004 dollars) as new supplies
enter the market. It then rises slowly to $54.08 per barrel in 2025
(Figure 1), about $21 per barrel higher than the price in AEO2005 ($32.95 per barrel). Alternative AEO2006 cases address higher and lower world oil prices.
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University of Colorado to offer Alternative Energy Program |
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The University of Colorado at Boulder Leeds School of Business will offer a new graduate-level certificate course, Assessing Sustainable Energy Technologies, Jan. 17 - May 1, 2006, to examine alternative options to traditional sources of fossil-based energy and their technical and economic feasibility.
Rising energy costs make sustainable energy options appealing to businesses that want to cut costs and reduce pollution. The course focuses on fundamentals of the technology and cost of emerging energy technologies, including solar, wind, biomass, oceanic, geothermal, hydropower, fuel cell (hydrogen), nuclear and other more exotic sources of energy.Wells Fargo customer service |
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What Chevron says about Oil and Gas supplies |
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Oil and Gas
Oil and gas currently provide more than half of the world’s energy supply, and according to the International Energy Agency, they—along with coal—will continue to be the major sources of energy well into the 21st century.6 OPEC provides about 40% of the world’s oil, although its share is slated to grow. While output of conventional oil and gas from areas like Russia and the Caspian region could rise, North America and the North Sea are expected to decline gradually.7
Over the longer term, where oil and gas are found and in what form will undergo a transformation. Where costs were once prohibitive, energy companies are using new technologies to extract oil and gas from existing reservoirs.8 And offshore technologies are allowing companies to find and extract oil and gas in deep ocean water—a location that was considered inaccessible just a few years ago.9 Fossil fuels also exist in unconventional forms—hydrocarbons contained in oil-sands, and even shale are believed to have more energy content than all the oil in Saudi Arabia.10 The catch is that it may currently take more energy and may cost more to extract and produce oil from some of these unconventional forms than would be gained.
Then there’s natural gas. Getting natural gas to market takes time and investment. But gas is a cleaner source of energy than oil or coal, and emits fewer greenhouse gases.11 And natural gas will only increase in significance. Demand for gas is projected to grow 2.8 % annually through 2025,12 somewhat faster than demand for oil.
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6. Ibid.
7. Ibid.
8. Chevron website
http://www.chevron.com/technology/core_technologies/.
9. Ibid.
10. USA Today, 9/7/04
http://www.usatoday.com/money/industries/energy/2004-09-07-oil-sands_x.htm.
11. Naturalgas.org
http://www.naturalgas.org/environment/naturalgas.asp.
12. International Energy Outlook, 2004.
Oil and Gas
Oil and gas currently provide more than half of the world’s energy supply, and according to the International Energy Agency, they—along with coal—will continue to be the major sources of energy well into the 21st century.6 OPEC provides about 40% of the world’s oil, although its share is slated to grow. While output of conventional oil and gas from areas like Russia and the Caspian region could rise, North America and the North Sea are expected to decline gradually.7
Over the longer term, where oil and gas are found and in what form will undergo a transformation. Where costs were once prohibitive, energy companies are using new technologies to extract oil and gas from existing reservoirs.8 And offshore technologies are allowing companies to find and extract oil and gas in deep ocean water—a location that was considered inaccessible just a few years ago.9 Fossil fuels also exist in unconventional forms—hydrocarbons contained in oil-sands, and even shale are believed to have more energy content than all the oil in Saudi Arabia.10 The catch is that it may currently take more energy and may cost more to extract and produce oil from some of these unconventional forms than would be gained.
Then there’s natural gas. Getting natural gas to market takes time and investment. But gas is a cleaner source of energy than oil or coal, and emits fewer greenhouse gases.11 And natural gas will only increase in significance. Demand for gas is projected to grow 2.8 % annually through 2025,12 somewhat faster than demand for oil.
Top
6. Ibid.
7. Ibid.
8. Chevron website
http://www.chevron.com/technology/core_technologies/.
9. Ibid.
10. USA Today, 9/7/04
http://www.usatoday.com/money/industries/energy/2004-09-07-oil-sands_x.htm.
11. Naturalgas.org
http://www.naturalgas.org/environment/naturalgas.asp.
12. International Energy Outlook, 2004.
Chevron's Will you join us |
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Bourne completed scale testing of ocean energy harvester |
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Bourne Energy, an alternative energy startup based in Los Angeles, has completed initial scale model tank testing of its OceanPowerDam, composed of an interconnected array of Bourne’s OceanStar-1MW ocean energy harvesters. The OceanStar series is designed to capture ocean wave power and direct the energy onshore to existing electrical power grids. The test model represents a 1000 foot full scale unit with an Wells Fargo customer serviceestimated rated power of up to 10MW. A three mile long OceanPowerDam stacked a mile deep situated in a dense ocean energy area five to ten miles offshore is designed to produce almost as much high quality utility scale electricity as a large coal fired power plant. |
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