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Earth

Peak Oil is Coming. That Won't Save the World (cnn.com) 156

The shift to clean energy is sending the oil industry into decline. But the world needs a much more ambitious plan to save the climate and achieve net-zero emissions by 2050. From a report: That's according to the International Energy Agency, which said in its global energy outlook published Wednesday that more aggressive climate action is needed as world leaders prepare for the crucial COP26 summit in Glasgow in November. "The world's hugely encouraging clean energy momentum is running up against the stubborn incumbency of fossil fuels in our energy systems," Executive Director Fatih Birol said in a statement. "Governments need to resolve this at COP26 by giving a clear and unmistakeable signal that they are committed to rapidly scaling up the clean and resilient technologies of the future."

More than 50 countries and the European Union have pledged to meet net zero emissions targets. If they live up to those commitments, demand for fossil fuels will peak by 2025, but global CO2 emissions would only fall 40% by 2050, far short of net zero. In that scenario, the world would still be consuming 75 million barrels of oil per day by 2050 -- only 25 million barrels per day less than today. The energy sector has been bolstered in recent weeks by a sharp increase in prices.

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Peak Oil is Coming. That Won't Save the World

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  • Peak Oil (Score:2, Insightful)

    by Anonymous Coward
    Is always just around the corner.
  • by lister king of smeg ( 2481612 ) on Friday October 15, 2021 @11:25AM (#61895179)

    Meh we have been hearing about peak oil for 50 years and it hasn't happened. We found new oil fields, better extraction technology, new sources, more efficient engines, and now it looks like we will be moving toward a majority electric car production in the next decade. Some places (California) are in the process of banning small gas engines for yard equipment lowering oil consumption further.

    As for the on coming catastrophic global warming. food growing zones will move farther north or south depending on the side of the equator, oceans will rise a few inches so coastal cities will have to do some major construction but it nothing that hasn't been done before. Look at New Orleans it averages between 5 and 10 foot below sea level, almost a third of the Netherlands is reclaimed land below sea level, all available thanks to a series of dikes and water works. the world will go on.

    I am not saying we should have let it get this far, thats a travesty, but its not the end of the world.

    • by crow ( 16139 ) on Friday October 15, 2021 @11:29AM (#61895187) Homepage Journal

      In the 70s, some were predicting peak oil due to supplies running out. Now we're looking at peak oil due to demand running out. As I've heard it said, the stone age didn't end due to running out of stones, and the oil age won't end due to lack of oil. Some say that peak oil may have already happened in 2019, which is likely true in many countries, but probably not globally.

      • I don't think oil is going to be running low on demand its just to damn useful, the use will shift though. Instead of going out millions of tailpipes you will see oil use shift to plastics, chemical, pharmaceutical, cosmetics, fertilizer and pesticide production. Cheap long-chain hydrocarbons for which we don't have to provide the binding energy, are just to chemically useful to be left in the ground.

      • by Ichijo ( 607641 )

        In the 70s, some were predicting peak oil due to supplies running out. Now we're looking at peak oil due to demand running out.

        I can't tell if you're trolling or honestly economically illerate. Hanlon's razor says I should assume the latter, so: supply and demand are two sides of the same coin. If supply drops, you can raise the price to reduce demand [wikipedia.org] in order to keep the two in equilibrium. So supply falling and demand falling are both the same thing.

        • by crow ( 16139 ) on Friday October 15, 2021 @12:50PM (#61895529) Homepage Journal

          Oil demand is very inelastic. If you raise the price, people still have to heat their homes and drive to work. Trucks still have to move goods. If you lower the price, people might raise their thermostats slightly or drive a touch more, but not much. So if you shift a sizeable portion of the transportation to EVs, you will reduce oil demand regardless of the price. So at some point, we will see both prices drop and demand drop.

          • It's worse than that, though; Rather than being elastic, it's sort of like a ratchet.

            If fuel becomes more expensive, it takes time and investment to transition to alternatives if there even are any. As you say, people will still need to heat their homes and drive to work, trucks will still be needed to carry cargo, etc. Response to fuel price increases is very slow.

            But it's not the same story in the other direction: If fuel gets cheaper, the everything that relies on that fuel gets cheaper too - and it's a

          • Oil demand is very inelastic. If you raise the price, people still have to heat their homes and drive to work.

            That's not entirely true. Oil has substitutes in many cases. For example, I can switch from heating my home with oil to natural gas or electricity. Or I can add insulation. Similarly, I can my gasoline usage buy buying a more efficient vehicle.

            That being said, another way to summarize TFA is we need to find good alternatives to fossil fuels so oil demand becomes elastic.

            • by crow ( 16139 )

              In pretty much all sectors, fossil fuels are dropping as a percentage of the total energy consumed. Transportation is switching to electricity, heat has been transitioning from oil to gas and now to electricity (albeit very slowly), and electricity generation has been shifting very quickly to renewables (increasingly with battery storage). The question for the timing of peak oil is when those transitions will happen faster than increase in overall energy demand.

              If you break down the fossil fuels separatel

              • by jbengt ( 874751 )

                In pretty much all sectors, fossil fuels are dropping as a percentage of the total energy consumed. Transportation is switching to electricity, heat has been transitioning from oil to gas and now to electricity

                Except in a few portions of the USA without good gas pipeline infrastructure, heat has transitioned from coal or oil to gas a long time ago. In any case, gas is still a fossil fuel.

              • Are you talking a specific country or globally?

                It wouldn't surprise me if the US has hit peak coal and maybe peak oil. Ditto Europe. China seems to be taking action to stop increasing it's use of coal but I don't know if they've peaked yet. I have no idea what's happening in India. Africa still has huge swaths moving away from charcoal and dung so I wouldn't be surprised if they're still ramping up every fossil fuel source they can.

        • So supply falling and demand falling are both the same thing.

          So what you're saying is that there's no global chip shortage stopping motorvehicle production, people just don't want to buy cars?

          Supply and demand are linked, that doesn't mean that one isn't the cause of a change, in the 70s the cause was presumed to be the supply side, now the cause is presumed to be the demand.

          Before talking about economic literacy, try some basic literacy first and when you call someone illiterate try not to post something so mind-numbingly stupid as you just did.

      • In the 70s, some were predicting peak oil due to supplies running out. Now we're looking at peak oil due to demand running out.

        Yeah, it's a misleading use of the term "peak oil". I mean, technically, yes we'll may be at a peak in oil production but for very different reasons than what people have talked about as recently as 10 years ago.

        • by jbengt ( 874751 )
          True, but peak oil was never about production. It was about consumption outstripping the growth in proven reserves.
          • True, but peak oil was never about production. It was about consumption outstripping the growth in proven reserves.

            You think? My understanding was "peak oil" meant we'd passed the maximum amount of oil we were ever going to pump in a given year. We'd passed our peak production year. Production was going to inexorably decline from here on out.

            As you say, the reason was not because demand was falling but because we were not finding enough new viable (technically and financially) reserves to replace ones we'd pumped dry. But it was still about production peaking.

      • Some say that peak oil may have already happened in 2019, which is likely true in many countries, but probably not globally.

        Some people are incredibly stupid when looking at statistics. 2019 was a record high oil consumption. As was 2018, 2017, etc. 2020 was not. That doesn't mean peak oil happened in 2019, it means that people need to remember that all statistics need a big frigging asterisks next to 2019 and 2020 due to something happening in the world.

        The world has been on a linear upward trend. One of the best sources of statistics on energy consumption and global prediction of economics are the bp reports which have been pu

      • Even in the 70s, peak oil was not about "running out of oil". Peak oil was always going to be the peak of oil production and consumption (as there is limited storage capacity, these are practically the same), i.e. a point where the rate of oil production and consumption would not continue to increase. This was expected long before oil would "run out", for simple economic reasons: It was believed that oil would become too expensive to use for many purposes due to scarcity. Now we still expect "peak oil" for

      • by jbengt ( 874751 )

        In the 70s, some were predicting peak oil due to supplies running out.

        Actually, some were predicting peak oil due to the growth in demand increasing and the growth in proven reserves slowing. They were anticipating large increases in prices when growth in proven reserves dropped below growth in demand, which is the actual definition of peak oil. Turns out that in the long run those higher prices slowed growth in demand and greatly increased growth in proven reserves, putting off peak oil by decades. Pe

    • Oil is a finite resource. Or are you one of those guy which pretend it is solely created by a physical process without having the material being of biological origin - created even today ? No ? Then oil is finite. The question about peak oil (discovery) or peak oil (usage) is closed, physically there HAS to be a peak oil over time, because of the process oil was created, created a finite amount a long time ago.

      Peak oil is indisputable as a fact. It will/is/has happened. What is in disagreement, is wheth
      • by ghoul ( 157158 )
        It takes thousands to millions of years for fossil fuels to form so definitely some are forming now. Heck sea crust with algae is still getting buried and will be available as fossil fuels millions of years in the future. So fossil fuels are not finite. They may have become too expensive to extract compared to alternatives but the world will always have fossil fuels as long as life on Earth exists and for a few million years after that.
    • Meh? (Score:3, Insightful)

      by bb_matt ( 5705262 )

      So you have no concerns about the increased levels of flood/heat/drought events, that will result in crop failures and thus less food?

      No concern that areas around the equator will become less and less habitable with each passing year, resulting in unprecedented migration?
      No concern that vast areas of Asia will lose the water sources they have relied on for millennia? - resulting in a migration unlike anything we have ever seen? A total catastrophe?

      No concerns about more tipping points, some we don't even kn

      • in a matter of years, as if by moving them, they are conveniently moved out of the way of extreme weather events.

        You make it sound like extreme weather events are an anomaly caused by global warming. They aren't.

        Evidence that CO2 warms the atmosphere is clear and well accepted. If you want to be scientific, you shouldn't deny it. Evidence that global warming causes extreme weather events is shaky and not strong. If you want to be scientific, you shouldn't keep saying that it's well accepted.

        • Evidence that global warming causes extreme weather events is shaky and not strong
          You are mistaken, it is exactly the opposite.

        • Oh really, do the research.

          We KNOW that the natural world, without human intervention, results in profound impact on life forms.
          For example, that 250 million years ago, 90% of life on the planet was wiped out.
          That an asteroid impact of significant magnitude could do the same, if not completely end life on the planet.
          That a super volcano could result in something similar.
          That the earth goes through cycles of glaciation and back out again.

          Global warming ABSOLUTELY causes extreme weather, especially when it ha

          • That the timescale in which it is happening, is so rapid, it threatens our civilisation.

            Global warming doesn't threaten our civilization. That's fear-mongering, not science. CO2 warms the earth. That's science.

      • So you have no concerns about the increased levels of flood/heat/drought events, that will result in crop failures and thus less food?

        on the contrary I absolutely do but think they are inevitable at this point, (no use crying over spilled milk) and they will provide the needed incentive to make the hard necessary choices that will enable us to overcome them going forward. and in the long view will be short term problem.

        Crop failure will make us move to dense efficient vertical hydroponic farming that we should have done a long time ago. Once shortages hit that will force our hand to move to better techniques that have a higher upfront cos

    • by Ichijo ( 607641 )

      we have been hearing about peak oil for 50 years and it hasn't happened. We found new oil fields, better extraction technology, new sources, more efficient engines...

      That reminds me of the man who fell off a tall building, and every time he passed another floor, he thought to himself, "so far so good!"

      The skeptics have to be right consistently until the end of time, but the doomsayers only have to be right once.

    • Well, dunno about peak oil, but peak WINTER is coming. Courtesy of peak GREEN IDIOCY.

      Statements of the fact - do not shoot the messenger.

      In 2003 IPPR published a paper which detailed how UK generation will end up with a gap which green cannot fill. Exact publication date 01/01/2003: https://www.ippr.org/publicati... [ippr.org] - abstract, full PDF right left on the page.

      This by the way was an official working document used in the Blair governments. I had to read that when working on energy related telecoms probl

      • You are obviously an idiot.
        What has replacing coal with wind to do with heating your house with gas?

        And FYI: France did not build any new nuke since decades.
        And the oldest just went offline today.

    • Meh we have been hearing about peak oil for 50 years and it hasn't happened. We found new oil fields, better extraction technology, new sources, more efficient engines, and now it looks like we will be moving toward a majority electric car production in the next decade. Some places (California) are in the process of banning small gas engines for yard equipment lowering oil consumption further.

      Electric cars and more efficient engines aren't a counterargument to peak oil, they ARE peak oil.

      Peak Oil isn't the pumps running dry, it's the increasing costs of extraction and processing causing the price to rise to the point that consumption decreases.

      As for the on coming catastrophic global warming. food growing zones will move farther north or south depending on the side of the equator,

      And take all the good soil and farmland with them??

      What about the mass extinctions? How well will crops grow without a healthy ecosystem around them?

      And all the extra extreme weather events?

      Maybe we can adapt and maintain the food supply... but it's hardly

    • Peak oil does not mean what you think it means.
      It simply means: peak of production, and we are basically right there at the momenr.

      • by ceoyoyo ( 59147 )

        Dude. That sounds too reasonable. "Peak oil" clearly must mean peak of production *because of* blah de blah. It's much easier to argue with that way, and also easier to claim you weren't really wrong when it happens.

        • Peak oil always was about "peak of production".

          No idea what you want to say.

          • by ceoyoyo ( 59147 )

            It's the *because of* part. That's why I put *'s around it. Did you read any of the other comments? A whole bunch of apologists claiming that it's only peak oil if it's because it ran out and we're stabbing each other with forks for the last drops of sweet sweet crude.

            Also, my post was well marinated in sarcasm, in case you missed it.

    • In the 70s the fear was pollution was blocking out the sun and we would be entering global winter. Didnt happen. Instead we got Global Warming. Thats why most people take all the global warming hoopla with a pinch of salt
    • by Nugoo ( 1794744 )

      When I compare the price of oil after the 70's with the price before the 70's [macrotrends.net], I'm not sure I'd consider their panic unjustified.

  • We need a crash program to build more nuclear energy. Dozens in North America, dozens in Europe, and at least 100 in Asia
    • I have two questions: 1) Where does the world get the necessary fuel? 2) Where does the world store the waste?
      • 1) There is plenty of uranium for the forseeable future
        2) Store the waste underground, in places like Yucca mountain (will require a federal mandate, but if we can make a place like Oak Ridge appear overnight, we can do that)

        These are solvable issues
        • > 1) There is plenty of uranium for the forseeable future

          According to the World Nuclear Association, at current consumption using current reactor tech, we have enough Uranium to last about 90 years [world-nuclear.org] (With the assumption that the cost of extracting the uranium is no more than three times the current cost, so we have more than 90 years worth as long as we're willing to pay through the nose for it)

          > 2) Store the waste underground, in places like Yucca mountain

          We would need a lot more storage volume.

          Also,

      • we use modern designs that reprocess used fuel form older reactors and result in less overall waste with the waste remaining being less dangerous.

        as for that waste we have safe places to put it already we just let NIMBY get in the way. This isn't the 50s any more we know a lot more about containment

        First we don't need to contain it for million of years we just need to make sure the amount that gets out is at or below the amount that would be there naturally from the ore in the ground already, secondly the s

        • Reprocessing causes more waste, not less.
          A no brainer, every one knows that, just not /. ers: or do you use magic to separate the "true waste" from the reuse able part of the spent fuel?

    • We need a crash program to build more nuclear energy. Dozens in North America, dozens in Europe, and at least 100 in Asia

      So something that has no hope in hell of even being built before 2040 is the answer to a problem that we need to address in 2030?

      When your wife asks you to hurry up and get in the car so you can get to the airport or you'll miss your flight, is your genius solution to walk to the airport instead?

  • I'm more worried out peak oil when there's no more to be had in an increasing market
    • "It's still 30 years away."

      Even ITER is billions over budget and years behind and that's just a research project.

  • Peak oil has been clickbait meme before clicks existed or memes were so named.

    Fuck off with these garbage threads. We understand you hate your job and invest as little effort as possible but you can do better for the same minimal work.

  • Horse poo, caca, and more caca.

    What the world needs now is love, sweet love
    It's the only thing that there's just too little of
    What the world needs now is love, sweet love
    No not just for some, but for everyone.

    Just not more number 2 apocalypso tunes.

  • Peak Oil was originally pushed as a retread of 1970s shortage scares. It was used in the same context: demanding government rationing.

    Which was debunked as an issue decades ago [juliansimon.com] because economic forces will call into existence more discoveries and substitutions, from raw materials to new engine types. E.g. electrical instead of gas, solar and other renewables instead of mining.

    And the key point: this happens faster than it becomes a serious shortage problem in the long run, though there will still be sho

    • And TFA is misdescribing Peak Oil. It was when the maximum oil was being extracted, because it wss being harder and harder to find. Here, nothing remote is taking place, as there is plenty of room for increased production for decades, perhaps centuries as there is for coal and natural gas.

      This is just max production because the market for it is declining.

      In short, Simon's predictions win again.

      • harder to find because of political barriers. When people can't get their plastic iPhones or fill their tanks, those political barriers will disappear quickly.
        Hey wait, we're already there.

        • by PPH ( 736903 )

          But plastics, medicines and fertilizer represent a small amount of demand for crude today. But as motor vehicle fuel demand decreases due to EVs and mass transit, these will be more important factors in the future market for crude. Pretty soon, they will have this waste product called gasoline from the refining process that they will have to pay me to burn in my classic cars. Or your iPhone and medicine production will grind to a halt.

          Good times.

  • Give me a break, Iâ(TM)ve been hearing about peak oil longer than flying cars and fusion energy.

    • The peak oil you've been hearing about is on the supply side, this peak under discussion is a peak in oil demand. You have a low UID, I assume you've spent 30 years not reading TFA?

  • by KT0100101101010100 ( 7179190 ) on Friday October 15, 2021 @01:11PM (#61895641)

    Little reminder here, burning other stuffs also generates CO2.

    Coal seems to be plateauing: https://www.statista.com/stati... [statista.com]

    Gas production seems to be still on the rise: https://www.worldometers.info/... [worldometers.info]

    I'm glad I'm already 48. If the younger generation doesn't understand that the production numbers have to fall sharply, and soon, tough.

    • Re:And coal and gas? (Score:5, Interesting)

      by thegarbz ( 1787294 ) on Friday October 15, 2021 @02:30PM (#61895953)

      Little reminder here, burning other stuffs also generates CO2.

      Big reminder here: Nothing generates quite as much CO2 per unit of energy output as burning oil. Literally doing anything else is better.

      I'm glad I'm young. The old generation can't seem to handle an equation with more than one variable.

  • I've been hearing about the pending peak oil since the 80's and it seemed to die around 2000ish. I had no idea it was still a looming crisis!

  • I thought peak oil meant the supply of oil running out? Do folks who claimed "Peak Oil" years ago want a do over in order to save face?
  • Chicken Little unavailable for comment.

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