The Creeping Oil Crisis

It´s not a big secret, everybody knows that crude oil is a tight item which is getting more and more expensive. One month ago we achieved the mark of 100 $ per barrel. That is incredible, if you note that this is just a few dollars above the price we payed in the oil crisis of 1970.

Of course, we could blame the weak dollar, speculators, the OPEC, Iraq, Iran, Venezuela or just the cold weather for this enormous price explosion, and if we believe in this reasons the price should go back when this problems have normalised again.

But isn´t there a much more frightening problem which slowly reflects the today´s price of crude oil? What about the fact scientists predicted in the early 90s? I´m talking about the Peak Oil which means that we consume more oil than we produce as a result the oil price would explode. The scientists of the 90s dated the Peak Oil to the year 2010 at least, just a little memento today we got 2008. Another point is the enormous economic growth of the emerging markets which require more and more oil, so the world´s crude oil consumption rises every day. It´s funny to see how much we depend on oil and how careless we waste it, most people even believe that we would need the oil “just” for our cars.

Nowadays however everything is made of crude oil: our clothes, medicine, 90% of all our chemical products and everything else which looks like plastic. There is no day you don´t touch some crude oil except you life alone in the forest, far away from civilisation. So the big question is when exactly we achieve Peak Oil or did we even achieve it yet. In my opinion the price of the period answers this question.

Note: In hundred years the people years will take us for a mug and can´t believe that we really burned this precious commodity within 150 years.

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February 14, 2008 | Filed Under Commodities

Written by Sören Zschoche

Comments

3 Responses to “The Creeping Oil Crisis”

Ted Hodgkinson on February 27th, 2008 6:24 pm

I have done some rough calculations and have come up with the following. Assuming daily world oil consumption of 50 million barrels/day, to put that amount into perspective that amount would cover an area of almost 9500 miles x 9500 miles one inch deep. Are my calculations far off ?
Thanks for your time.
Ted
PostOnFire.com on March 13th, 2008 2:26 pm

The creeping Oil Crisis…

110 Dollar for one barrel oil … Did we achieve the Peak Oil yet ?…
NatureLimit on July 12th, 2008 11:07 am

Creeping Oil

The creeping oil is just a few dollars above the price we payed in the oil crisis.Now a days however everything is made of crude oil our clothes, medicine, are all chemical products and everything else which looks like plastic.