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Posted Tue Jul 3 2012: from George Monbiot:
We were wrong about peak oil, but disaster looms anyway
Maugeri's analysis of projects in 23 countries suggests that global oil supplies are likely to rise by a net 17-million barrels per day (to 110-million) by 2020. This, he says, is "the largest potential addition to the world's oil supply capacity since the 1980s". The investments required to make this boom happen depend on a long-term price of $70 a barrel - the current cost of Brent crude is $95. Money is now flooding into new oil: a trillion dollars has been spent in the past two years; a record $600-billion is lined up for 2012.... So this is where we are. The automatic correction - resource depletion destroying the machine that was driving it - that many environmentalists foresaw is not going to happen. The problem we face is not that there is too little oil, but that there is too much.... Twenty years of efforts to prevent climate breakdown through moral persuasion have failed, with the collapse of the multilateral process at Rio de Janeiro last month. The world's most powerful nation is again becoming an oil state and if the political transformation of its northern neighbour is anything to go by, the results will not be pretty.
[Read more stories about: peak oil, carbon emissions, short-term thinking, tipping point]

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