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Bob Bingham Blog page.

A series of opinion pieces on, mostly climate change and related subjects to do with New Zealand.

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Peak oil and electric transport.

19/8/2014

4 Comments

 
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We are not going to run out of oil in the near future but all is not well in the oil world. It is decades now since oilmen have found more oil than we are consuming and increasingly difficult exploration has led to very deep ocean wells, Arctic exploration and fracking for tight oil. All are extremely expensive. Fracking has helped the USA to boost its oil production substantially and consumption savings in other parts of the world has offset the rising demand in emerging economies such as China and India.

What has changed is the high cost of exploration and extraction for very meagre returns. The oil companies have been selling assets and taking on more debt to fund their operations and the breakeven price of new oil has moved from $40 dollars a barrel to around $100 a barrel and some at $120 a barrel.

At the moment the price of oil is hovering around $100 but if ever there was a time for countries to be investing in electrical transport it is now. Many countries, including New Zealand have almost no other type of transport power except oil and their economies will be hard hit with a big price rise.

Oil is a diminishing resource with a volatile price and it would be prudent to have alternative transport systems to insure the economy against sudden price hikes.


http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11024845/Oil-and-gas-company-debt-soars-to-danger-levels-to-cover-shortfall-in-cash.html

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4 Comments
Bob Bristow
24/8/2014 03:46:20 am

Good advise and article, it would be great if whoever wins this years election to NZ Government follows the U.K's lead and replaces all the Governments considerable fleet with electric vehicles. Oil has had a good run, but time to put it behind us and move on.

https://www.gov.uk/government/news/electric-cars-for-all-government-fleets

Reply
Bob Bingham
27/8/2014 03:18:04 pm

Thanks for that link Bob. I had no idea the British Government was moving towards electric cars. Bob

Reply
Simon Gascoigne
27/8/2014 09:55:35 am

Hello Bob,
Congratulations on the very informative website :) Well done.. looks like you and I have been doing the same thing :) I've spent the last 10 years researching Peak Oil and longer on global warming. I have just been reading up on sampling pteropods..(latest area of interest) hence how I stumbled on your web site. I live in down in foggy Hamilton and would very much appreciate getting in touch.. please feel free to email me on the address I have submitted on the form here :) Keep up the great research and well done. Cheers Simon

Reply
Bob Bingham
27/8/2014 03:16:03 pm

hello Simon. Thanks for your comments. I also believe that peak oil has been reaches and we are going to see some price hikes shortly. Your email address was not on the link. Bob.

Reply



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    Bob Bingham 

    Occasional blog posts on topical news items concerning the climate.  Please click the RSS feed to receive updates.

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