Saturday, June 12, 2010
"Power Hungry"
Energy and power are certainly in the news these days. Remember when we were told that oil would soon be depleted? This gulf oil spill seems to indicate that there is no danger of depletion any time soon! There is a new book entitled Power Hungry by Robert Bryce, which apparently takes a comprehensive look at our energy and power needs and usages. It is reviewed extensively by Jon Boone here. Apparently, Mr. Bryce recommends we get on with the task of developing our natural gas fields, then on to more nuclear power.
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Bob, I will take the other side of the arguement on the abundance of oil. I have been studying peak oil for 10 years now and am convinced it is one of the most imminent threats we face today. Why would BP try to drill a 27,000 foot well in 5,00 feet of water if oil was so easily found? Jim Puplava did interview Robert Bryce author of Power Hungry in May if you would like to listen to the interview. http://www.financialsense.com/Experts/2010/Bryce.html
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ReplyDeleteMy understanding is that our government will not issue permits in shallower waters closer to land.
The shallow water has long ago been drilled and produced in the areas approved. We get over 80% of our Gulf production from the sweet spot of 500' to 3000'. The Administration did put back in the "drill up to 500'" last week. This only accounts for 11% of our Gulf production though. So now we have to go out and lease 15-20 oil tankers every day to make up for the now lost 350,000 - 500,000 barrels a day of lost production if Obama's ban on drilling remains. Very unfortunate overreaction by our President. He should move the ban to anything over 3000' until new rules are in place to ensure the BP disaster does not happen again.
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