ChevronTexaco's CEO banking on peak oil situation

international | environment | other press

Monday April 11, 2005 23:20

by pop

Chevron's purchase of Unocal only makes sense if peak oil is happening soon

The general consensus is that if gas prices fall ChevronTexaco’s $16 billion purchase of Unocal was a huge mistake. The author of this article makes the convincing argument that this “risk” was made because ChevronTexaco’s CEO, David O’Reilly, knows that the peak in oil production is going to happen sooner rather then later.

Though the author points out that the government is doing little about the situation he fails to note that the funded research into hydrogen as a fuel is useless without a way to make Hydrogen without oil.

Comments (1 of 1)

Rolling Stone article on Peak Oil

by redjade

Fri Apr 15, 2005 15:16

This article is getting some blog buzz at the moment...

→ The Long Emergency
- What's going to happen as we start running out of cheap gas to guzzle?

By James Howard Kunstler
http://rollingstone.com/?rnd=1113570599754&has-player=true

''The term "global oil-production peak" means that a turning point will come when the world produces the most oil it will ever produce in a given year and, after that, yearly production will inexorably decline. It is usually represented graphically in a bell curve. The peak is the top of the curve, the halfway point of the world's all-time total endowment, meaning half the world's oil will be left. That seems like a lot of oil, and it is, but there's a big catch: It's the half that is much more difficult to extract, far more costly to get, of much poorer quality and located mostly in places where the people hate us. A substantial amount of it will never be extracted.''

→ of course, the folks at Boing Boing have a better clue about all the options available....

Peak oil article in Rolling Stone
http://www.boingboing.net/2005/04/13/peak_oil_article_in_.html