Drowning In Oil: World Faces Longest Oil Glut In Three Decades

growthThe world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable. –Grant Smith, Bloomberg, 16 June 2015

According to the BP Review, over the decade to the end of 2014, coal use grew by 968 million tonnes of oil equivalent. That is 4 times faster than renewables, 2.8 times faster than oil and 50 per cent faster than gas. That’s hardly justification for a requiem. –Brendan Pearson and Michael Roche, The Australian, 16 June 2015

It has become urgent and compelling to develop policies so that in the coming years the emission of carbon dioxide and other highly polluting gases is reduced drastically, for instance by replacing fossil fuels and by developing renewable energy sources. —Leaked Papal Encyclical, 15 June 2015

I am very concerned that climate science is becoming biased owing to biases in federal funding priorities and the institutionalization by professional societies of a particular ideology related to climate change. Many scientists, and institutions that support science, are becoming advocates for UN climate policies, which is leading scientists into overconfidence in their assessments and public statements and into failures to respond to genuine criticisms of the scientific consensus. In short, the climate science establishment has become intolerant to disagreement and debate, and is attempting to marginalize and de-legitimized dissent as corrupt or ignorant. Uncertainty and disagreement drive scientific progress. Stifling uncertainty and disagreement stifles scientific progress. –Judith Curry,  House of Lords, 15 June 2015

Pope Francis has endorsed the science behind global warming and denounced the world’s political leaders for putting national self-interests ahead of action. –John Follain, Bloomberg, 16 June 2015

Member of Parliament David Davies has warned of the stubborn nature of organisations like Britain’s Royal Society – the oldest grouping of eminent scientists in the world – who have admitted that they will not accept any other thinking on global warming for at least “fifty years”, even if the data shows otherwise. — Oliver Lane, Breitbart News, 16 June 2015

The [Royal Society] had two guys whose job it was to go around and persuade everyone that we’re all trying the ruin the economy. We pinned them down on this hiatus. They were arguing that yes, there might have been a hiatus, but warming might be going into the ocean, or it could be due to volcanic activity. So we asked at what point would you begin to accept there had been no warming. If there is no warming for five years, or ten years? Finally they conceded they would wait fifty years. Effectively, we’re all going to be dead before the Royal Society admits they’ve got their facts wrong. There could be absolutely no warming every year for the next fifty years, and the Royal Society would still maintain that climate change is a major problem. David Davies, Breitbart News, 16 June 2015

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  • Avatar

    Moose

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    Forget about the Pope or the church. They have been sooo wrong in the past.
    Flat earth, whiches, inquisition.. to name but a few.
    All they want is to keep people scared and praying to their green God.
    For thats what it is, a green belief. It has nothing to do with science at all.

  • Avatar

    Wazah

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    From Oct 2014 on as crude oil prices crashed I formed a view that a major driver was the Saudis wanting to restrict Iran. For sure the Iranian currency has weakened.
    http://www.xe.com/currencycharts/?from=USD&to=IRR&view=5Y
    And a side effect has been a similar weakening of the rouble.
    http://www.xe.com/currencycharts/?from=USD&to=RUB&view=5Y
    But if you check the Saudi currency is more robust –
    Peak oil has been a popular dogma – but who knows when oil prices will get back to $100 again.

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