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As we know oil is running out and we only have two options to fill our energy demand.

1. Close our eyes and continue to use oil as we do, while investing all we can to find new oil fields and hope for the best.
2. Reduce as much as possible our consumption of oil by changing our daily routine and by integrating energy alternatives

To grasp the immensity of our problem let's talk about what it would take to replace 50% of the oil we consume each day, meaning that we need to replace 40 mbpd, assuming no growth of demand and no depletion to replace.

We would need to build:

• 3000 nuclear sources, which is 6 times our current number, and uranium is also a finite source.
• 2 million top-notch wind mills and that's assuming there is plenty of wind all the time
• place 130,000 km2 of solar panels (equivalent to New York state).

And that's not even counting the energy to build those things! And while we're at it, where is the money to do this?

A barrel of oil contains 42 gallons, and it provides about 6 million joules. It would take 50 generators, working 24/7 for a year to provide approximately the same amount of energy.

We would also need to replace our daily routine:

• New transportation (more hybrid cars)
• New eating habits (less meat)
• Educate world woman (lower fertility rate)
• New economy (not based on increase of consumption)

So as we see we're not yet out of the woods.

Oil was a 150 years addiction to an energy source, that we din't appreciate or use particularly wisely. It drastically improved our living standard. And now it's going and we can't hold it back.

-What happens now?

Well it's pretty hard to say but as long we're in economic slump with a resulting demand destruction, oil price's will struggle. But let's not this oil price behavior make us feel comfortable. Oil will surge and will surge big time, way above $147 as we saw with despair last summer. A...
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First off, we must understand what is Contango.

Contango is a market condition that has enabled companies to reach a profit by storing oil and selling it a later date for a higher price.

In other words, they hire boats for thousands of dollars per day in which they store oil that has already been sold' and they lock in a guaranteed profit by selling futures contracts at a higher price.

They only have to pay for storage that is $1.50 each gallon per month and bingo! They probably made tens of mil...
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In the IEA (international Energy Agency) 2008-2009 World Oil Outlook they said global liquids production would need to grow from the current 85 mbpd (millions of barrels per day) to 106 mbpd of oil by 2030 just to cover the increased demand from China and India.

The additional 19 mbpd over the nest 20 years does not sound that bad to the general public with no knowledge of the actual situation. However, the IEA also forgot to say that an additional 64 mbpd of NEW production would need to be f...
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As we know, oil is used for large amounts of products and services around the globe, oil resources are limited. This basically means that if the world's oil supply is coming to an end (which is), it will cause crude oil prices to sky rocket. The reason why oil prices are so low is because of reduced demands caused by our world economy. Oil today presently sits at approximately $40, but has it had its last word?

Dave Hughes, a geoscientist who once ran Canada's national coal inventory, predicts...
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1. Depletion: The quantity of oil being extracted goes down each year, as example Cantarell oil field in Mexico is producing 16% less mbpd (Million barrel per day) each year.

2. Many country have an extraction cost, higher than present oil price; like the Canadian oil sand which needs around 60$ to break even.

3. Present oil price combined with world crises are putting a halt on many futur developments. As much as 200$ billion dollar projects were cancelled or delayed. Therefore acceleratin...

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Oil is the leading source of energy in the United States It supplies about 40 percent of our total energy needs. One of our largest domestic sources of crude oil comes from the icy, frigid area of Alaska called the North Slope. Under the North Slope's frozen ground, called permafrost, lies the Purdhoe Bay Oil Field. It is the largest oil deposit ever discovered on the North American continent. It holds over 22 billion barrels of oil. About half of this oil is expected to be recovered by curre...

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Oil, also called petroleum, it is the blood stream of our economy. We use it for everything.

But not all of the products obtained from petroleum are burned to produce energy. About 15 percent of the petroleum-based substances that are used in the United States go toward nonfuel uses. Look around at the materials in your home. Do you see any plastics? In addition to fuels, plastics and synthetic fabrics are made from the hydrocarbons found in crude oil. Also, lubricants such as grease and mot...

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