Global Oil Supply Crunch: Peak Oil and Why the Oil Wells are Running Dry

Global Oil Supply Crunch: Peak Oil and Why the Oil Wells are Running Dry

Jun 22 2007

Oil is a finite resource. Now, even conservative analysts at Lloyds of London insurers and Chatham House consultancy are predicting oil prices rises to $200/bbl in a new report.

Read the original report from Lloyds of London and Chatham House here.

In our short film featuring Pierre Terre, with Bill Burke of the Post Carbon Institute, we find out about "Peak Oil" and why so many oil/gas wells are running dry. We see California oil wells and their ugly, toxic tar residues.

Across the world, oil production is highest just as we reach the end of the lifetime of many oil and gas wells. The year 2010 was predicted as the peak production year.

This is the "Peak Oil" problem.

See http://www.postcarbon.org/node/813

Produced by: Pierre Terre, 3/13/2006 Language: English Run Time: 8 min. 0 sec. Story Level 2 = Children may need to ask their parents about the meaning of the Story

CC Developing Nations This work is licensed under a Creative Commons Developing Nations license.

Posted by Pierre Terre |

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