The key term for oil price surge is PEAK OIL which no leader seems to be talking about.
1. Oil follows a Hubert bell shaped curve and now we are at the top of the peak. The world in the begining of non oil period had close to several trillion barrels of which 1/2 has been used. Presuming a linear consumption it will take the same time of 30 years for oil to be exhausted. But it aint linear hence depletion will be much faster.
US and russia donot want to tap their reserves knowing the above situation to maintain control
The real reason for afghan war was to tap Caspian oil and 9/11 was an self created excuse, ditto iraq war
Gulf oil wells are close to depletion, alternatives like wind and hydro are cost and energy inefficient, OPEC does not increase its production for its own survival.
Oil executives know it pretty well but remain silent so as not to affect share prices.
Oil either goes directly into any product of your daily life or as a logistical factor, lack of it will plunge us to stone age. It is a doomsday scenario.
Please key in the terms "peak oil" or go to 'wolfatthedoorstep" website, these are well researched scientific sites.
Please see where our posterity is headed. Oil which was pretty cheap is most precious and needs to be used for most important things like public transport, medicines, agri etc not for santros and nanos or gensets.
If the oil disappears the world is expected go back to stone age, which is called the OLDUVAI theory.
RE:Peak oil
by rgopi on May 31, 2008 12:07 PM Permalink
Hubert was a oil expert working for SHELL oil and he made the above findings, Shell had requested him not to publicise the findings, but Hubert went ahead and did so. Recently Shell CEO had done the same and the share prices fell down and he was fired
