EDMONTON – Remember Peak Oil, the theory that global crude oil supplies have peaked and are in irreversible, long-term decline?
The concept got a lot of media play but never really passed the smell test, since it didn’t account for the impact of technological change or rising oil prices.
In any case, the notion of Peak Oil seems amusingly quaint now that it’s been relegated to the same ideological trash bin as Y2K.
Read more: http://tinyurl.com/cp3toyt
The International Energy Agency concluded that freshwater use is becoming an increasingly crucial issue for energy production around the world in its 2012 World Energy Outlook.
Between steam systems for coal plants, cooling for nuclear plants, fracking for natural gas wells, irrigation for biofuel crops, and myriad other uses, energy production consumed 66 billion cubic meters (BCM) of the world’s fresh water in 2010. That is water removed from its source and lost to evaporation, consumption, or transported out of the water basin — as opposed to water withdrawn, used, and then returned to its source for further availability, which is a far larger amount.
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Coal will nearly overtake oil as the dominant energy source by 2017, and only a drop in world gas prices could curb the use of the dirtier fossil fuel in the absence of high carbon prices, the International Energy Agency said.
The IEA, the energy agency for developed countries, said earlier this year that without a major shift away from coal, average global temperatures could rise by 6 degrees Celsius by 2050, leading to devastating climate change.
Read more: http://tinyurl.com/bpvy35n
Global demand for crude is growing so strongly that the world needs “every single drop of Canadian oil,” the International Energy Agency’s chief economist said on Monday, playing down fears that growing U.S. production could hit Canadian exports.
Fatih Birol said that even if U.S. output rises as much as the agency expects, the country would still need to import four million barrels a day and that Canada is an obvious supplier.
Read more: http://tinyurl.com/c2sfpml
An energy-thirsty world will need “every drop” of growing production in Canada’s oil sands, but the industry will need to reassure a skeptical public that development can be done in an environmentally sustainable way, the International Energy Agency’s chief economist says.
With countries gathering in Qatar this week for the annual United Nations climate change talks, Canada’s expanding oil sands production is again in the spotlight. Canada is routinely vilified at such meetings for being a laggard in battling global warming and for developing one of the world’s most emissions-intensive sources of crude.
Read more: http://tinyurl.com/cyjmcde
The United States will still need to import crude as production from the Bakken and other domestic shale oil regions rises, and Canada is a big potential source of such supplies, the International Energy Agency’s chief economist said on Monday.
However, Canada should keep pursuing Asia as the next major market for its growing supplies of oil sands-derived crude, the IEA’s Fatih Birol said.
Read more: http://tinyurl.com/cohqvql
On November 12, the Paris-based International Energy Agency (IEA) released World Energy Outlook 2012. Globally, the report provoked a flurry of inaccurate reporting about the prospects for U.S. oil production, consumption, and exports. The Globe and Mail focused more on the implications of an increase in U.S. oil production for Canadian oil exports.
Read more: http://tinyurl.com/d3o8lf9
For the past five years, progress in extracting gas and oil from shale deposits has been revolutionizing the energy industry in the United States.
Now, a new report by the Paris-based International Energy Agency (IEA) shows how much it could shake up the global energy market as well.
Read more: http://tinyurl.com/c7b9fmh
I’ve said it before, but it needs to be said again: The US is not overtaking Saudi Arabia as the world’s largest producer of oil. Here’s what everyone needs to know:
• This is a trick of numbers: We cannot compare total combined liquid hydrocarbons produced by the US with Saudi Arabia’s strictly crude oil production.
• The International Energy Agency (IEA)—from whence these numbers originate–is by no means an independent energy body: It has motive and agenda, and it deals mostly in PR
Read more: http://tinyurl.com/auwcmdm
North America will become a net oil exporter by 2030, as booming unconventional production and tougher mileage standards for vehicles squeeze out offshore imports, the International Energy Agency forecast today.
Read more: http://tinyurl.com/b7ugzwr