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Wednesday, May 25, 2005

The Globe and Mail: Welcome to the Age of Scarcity

The Globe and Mail: Welcome to the age of scarcity
For a world hooked on oil, the new supply-demand paradigm promises to be as transforming a period as the oil gushers were to the last century. Whether it happens this year, or in two decades, few would argue that depletion is a preventable event.

Price may well be the first hint of this new global energy reality.

A barrel of crude, which cost as little as $10 (U.S.) a barrel in 1998, is now worth five times that after breeching the $50 barrier earlier this year. A few analysts warn the price of crude could double again in the next couple of years. Even more optimistic forecasters agree that the days of cheap oil are likely gone forever, and that scarcity, coupled with rising demand and a falling U.S. dollar, will mean years of sustained high prices.

"After you drive a car off a cliff, it's too late to hit the brakes," he says. "In effect, we have gone over the edge of the cliff."

Two key changes have conspired to make world oil markets much more volatile. There is surging new demand for oil in fast-growing China and India, where the middle class is taking to the road in a big way. And in the Middle East, mega-producer Saudi Arabia appears to have run out of spare production to turn on and off the tap at will.

"The question is not whether there are buried hydrocarbons. It's at what price you can extract them, and does the technology advance fast enough as the horizon of fuels recede?"

Having discovered your blog through the blooger toolbar, I hope you don't mind saying that I have a ebooks site/blog. It pretty much covers ebooks related stuff. Check it out if you have time.
Help me Dude, I think I'm lost.

I was searching for Elvis and somehow ended up in your blog, but you know I'm sure I saw him in a car lot yesterday, which is really strange because the last time I saw him was in the supermarket.

No honest really, he was right there in front of me, next to the steaks singing "Love me Tender".

He said to me (his lip was only slightly curled) "Boy, you need to get yourself a shiny, new lcd tv to go with that blue suede sofa of yours.

But Elvis said I, In the Ghetto nobody has a lcd tv .

Dude I'm All Shook Up said Elvis. I think I'll have me another cheeseburger.

Then I'm gonna go round and see Michael Jackson and we're gonna watch that waaaay cool surfing scene in Apocalypse Now on the lcdtv in the back of my Hummer.

And then he just walked out of the supermarket singing. . .

"You give me love and consolation,
You give me strength to carry on "

Strange day or what? :-)
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