GAO: U.S. needs a peak oil strategy by U.S. Government Accountability Office
Previously I had critique Nasdaq article on a study on peak oil... which did not do much justification to the actual GAO's 82 pages report on peak oil which can be found officially at GAO's website.
To see a review of the whole article, energy bulletin is the best website that properly review GAO's report and included several updates and reaction to this report.
The fact that Nasdaq wrote the date of peak oil wrongly shows that they did not do their due diligence on accuracy of their article.
GAO's Report indicate this : Most studies estimate that oil production will peak sometime between now and 2040,
Nasdaq Article :The U.S. Department of Energy and other federal agencies need to develop a strategy to mitigate the effects of a peak in oil production, which studies show could occur by 2040
It's totally 2 different meaning!, there are plenty of articles that since picked up this report did much more detailed analysis and make more accurate articles.
Associated Press has just picked up the story. It will now be published in multiple newspapers and news sites. It's already appeared at:
MSN
Houston Chronicle
Forbes
Business Week
This is considered big news that the U.S. Government Accountability Office (GAO) did a extensive research on peak oil and presented an official report. I can now state my own opinions on this report below...
The report had plenty of uncertainty included as most of the information are not verifiable which is quite true (Most of Middle East Oil fields reserved amount is off limits to independent audit). The report tried hard to convince readers on the possibility of approaching global peak in oil production but yet give an estimate rage of date between now and 2040 which lacks the urgency factor.
The rest of GAO's report did proper analysis on potential problems of alternative fuels (Costly) and difference of conventional and non-conventional oil which can be confusing to the press when Oil Companies does their projection of when the "oil" production peaks.
The report contains easy to read charts on world oil production and consumption and more. GAO report also did a scary statement about demand destruction during the Arab oil embargo of 1973-74 and the Iranian Revolution of 1978-79 caused unprecedented increases in oil prices and were associated with worldwide recessions.
The only regret that I felt is that this report did not find possible solutions to mitigate this peak oil event other then recommending a research to find out the exact date of peak oil which by now should be spreading conservation and reduce wastage of energy.
As in many research analysis, most do not want to sound like alarmist and still holds credibility with a tinge of hope embedded in between the lines of hopeless struggle by humanity to find solutions to avoid recession or depression of global scale.
I hereby recommend you to join the peak oil club, google "peak oil" and research ALL YOU CAN! Read books, wikipedia, youtube videos, news and documentaries to fully understand the scope of peak oil covers the whole world. It's a depressing issue but soon you shall view it in the rear view mirror and you might regret not preparing for it earlier! You can also read my past blogs on my personal view...and current affairs.
Popularity: unranked [?]
