About Matija

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English, German

Areas of Expertise

Finance and Economics

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128045
Matija Stepic
Posted almost 4 years ago
Is peak oil a hoax? Can it be debunked?
The reality of 1970 peak is not due to resource depletion in the US fields – it peaked because US oil companies like Texaco, Mobil... flooded US market with cheap imports from Middle East, tariff free, at very low prices so that Texas and California domestic producers could not compete and were forced to shut down their wells, result was major decline in US oil production. The argument of abiotic oil theory is followed by Dr. J.F. Kenney – who has studied under Vladilen Krayushkin. Kenney stated in one interview that „alone to have produced the amount of oil to date that (Saudi Arabia’s) Ghawar field has produced would have required a cube of fossilized dinosaur detritus, assuming 100% conversion efficiency, measuring 19 miles deep, wide and high.“ – which is absurde. http://www.studien-von-zeitfragen.net/Zeitfragen/Petroleum/petroleum.html I strongly agree that we must pursue alternative - clean energy technolgies, but oil will still play major role in many years to come.
128045
Matija Stepic
Posted almost 4 years ago
Is peak oil a hoax? Can it be debunked?
Here is interesting articel from Daniel Yergin: "There Will Be Oil" http://online.wsj.com/article/SB10001424053111904060604576572552998674340.html In my opinion - panic scenarious about the world running out of oil are wrong, but in the other hand the price of oil is going to continue to fluctuate - Big Oil is eager in sustained high oil prices. The Peak Oil theorists rests on conventional Western geology textbooks and central story is biological origin - algae, fossilized dinosaur remains and other biological residue which are in finite supply. On the other side there is abiotic theory, and is far more reasonable: oil is formed deep in the earth, formed in conditions of very high temperature and very high pressure. ‘Oil is a primordial material of deep origin which is transported at high pressure via ‘cold’ eruptive processes into the crust of the earth,’ concluded by Prof. Vladimir Porfir’yev