NC Media Watch

A quest for reason and accuracy in letters to the editor, guest editorials and other issues of interest to the citizens of Western Nevada County.

Wednesday, June 22, 2005

Peak Oil Update:

Our local Townhall Institute was in the news recently, promoting the idea we are running out of oil. According to a just released report by Cambridge Energy Research Agency, a highly respected research firm, supply sill soon out strip demand.
Oil & Liquids Capacity to Outstrip Demand Until At Least 2010 Despite current fears that oil will soon "run out," global oil production capacity is actually set to increase dramatically over the rest of this decade, according to a new report. As a result, supply could exceed demand by as much as 6 to 7.5 million barrels per day (mbd) later in the decade, a marked contrast to the razor-sharp balance between strong demand growth and tight supply that is currently reflected in high oil prices hovering around $60 a barrel.
Press Release (here).

From the Christian Science Monitor:
Over the next five years, there will be 10 million barrels per day of new light or medium crude and 3 million barrels per day of new heavy crude. Altogether, supply will exceed demand by 6 million to 7.5 million barrels per day later in the decade, according to CERA.
Full story (here).

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