Energy 3.3a Flashcards
When did Shell executives first learn that the world would one day face the moment of peak oil, known to many as Hubbert’s Peak?
As far back as 1956 when M. King Hubbert delivered his seminal speech to Shell employees predicting the day when oil reserves would begin to decline.
What is peak oil?
The point of peak crude oil production, after which production rates will terminally decline
Where else are we beginning to look for oil?
The Arctic
What happens after peak oil?
Supply cannot meet demand
What do we know about the size of undiscovered oil reserves?
Nothing
How much of the world’s oil is predicted to be under the Arctic?
A quarter
What is the impact of rising living standards on peak oil?
increased energy demands with improving living standards, but often increased demands can be met with less damaging renewable power sources
What are some unconventional energy sources?
Fracking, tar sands, shale gas
Why is population growth an issue?
If we are unable to maintain adequate food resources, then population growth will slow and begin to decline, however, this could resolve overcrowding issues
Why have oil platforms become further offshore over time?
Shallow-water oil platforms to begin with, but as technology improves we find new reserves and develop the technology to exploit them.
Why is uncertainty caused by unknown future performance of the global economy?
Oil is a major component of financial markets but new technologies for renewables create new industries
Is peak oil all we need to worry about?
No - gas is running out on a similar timeline
If coal isn’t going to run out as soon, why should we not use it?
It pollutes far more
How do countries such as Russia cause uncertainty through political actions?
They conceal oil supply information so we don’t have the whole picture
Why can’t we exploit all newly-discovered oil resources?
They might be in protected areas, or it might face public opposition
