GLOBAL ENERGY: BIG OIL TELLS THE TRUTH?

Described by the "Financial Times" as the most comprehensive study of the energy industry in decades, this looks, to NewEnergyNews, a lot like cover for the Bush administration.

Want truth? Energy Bulletin recommends Crude Oil: Uncertainty about Future Oil Supply…”

US report demands action on energy
Ed Crooks, July 17, 2007 (Financial Times of London)

WHO
National Petroleum Council (NPC), Chairman Lee Raymond (former CEO of ExxonMobil)
Demand will only get bigger. (click to enlarge)

WHAT
“Facing the Hard Truths about Energy”: NPC report on global energy and climate change.

WHEN
Project was commissioned by the Bush administration in 2005. The study has taken 21 months.

WHERE
The report was approved by the NPC July 18 in Washington.

WHY
350 participants: oil/gas companies, banks, car-makers, consultants/NGOs.
- Main recommendations:
1. Slow demand growth with efficiency measures in home and industry and adopt the toughest possible vehicle fuel standards
2. Join the global effort at emission reduction (“…an effective global framework for carbon management incorporating all major emitters of CO2…”) and develop a legal framework for emission reduction (be it regulation, cap-and-trade or a carbon tax scheme).
3. Diversify and expand supply sources, including coal, nuclear, biofuels, all renewables and unconventional oil/gas like Canadian and Venezuelan oil sands and shale
- Risks impeding adequate energy supply:
1. Access in dangerous but resource-rich countries (like Iraq, Nigeria)
2. Resources in technologically challenging regions (like deep off shore water, oil sands)
The Peak Oil picture. If necessary, Google: Peak Oil. (click to enlarge)

QUOTES
“Facing the Hard Truths about Energy”: “…the world is not running out of energy resources, but there are accumulating risks to continuing expansion of oil and natural gas production from the conventional sources relied upon historically…[creating] significant challenges to meeting projected energy demand”.

Harder truths from The Oil Drum