The View from Hubbert’s Peak a condition known as. . . Peak Oil Peak oil does not mean we have run out of oil; it means that the cheap and easy oil has come and gone Twilight in the Desert?

Price of Crude Oil Futures Cheap oil is gone Expensive oil causes recessions Admiral Rickover’s warning (1957)

Oil Reserves

Remember the Seven Sisters? Anglo-Persian Oil (BP) Royal Dutch Shell Exxon Chevron Gulf (now part of Chevron) Mobil (now part of Exxon) Texaco (now part of Chevron) So named in the 1950s by Enrico Mattei, head of Eni, describing “the Consortium for Iran”

Exxon is now 14th on the list

Tar Sands Side effects Water CO2 CH4

The Import Bill: USA 12 million barrels per day $1 billion per day At $84 per barrel $365 billion per year $3.6 trillion per decade $11 trillion by 2035 at $100 per barrel average (and no demand increase) $5 trillion source of funds If we stop importing oil by 2035

Hubbert’s original drawing: 1956