Exxon Mobil and Chevron is paying for your gas at the pump

Los Angeles Oct. 17, 2007. Thank you Exxon Mobil, thank you Chevron, thank you Valero Oil Refinery for taking up the slack between the gas prices at the pump and the real price for gas. Have you ever wondered why the same gas price at the pump has not changed significantly over the last year while at the same time the price for crude oil has increased by around 40% since January this year?

All these billions of dollars, oil companies make in the business of oil production (upstream) due to high crude oil prices are now spent on subisdy funds (price subsidies) for crude oil refineries (downstream) to keep the gas priceses at the pump low - all that for you the consumer, so you would not see the real impact of peak oil.

As a consequence oil refineries and oil companies involved in the downstream business (oil refining) report a profit warning for the 3rd quarter of 2007:

Read about Exxon Mobil's Profit Warning on International Haralb Tribune.
Read about Chevron's Profit Warnings on Marketwatch.com.

The Peak Freak - A Peak Moment Experience

Jenna Orkin is Co-Founder of World Trade Center Environmental Organization and mother of a 17-year-old boy who was a student at Stuyvesant High School four blocks north of Ground Zero on September 11. Jenna learned about Peak Oil in 2002 and she published this touching testimony about her own Peak Moment Experience (PME):
http://www.wtceo.org/wtcenvironmentalorganizationpeakfreakpeakoil.htm

Further information about and from Jenna:
Jenna is actively involved at http://www.petrocollapse.org/
Jenna wrote an article about the Petrocollapse Conference: http://www.energybulletin.net/8457.html
Jenna also started the following blog: http://mikeruppert.blogspot.com/

The U.S. Department of Energy provides Educational Peak Oil Poster

"All about Oil and Gas", this is how the Guy Caruso, head of the U.S. Department of Energy in 2005 titled a series of 10 educational posers, which are available for download as pdf files. One of these posters is called " Peak Oil - the Turning Point". The poster is very informative and lists the basic facts about peak oil. However, the Energy Information Agency (EIA) states that they believe that the peak in world in oil production is decades away although the poster also shows forecasts by respected authorities in the field of energy, which claim that the peak is just years away or is even happening right now.*)

So, although somewhat confusing in terms of the actual peaking time, it is remarkable that the U.S. Government comments on the topic of peak oil, and more importantly agrees with the fact of peak oil.

You can download the peak oil poster here and the entire selection of 10 posters about energy can be viewed here.

*) Also compare the EIA report of 2007, which gives very different picture of the peak oil event.

Economic Impact of Peak Oil - What If ...?

Have you ever asked your self what would happen if you cannot get to work because there is no fuel to fill the tank of your car or if your phone company is not able to maintain their phone line networks because they are not able to drive the maintanance team to the phone lines that broke after a storm in your area? Have you ever asked your self what would happen if crude oil was not freely available anymore?

Gail Tverberg is working on a booklet on the topic of peak oil consequences, which can be found at http://gailtheactuary.wordpress.com/. Gail posted some of her answers to peak oil impacts on the economy, which could guide you in your personal actions regarding the peak oil event and shape your peak moments.

*) GailTheActuary's real name is Gail Tverberg. She has a M. S. from the University of Illinois in Mathematics, is a Fellow of the Casualty Actuarial Society, and is a Member of the American Academy of Actuaries. You can read more about Gail at her page at worldpress.com: http://gailtheactuary.wordpress.com/about . Gail hosts also a meeting group at oilawareness.meetup.com/67/members/2199059/.

You can read Gail's three parts of the Economic Impact of Peak Oil on The Oil Drum pages:

Part I: http://www.theoildrum.com/node/2977
Part II: http://www.theoildrum.com/node/2983
Part III: http://www.theoildrum.com/node/2984

Video about an Introduction of Peak Oil by M. King Huppert

Watch a video of M. King Huppert explaining peak oil and compare it with the current world events. The evidence of peak oil is obvious and fossil fuel in human history seems to be a blink in time:

Click on this link: http://peristaltor.livejournal.com/54865.html

Crude Oil Alerts - October 02 2007

Here are some of my best weekly reads about the world's crude oil situation, which I would like to share. They give a good picture of where peak oil is today and how to determine when peak oil production has or will actually happen depending on the method of calculation the date, the definition which crude oil is taken into account (light sweet, heavy, tar sand).

The theories for predicting timing of peak oil

AlterNet - Hindu News

The theories for predicting timing of peak oil, despite using different methodologies, have arrived at remarkably similar conclusions. Whether peak oil occurred in 2006 or will occur in 2010, what is certain is a shoot-up in prices, given the enormous appetite for energy in China and India, say RAM VENKATACHALAM and SHANMUGANATHAN N.

How to Address Humanity's Global Crises? Challenge Corporate Power ...
AlterNet - San Francisco,CA,USA
Editor's note: the following remarks were made this September at a conference on "Confronting the Global Triple Crisis -- Climate Change, Peak Oil, ...

The Peak Oil Crisis: Has the Media Become the Message?
Falls Church News Press - Falls Church,VA,USA
Last week, the world peak oil conference in Ireland, heard that the best available data now suggests there may only be about 250 billion barrels of oil left ...

UPDATE: The Shift To Alternative Fuels Is Moving Beyond Ethanol
CNNMoney.com - USA
Global demand for oil is increasing exponentially and supplies are dwindling, and whether you subscribe to the " Peak Oil" theory or not, the bottom line is ...

Shut up about the deckchairs!
New Statesman - London,England,UK
Within the peak oil community, the experience of realising this very simple but paradigm-altering truth is coming to be called 'peak moments'. ...

Is the US oil resource running out?
Commodity Online - Kochi,Kerala,India
By Edward Tapamor If we think of peak oil as a subject in itself, rather than a subset of general discourse about oil and energy, then we can see it has ...

Russia is far from oil's peak
Asia Times Online - Kowloon,Hong Kong
"Peak Oil" is not our problem. Politics is. Big Oil wants to sustain high oil prices. US Vice President Dick Cheney and friends are all too willing to ...

BLOGS ALERTS

To Grandmother's House We Go: Peak Oil Is Here
By aotearoan
I have intentionally paraphrased this wonderful Christmas song because it has much to say about the future after peak oil which I am now ready to say has already happened. As energy declines, we will indeed go to our grandmother's ...

Free Peak Oil Lecture Online Tomorrow - Tuesday October 2.
By david
If you are interested in learning more about Peak Oil and it's consequences, you might want to check out this free online lecture from Steve Andrews, Co-Founder of the American Association for the Study of Peak Oil. ...

Peak Oil Review - October 1st, 2007
Tom Whipple, ASPO-USA. An executive summary of weekly news from a peak oil perspective, featuring: - Production and Prices - The Falling Dollar - Venezuela - Energy Briefs.
EnergyBulletin.net Latest News - http://www.energybulletin.net

Economic Impact of Peak Oil Part 3: What's Ahead?
By Gail the Actuary
A little more squeeze in oil availability, or a sharp drop in the value of the dollar, or even widespread knowledge of the likelihood of peak oil and its effects could further destabilize the debt market. ...
The Oil Drum - Discussions about... - http://www.theoildrum.com

Peak-oil - The Turning Point
By James Fraser
Peak Oil - The Turning Point, a poster, is available as a pdf download from the Department of Energy. It is an interesting commentary on peak oil , including a very brief explanation of Hubbert's theory and the various predictions of ...
The Energy Blog - http://thefraserdomain.typepad.com/energy/

Can it be any clearer?

Oil fields do decline! And only very few new oil field discoveries have been made worldwide. David Pauly from Bloomberg News comments on the new development amongst the big oil companies and the notion of peak oil:

Bloomberg on Slow Liquidation of World Oil Industry