Category: Peak oil

New Book: ‘Water, Energy, and Environment – A Primer’

After a long hiatus from blogging while I worked on a new book, I am pleased to announce that the book ‘Water, Energy, and Environment – A Primer’ will be published by International Water Association Publishing (IWAP) on February 18th (2019). It will be available in both printed and digital form, and the digital version will be downloadable for free as an Open Access (OA) document.

To access the free digital version go to IWAP’s OA website on Twitter: https://twitter.com/IWAP_OA.

Attached below is front material from the book, its preface and table of contents. Designed to serve as a basic and easily read introduction to the linked topics of water, energy, and environment, it is just under 200 pages in length, a convenient size to throw into a folder, a briefcase, or a backpack. Its availability as an OA document means that people all over the world with access to the internet will have access to the book and its 10 chapters.

With the completion of the book I plan to return to a regular schedule of blogging.
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Contents
Preface ………………………………….. xi
Acknowledgement ……………………….. xv
Acronyms ……………………………… xvii
Epigraph ……………………………….. xxi
Chapter 1
Water and its global context …………………. 1
1.1 Earth’s Water Resources . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 Saline Water and Desalination Processes . . . . . . . . . . . 2
1.3 Energy Requirements and Costs of Desalination . . . . . 5
1.4 Demand for Freshwater . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.5 Implications of Limited Access to Freshwater . . . . . . . . . 9
1.6 Actions to Increase Access to Freshwater . . . . . . . . . . 10
1.7 Gender Equity Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Chapter 2
Energy and its global context ……………….. 13
2.1 Energy’s Role in Society . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.2 Energy Realities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.3 What is Energy? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2.4 Energy Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
2.4.1 Important questions . . . . . . . . . . . . . . . . . . . . . . . 18
2.4.2 How is energy used? . . . . . . . . . . . . . . . . . . . . . . 18
2.4.3 Electrification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Chapter 3
Exploring the linkage between water
and energy ……………………………….. 23
3.1 Indirect Linkages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
3.2 The Policy Linkage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
3.3 The Conundrum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
3.4 Addressing the Conundrum . . . . . . . . . . . . . . . . . . . . . . . 26
3.5 The Need for Partnership . . . . . . . . . . . . . . . . . . . . . . . . . 27
Chapter 4
Energy production and its consequences for
water and the environment …………………. 29
4.1 Impacts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
4.2 More on Climate Change . . . . . . . . . . . . . . . . . . . . . . . . . 32
4.3 Environment and Religion . . . . . . . . . . . . . . . . . . . . . . . . 33
4.3.1 The theocentric worldview . . . . . . . . . . . . . . . . . 33
4.3.2 The anthropocentric worldview . . . . . . . . . . . . . 34
4.3.3 Other worldviews . . . . . . . . . . . . . . . . . . . . . . . . . 34
Chapter 5
Energy options ……………………………. 37
5.1 Fossil Fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
5.2 Nuclear Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
5.3 Geothermal Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
5.4 The Sun . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
5.5 Energy Efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
5.5.1 Energy demand . . . . . . . . . . . . . . . . . . . . . . . . . . 40
vi Water, Energy, and Environment – A Primer
5.5.2 Implementation . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
5.5.3 Saving energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
5.5.4 Accelerating implementation . . . . . . . . . . . . . . . 43
5.5.5 Energy Star . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
5.5.6 The lighting revolution . . . . . . . . . . . . . . . . . . . . . 45
5.5.7 Energy efficiency in buildings . . . . . . . . . . . . . . . 48
5.5.7.1 Zero energy buildings . . . . . . . . . . . . . 48
5.5.7.2 Electrochromic windows . . . . . . . . . . . 52
5.6 Energy Efficiency in Industry . . . . . . . . . . . . . . . . . . . . . . 54
5.7 Energy Efficiency in Transportation . . . . . . . . . . . . . . . . 56
Chapter 6
Fossil fuels ………………………………. 61
6.1 Coal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
6.1.1 Carbon capture and sequestration . . . . . . . . . . 63
6.1.2 A conundrum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
6.2 Petroleum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
6.2.1 Oil spills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
6.2.2 Peak oil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
6.3 Natural Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
6.3.1 Methane hydrates . . . . . . . . . . . . . . . . . . . . . . . . . 77
6.3.2 Fracking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
Chapter 7
Nuclear power ……………………………. 85
7.1 Nuclear Fission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
7.1.1 Fission fundamentals . . . . . . . . . . . . . . . . . . . . . . 85
7.1.2 Introduction to nuclear issues . . . . . . . . . . . . . . . 87
7.1.3 Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89
7.2 Nuclear Fusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
7.2.1 Fusion fundamentals . . . . . . . . . . . . . . . . . . . . . . 91
7.2.2 Numbers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
7.2.3 Barriers to Fusion . . . . . . . . . . . . . . . . . . . . . . . . . 94
7.2.4 Pros and cons . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
7.2.5 Thoughts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Chapter 8
Renewable energy ………………………… 97
8.1 The Sun’s Energy Source and Radiation
Spectrum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
8.2 Direct Solar Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
8.2.1 Photovoltaics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
8.2.2 Concentrating solar power (CSP) . . . . . . . . . . 108
8.2.2.1 Power tower . . . . . . . . . . . . . . . . . . . . 109
8.2.2.2 Linear concentrator . . . . . . . . . . . . . . 110
8.2.2.3 Dish engine . . . . . . . . . . . . . . . . . . . . . 111
8.2.2.4 CSTP history . . . . . . . . . . . . . . . . . . . 112
8.2.2.5 Advantages and disadvantages . . . 112
8.2.2.6 Thermal storage . . . . . . . . . . . . . . . . . 113
8.2.2.7 Current status . . . . . . . . . . . . . . . . . . . 114
8.2.2.8 Concentrating photovoltaics (CPV) . 115
8.3 Solar Power Satellite (SPS) System . . . . . . . . . . . . . . 116
8.4 Hydropower and Wind Energy . . . . . . . . . . . . . . . . . . . 119
8.4.1 Hydropower . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
8.4.2 Wind energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
8.4.2.1 Onshore wind . . . . . . . . . . . . . . . . . . . 121
8.4.2.2 History . . . . . . . . . . . . . . . . . . . . . . . . . 124
8.4.2.3 An onshore limitation . . . . . . . . . . . . . 124
8.4.2.4 Offshore wind . . . . . . . . . . . . . . . . . . . 125
8.5 Biomass Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
8.5.1 Sources of biomass . . . . . . . . . . . . . . . . . . . . . . 129
8.5.2 Wood . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
8.5.3 Biofuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
8.5.4 Algae . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
8.5.5 Biochar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
8.5.6 The future . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
8.6 Geothermal Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
8.6.1 Sources of geothermal energy . . . . . . . . . . . . . 134
8.6.2 Manifestations of geothermal energy . . . . . . . 135
8.6.3 Uses of geothermal energy . . . . . . . . . . . . . . . . 135
8.6.3.1 Geothermal power generation . . . . . 136
8.6.3.2 Ground-source heat pumps . . . . . . . 138
8.6.4 An unusual source of geothermal energy . . . . 140
Ocean Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
8.7.1 Wave energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
8.7.1.1 Wave energy conversion
devices . . . . . . . . . . . . . . . . . . . . . . . . 142
8.7.1.2 Potential and pros and cons . . . . . . . 143
8.7.2 Ocean current energy . . . . . . . . . . . . . . . . . . . . 144
8.7.3 Tidal energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
8.7.3.1 Barrage . . . . . . . . . . . . . . . . . . . . . . . . 146
8.7.3.2 History . . . . . . . . . . . . . . . . . . . . . . . . . 147
8.7.3.3 Environmental impacts . . . . . . . . . . . 147
8.7.4 Ocean thermal energy conversion (OTEC) . . 147
8.7.4.1 Barriers . . . . . . . . . . . . . . . . . . . . . . . . 148
8.7.4.2 OTEC technologies . . . . . . . . . . . . . . 148
8.7.4.3 Other cold water applications . . . . . . 149
8.7.4.4 OTEC R&D . . . . . . . . . . . . . . . . . . . . . 149
Chapter 9
Energy storage …………………………… 151
9.1 Storage and Grids . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151
9.2 Types of Storage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152
9.2.1 Traditional and advanced batteries . . . . . . . . . 153
9.2.1.1 Lead–acid . . . . . . . . . . . . . . . . . . . . . . 153
9.2.1.2 Sodium sulfur . . . . . . . . . . . . . . . . . . . 153
9.2.1.3 Nickel–cadmium . . . . . . . . . . . . . . . . . 154
9.2.1.4 Lithium-ion . . . . . . . . . . . . . . . . . . . . . 154
9.2.1.5 Supercapacitors . . . . . . . . . . . . . . . . . 155
9.2.2 Flow batteries . . . . . . . . . . . . . . . . . . . . . . . . . . . 156
9.2.3 Flywheels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
9.2.4 Superconducting magnetic energy
storage (SMES) . . . . . . . . . . . . . . . . . . . . . . . . . 158
9.2.5 Compressed air energy storage (CAES) . . . . 159
9.2.6 Pumped storage . . . . . . . . . . . . . . . . . . . . . . . . . 160
9.2.7 Thermal storage . . . . . . . . . . . . . . . . . . . . . . . . . 161
9.3 Applications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
9.4 Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
9.5 Fundamental Change . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
Chapter 10
Policy considerations …………………….. 165
10.1 Important Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
10.1.1 Is there a physical basis for understanding
global warming and climate change? . . . . . . 166
10.1.2 Is there documented evidence for global
warming and climate change? . . . . . . . . . . . . 168
10.1.3 Can global warming and climate change be
attributed to human activities, and what are
those activities? . . . . . . . . . . . . . . . . . . . . . . . . 170
10.1.4 What are the potential short- and long-term
impacts of global warming and climate
change with respect to water supply,
environment, and health? What is the
anticipated time scale for these
impacts? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
10.1.5 What can be done to mitigate the onset
and potential impacts of global warming
and climate change? . . . . . . . . . . . . . . . . . . . . 179
References ……………………………… 183
Index …………………………………… 189

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Preface
This book springs from my strong conviction that clean water and clean energy are the critical elements of long-term global sustainable development. I also believe that we are experiencing the beginning of an energy revolution in these early years of the 21st century. Providing clean water requires energy, and providing clean energy is essential to reducing the environmental impacts of energy production and use. Thus, I see a nexus – a connection, a causal link – among water, energy, and environment. In recent years we have adopted the terminology of the water-energy nexus for the intimate relationship between water and energy, and similarly we can apply the term nexus to the close connections among water, energy, and environment. Thisuse of the term nexus can be, and has been, extended to include the related issues of food production and health. Dealing with, and writing about, a two-element nexus is difficult enough. In this book, I will limit my analysis and discussion to the three-element water -energy-environment nexus and leave the discussion of other possible nexus elements to those more qualified to comment.

This book also springs from my observation that while there are many existing books of a more-or-less technical nature on the three elements of this nexus, a book addressing each of them and their interdependencies in a college-level primer for a broad global and multidisciplinary audience would be valuable. Consideration of these and related issues, and options for addressing them, will be priorities for all levels of government. They will also be priorities for many levels of the
private sector in the decades ahead, both in developing and developed nations. A handbook-style primer that provides an easily read and informative introduction to, and overview of, these issues will contribute broadly to public education. It will assist governments and firms in carrying out their responsibilities to provide needed services and goods in a sustainable manner, and help to encourage young people to enter these fields. It will serve as an excellent mechanism for exposure of experts in other fields to the issues associated with the water-energy-environment nexus. Further, in addition to the audiences mentioned above, target audiences include economists and others in the finance communities who will analyze and provide the needed investment funds, and those in the development community responsible for planning and delivering services to underserved populations.
The book is organized as follows: the first chapter will be devoted to the concept of nexus and how the three elements, water, energy, and environment, are inextricably linked. This recognition leads to the conclusion that if society is to optimize their contributions to human and planetary welfare they must be addressed jointly. No longer must policy for each of these elements be considered in its own silo. Chapters 2 and 3 will be devoted to spelling out global contexts for water and energy issues, respectively. Chapter 4, on related environmental issues, will address the issues of water contamination, oil spills, fracking, radioactive waste storage, and global warming/
climate change. Chapter 5 will be a discussion of energy efficiency – i.e., the wise use of energy – and its role in limiting energy demand and its associated benefits. Chapter 6 will focus on the basics of fossil fuels – coal, oil, natural gas – which today dominate global energy demand. Chapter 7 will discuss nuclear-fission-powered electricity production, which today accounts for 10% of global electricity. It will also discuss the prospects for controlled nuclear fusion. Chapter 8 will discuss the broad range of renewable energy technologies – wind, solar,hydropower, biomass, geothermal, ocean energy – which are the basis of the now rapidly emerging energy revolution. Chapter 9 will discuss the closely related issue of energy storage. Finally, Chapter 10 will address
policy issues associated with water, energy, and environment, discuss policy history and options, and provide recommendations.

New book – ‘Energy Poverty: Global Challenges and Local Solutions’

Two years in the making, this 21-chapter book was released by Oxford University Press (OUP) on December 20, 2014. It addresses the importance of energy access in reducing poverty and increasing human welfare, a topic just beginning to receive widespread visibility. A brief description of the book is attached below; a Table of Contents can be found at the following website:
https://global.oup.com/academic/product/energy-poverty-9780199682362?cc=dk&lang=en&

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Edited by Antoine Halff, Benjamin K. Sovacool, and Jon Rozhon

A one-stop treatment of energy poverty, an issue whose pivotal role in the fight for human development and against poverty is only now being recognised
A practical guide and reference work for policymakers and practitioners in the field
Provides a fresh perspective on tomorrow’s energy challenges
Brings together diverse viewpoints and includes contributions from experts and practitioners from all over the world, including China, India, Brazil, sub-Saharan Africa, and the Middle East
Includes chapters from authors at the cutting edge of research: Fatih Birol, chief economist of the International Energy Agency, Han Wenke, head of China’s Energy Research Institute, Nigel Bruce of the World Health Organisation, and Jason Bordoff, former senior advisor on energy to President Barack Obama”

I also attach a copy of the chapter I was privileged to write, ‘Energy and Water: A Critical Linkage”, on a topic that is also receiving increasing attention. It is a bit long compared to my usual blog posts, but worth reading. A special gift awaits those who read to the end of the chapter.
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Peak Oil: A Valid or Invalid Concept?

One topic that has come up consistently in my 40+ years of reading and thinking about energy is the notion that the world is running out of fossil fuels. The reality, as best I can tell, is that this is not true on any near-term timescale. Fossil fuels are finite and we are using them faster than nature can replace them, but much remains to be found and utilized if people wish. The concerns stimulated by H. King Hubbert in 1956, when he proposed his theory on oil well production and depletion and published the ‘Hubbert Curve’ (see below) are valid for some assumptions but ignore other realities that make his conclusions, and those of others who have accepted his theory, invalid for long-term planning. I will explain why I believe this in the discussion that follows, recognizing that part of the discussion turns on a definition of what is meant by Peak Oil.

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A 1956 world oil production distribution, showing historical data and future production, proposed by M. King Hubbert; it has a peak of 12.5 billion barrels per year about the year 2000

Hubbert’s Peak Theory is based on the obvious fact that the utilization of a finite resource must go through an initial start-up, reach a peak level of production, and eventually tail off as the resource is depleted. This is common sense, applicable to all non-renewable resources, and not disputable. What is disputable is the shape of the production/depletion curve and the assumptions that went into identifying the resource to be utilized and eventually depleted. Much of the public discussion that has ensued about Peak Oil, the application of Hubbert’s theory to oil (petroleum) extraction, since publication of Hubbert’s 1956 paper has revolved about these two facets of his theory.

It is important to clarify up front that Peak Oil is the point in time when oil extraction reaches its maximum rate and is not synonymous with oil depletion. Following a peak in extraction rate about half of the resource is still available for extraction, and production rate decreases steadily thereafter. Much discussion has focused on the shape of the declining curve after Peak Oil is reached – plateau? sharp decline? slow decline? – and the implications for the U.S. and world economies that are so dependent on oil supplies.

Hubbert’s theory received great visibility when he correctly predicted, in his 1956 paper, that U.S. domestic oil production would peak between 1965 and 1971. He used the terms ‘peak production rate’ and ‘peak in the rate of discoveries’; the term Peak Oil was introduced in 2002 by Colin Campbell and Kjelll Aleklett when they formed ASPO, the Association for the study of Peak Oil & Gas.

Where the application of Hubbert’s theory has failed (I don’t blame him) is in the boundary conditions (assumptions) on which his theory is based. He did not anticipate, nor did others, the rapid emergence of unconventional oil and the substitutions for oil (alternative fuels, electrification of transportation) that have been or are being developed. He did mention these possibilities and did his best with the information available at the time; I cannot say that about modern Peak Oil theorists who still put out stories intended to scare.

What has changed is that oil production no longer depends only on ‘conventional’ oil supplies but increasingly on ‘unconventional’ resources that are an increasing part of total oil supply. A few definitions, courtesy of Wikipedia, will help:

“Conventional oil is oil that is generally easy to recover, in contrast to oil sands, oil shale, heavy crude oil, deep-water oil, polar oil and gas condensate. Conventional oil reserves are extracted using their inherent pressure, pumps, flooding or injection of water or gas. Approximately 95% of all oil production comes from conventional oil reserves.

Unconventional oil is oil that is technically more difficult to extract and more expensive to recover. The term unconventional refers not only to the geological formation and characteristics of the deposits but also to the technical realisation of ecologically acceptable and economical usage.”

Given these definitions, we can probably all agree that the age of cheap oil is over, as reflected in the following graph of historical oil prices:
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As reported by former BP geologist Dr. Richard Miller in a speech at University College of London in 2013: “..official data from the International Energy Agency, the US Energy Information Administration, the International Monetary Fund, and other sources, showed that conventional oil had most likely peaked around 2008.” He further pointed out that “peaking is the result of declining production rates, not declining reserves”, that many oil producing countries are already post-peak, and that conventional oil production has been flat since about the middle of the past decade. There has been growth in liquid supply since then, largely due to natural gas liquids and oil derived from oil sands. Reserves have also been growing due to new discoveries, improved oil field extraction technology, and increasing reliance on unconventional resources.
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The debate about Peak Oil has been underway for quite a few decades, many words have been spoken and much ink has been used to illuminate and document that debate, and Peak Oil still has its adherents. One of my purposes in exploring this subject for my blog was to review the latest literature and form an updated opinion. I have – Peak Oil is not real if you take into account the full liquid fuels situation. In fact, in the course of my research I have come across several opinions that I fully agree with and share them with you as my summation of this post.

(Wikipedia)”In 2009, Dr. Christoph Rühl, chief economist of BP, argued against the peak oil hypothesis:

Physical peak oil, which I have no reason to accept as a valid statement either on theoretical, scientific or ideological grounds, would be insensitive to prices. (…) In fact the whole hypothesis of peak oil – which is that there is a certain amount of oil in the ground, consumed at a certain rate, and then it’s finished – does not react to anything…. Therefore there will never be a moment when the world runs out of oil because there will always be a price at which the last drop of oil can clear the market. And you can turn anything into oil into if you are willing to pay the financial and environmental price… Global Warming is likely to be more of a natural limit than all these peak oil theories combined. (…) Peak oil has been predicted for 150 years. It has never happened, and it will stay this way.

According to Rühl, the main limitations for oil availability are “above ground” and are to be found in the availability of staff, expertise, technology, investment security, money and last but not least in global warming. The oil question is about price and not the basic availability. Rühl’s views are shared by Daniel Yergin of CERA, who added that the recent high price phase might add to a future demise of the oil industry, not of complete exhaustion of resources or an apocalyptic shock but the timely and smooth setup of alternatives.”

One other opinion I agree with, by George Monbiot, writing in the guardian on 2 July 2012 (‘We were wrong on peak oil. There’s enough to fry us all’): “Some of us made vague predictions, others were more specific. In all cases we were wrong. In 1975 MK Hubbert, a geoscientist working for Shell who had correctly predicted the decline in US oil production, suggested that global supplies could peak in 1995. In 1997 the petroleum geologist Colin Campbell estimated that it would happen before 2010. In 2003 the geophysicist Kenneth Deffeyes said he was “99% confident” that peak oil would occur in 2004. In 2004, the Texas tycoon T Boone Pickens predicted that “never again will we pump more than 82m barrels” per day of liquid fuels. (Average daily supply in May 2012 was 91m.) In 2005 the investment banker Matthew Simmons maintained that “Saudi Arabia … cannot materially grow its oil production”. (Since then its output has risen from 9m barrels a day to 10m, and it has another 1.5m in spare capacity.)

Peak oil hasn’t happened, and it’s unlikely to happen for a very long time.”

Enough said!