Navigation Links
Commentary in Nature: Can economy bear what oil prices have in store?
Date:1/26/2012

Stop wrangling over global warming and instead reduce fossil-fuel use for the sake of the global economy.

That's the message from two scientists, one from the University of Washington and one from the University of Oxford in the United Kingdom, who say in the current issue of the journal Nature (Jan. 26) that the economic pain of a flattening oil supply will trump the environment as a reason to curb the use of fossil fuels.

"Given our fossil-fuel dependent economies, this is more urgent and has a shorter time frame than global climate change," says James W. Murray, UW professor of oceanography, who wrote the Nature commentary with David King, director of Oxford's Smith School of Enterprise and the Environment.

The "tipping point" for oil supply appears to have occurred around 2005, says Murray, who compared world crude oil production with world prices going back to 1998. Before 2005, supply of regular crude oil was elastic and increased in response to price increases. Since then, production appears to have hit a wall at 75 million barrels per day in spite of price increases of 15 percent each year.

"As a result, prices swing wildly in response to small changes in demand," the co-authors wrote. "Others have remarked on this step change in the economies of oil around the year 2005, but the point needs to be lodged more firmly in the minds of policy makers."

For those who argue that oil reserves have been increasing, that more crude oil will be available in the future, the co-authors wrote: "The true volume of global proved reserves is clouded by secrecy; forecasts by state oil companies are not audited and appear to be exaggerated. More importantly, reserves often take 6 - 10 years to drill and develop before they become part of the supply, by which time older fields have become depleted." Production at oil fields around the world is declining between 4.5 percent and 6.7 percent per year, they wrote.

"For the economy,
'/>"/>

Contact: Sandra Hines
shines@uw.edu
206-543-2580
University of Washington
Source:Eurekalert

Page: 1 2 3

Related biology news :

1. SectorWatch.biz Issues Commentary for Investors of Homeland Defense Companies FOUR, MAGS, NSSC, PNTR, BCO, and CKP
2. Expert commentary on Earth Days 40th anniversary
3. BUSM faculty author commentary on the global challenges of emerging viral infections
4. Commentary and podcast on landmark gene therapy clinical trial for hemophilia B
5. Changing the course of nature: Are fisheries directing the evolution of fish populations?
6. Nanoscale coating protect products -- and the economy
7. Rise or fall of reef fish driven by both economy and ecology
8. Saving the economy and saving the planet
9. Synthetic catalyst mimics natures hydrogen economy
10. EPA awards competitive grants for students to design sustainable technologies that help environment and economy
11. Improved adhesive for products like transparent tape could benefit biofuels economy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:11/4/2014)... of Utah engineers developed the first room-temperature fuel cell ... without needing to ignite the fuel. These new fuel ... power and sensors. , A study of the new ... journal ACS Catalysis . , Fuel cells convert ... fuel and an oxygen-rich source such as air. If ...
(Date:11/4/2014)... only marketing directed at children on the interior ... that the majority of black, middle-income and rural ... , Authored by Arizona State University researcher Punam ... first to examine the use of child-directed marketing ... restaurants and its relationship to demographics. It adds ...
(Date:11/3/2014)... 3, 2014 Research and Markets has ... - Technologies, Markets and Companies" to their offering. ... and methods, which have already started to play an important ... is replacing the old fashioned bone marrow transplants. Role of ... bound to become a part of medical practice. ...
Breaking Biology News(10 mins):Jet-fueled electricity at room temperature 2Fast food marketing for children disproportionately affects certain communities 2Fast food marketing for children disproportionately affects certain communities 3Global Cell Therapy - Technologies, Markets and Companies: 2014 Report 2Global Cell Therapy - Technologies, Markets and Companies: 2014 Report 3
... the Marine Biological Laboratory (MBL) in Woods Hole and ... the presence of the genetic material RNA in the ... proper cell division. , The findings, detailed June ... Proceedings of the National Academy of Sciences, present evidence ...
... cutting into their yields this year, said two Texas ... Station assistant research scientist and plant disease diagnostician, saw ... Plains Diagnostic Network lab this growing season, in addition ... the Panhandle. , Ninety-five percent of these samples were ...
... either preventing or promoting the cell death, a Queen's University ... principle that pharmacological inhibition of calpain may be used to ... such as in neuronal cells of Alzheimer's or Parkinson's patients, ... is clearly a very desirable outcome," says lead researcher Peter ...
Cached Biology News:RNA found in the cellular centrosome of surf clams 2More than drought affecting wheat yields 2Protein's role in regulating cell death sets direction for cancer research 2
(Date:11/22/2014)... RURO, Inc., a leading LIMS, RFID ... version 5.1.4. , RURO’s deployment teams have been ... in RURO’s 8 year history. Many deployments have ... version 5.1.4 is the perfect example – the ... , Limfinity® 5.1.4 release highlights – more than ...
(Date:11/22/2014)... 22, 2014 The “Chiral Chromatography ... by Material (Metal, Glass, Plastic), by Application [GC, ... - Forecast to 2018” analyses and studies the ... North America, Europe, Asia, and Rest of the ... 15 figures spread through 135 pages and in-depth ...
(Date:11/22/2014)... element of surprise has been a major advantage of ... Until now, epidemiologists had nothing to measure that might ... suboptimal responses to both the H1N1 pandemic of 2009 ... http://photos.prnewswire.com/prnh/20141121/160242 That virus advantage ... structural changes have been found that invariably to date ...
(Date:11/21/2014)... , November 21, 2014 , ... comercial   Mariano Rodríguez es elegid vicepresidente ... KLOX está en marcha para comenzar de forma ... de heridas de reciente aprobación en Europa   , ... se complace al anunciar los siguientes nombramientos: ...
Breaking Biology Technology:RURO Announces Limfinity® version 5.1.4 2Chiral Chromatography Columns Market worth $87.8 Million by 2018 - New Research Report by MarketsandMarkets 2Chiral Chromatography Columns Market worth $87.8 Million by 2018 - New Research Report by MarketsandMarkets 3Chiral Chromatography Columns Market worth $87.8 Million by 2018 - New Research Report by MarketsandMarkets 4Chiral Chromatography Columns Market worth $87.8 Million by 2018 - New Research Report by MarketsandMarkets 5Viruses' Advantage of Surprise is Lost 2KLOX Technologies anuncia sus nombramientos ejecutivos 2KLOX Technologies anuncia sus nombramientos ejecutivos 3KLOX Technologies anuncia sus nombramientos ejecutivos 4KLOX Technologies anuncia sus nombramientos ejecutivos 5
... In light of an announcement made recently by Astellas ... confirmed that it had received a letter dated November 13, ... to acquire CV Therapeutics at a price of $16.00 per ... conditions. After careful deliberation, with the assistance of its ...
... quantum dots created by researchers at Canada,s National Institute ... a new level of control over individual electrons, a ... Composed of a single atom of silicon and ... the smallest quantum dots ever created. , ...
... Alfacell Corporation (OTC Bulletin Board: ACEL) today reported that ... Food and Drug Administration (FDA) to discuss the company,s ... rolling New Drug Application (NDA) for the treatment of ... meeting, the FDA provided guidance to the company recommending ...
Cached Biology Technology:CV Therapeutics Statement on Unsolicited Proposal From Astellas 2CV Therapeutics Statement on Unsolicited Proposal From Astellas 3Smallest ever quantum dots bring real world applications closer 2Alfacell Provides ONCONASE(R) NDA Submission Update 2Alfacell Provides ONCONASE(R) NDA Submission Update 3
ROCK-1 (cleaved) Monoclonal Ab 100 ug purified mouse monoclonal antibody. Clone# 12M03. Reacts with human. Tested in Western blot analysis....
Mouse monoclonal [LPL4A.1] to Plastin L ( Abpromise for all tested applications). SwissProtID: P13796...
Mouse monoclonal [CAT-1] to Chloramphenicol Acetyltransferase ( Abpromise for all tested applications)....
... Competent Yeast Cells are designed for use ... S. cerevisiae strain MaV203 contains deletions in ... use with GAL4-based two-hybrid systems. The strain ... selection of ProQuest bait and prey vectors. ...
Biology Products: