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:8/3/2015)... Aug. 3, 2015 Synaptics, Inc. (Nasdaq: ... today announced that members of the executive management team ... Crest Global Technology Leadership Forum on Tuesday, August 11, ... be held at the Sonnenalp Resort in ... may include forward-looking information. An audio webcast of the ...
(Date:7/31/2015)... julho de 2015 A 10 a. ... realizada pela BGI de 22-25 de outubro de 2015, em ... A conferência está celebrando seu 10 o. aniversário este ... tornou uma das reuniões mais influentes do mundo no ... dinâmicos, entusiastas e prazerosos. A ICG-10 ...
(Date:7/31/2015)... , 31. Juli 2015 Die 10. internationale Konferenz ... BGI veranstaltet und findet vom 22. bis 25. ... , statt. Die Konferenz feiert ... Start 2006 ist die ICG weltweit zu einem ... Sie ist eines der dynamischsten, enthusiastischsten und angenehmsten ...
Breaking Biology News(10 mins):A 10a. Conferência Internacional sobre Genômica (ICG-10) será em outubro 2A 10a. Conferência Internacional sobre Genômica (ICG-10) será em outubro 3Die 10. internationale Konferenz zu Genomik (ICG-10) beginnt im Oktober 2Die 10. internationale Konferenz zu Genomik (ICG-10) beginnt im Oktober 3
... Academy of Sciences will host the Fifth Annual ... design of oligosaccharides and proteins for materials and ... on the following areas: (1) synthetic and biosynthetic ... these macromolecules in materials science and glycobiology, (2) ...
... Kidney stones strike an estimated 1 million Americans each year, ... is among the worst known to man (or woman). ... Medicine in St. Louis provides evidence to explain why some ... Their discovery opens the door to finding effective drug treatments ...
... Concordia University is bringing us one step closer to clean ... a battery-like enzyme can store energy from seconds to hours, ... Chemical Society shows. Concordia Associate Professor Lszl Klmn ... graduate students Sasmit Deshmukh and Kai Tang has been ...
Cached Biology News:Kidney stone mystery solved 2Kidney stone mystery solved 3Nature's billion-year-old battery key to storing energy 2
(Date:8/27/2015)...  Asterias Biotherapeutics, Inc. (NYSE MKT: AST), a leading ... today announced that executives from the company will present ... , Pedro Lichtinger , Chief ... Annual Global Investment Conference on Wednesday, September 10, 2015 ... in New York City . ...
(Date:8/27/2015)... Boston, MA (PRWEB) , ... August 27, 2015 , ... ... the United States, ranking iLab Solutions as number 1,361 in growth for the three ... part of the top 0.1% fastest-growing privately held organizations in the country. , ...
(Date:8/26/2015)... KS (PRWEB) , ... August 26, 2015 , ... ... Biologic Solutions, announces today that a second US laboratory is to open in ... accordance with the continued partnership and long-term growth of research and development through ...
(Date:8/26/2015)... , Aug. 26, 2015  The Diabetes ... the University of Miami Miller School of Medicine, ... clinical trial to test for the first time ... successfully completed.  This FDA approved Phase I/II study ... transplantation and is an important first step toward ...
Breaking Biology Technology:Asterias Biotherapeutics to Present at Upcoming Investor Conferences 2iLab Solutions Named to 2015 Inc. 5000 List 2iLab Solutions Named to 2015 Inc. 5000 List 3MediVet Biologics Animal Health Secures Additional Laboratory Facility in Manhattan, Kansas 2MediVet Biologics Animal Health Secures Additional Laboratory Facility in Manhattan, Kansas 3Diabetes Research Institute Successfully Transplants First Patient In Pilot BioHub Trial 2Diabetes Research Institute Successfully Transplants First Patient In Pilot BioHub Trial 3Diabetes Research Institute Successfully Transplants First Patient In Pilot BioHub Trial 4
... Sanofi-aventis announced,today that the anticoagulant Clexane(R) ... in Japan by the Ministry of Health, ... thromboembolism (VTE) in patients,undergoing orthopaedic surgery of ... total knee replacement and hip fracture surgery., ...
... MNKD ), focused on discovering, developing and,commercializing treatments for ... the Wachovia Healthcare Conference on January 30, 2008 at,2:00 ... Interested parties can access a link to the ... section of the Company,s website at, http://www.mannkindcorp.com . A ...
... Jan. 25 Cephalon, Inc., (Nasdaq:,CEPH) today announced ... has,accepted the company,s supplemental New Drug Application (sNDA) ... of,breakthrough pain in opioid-tolerant patients with chronic pain. ... will convene an advisory,committee panel on May 6, ...
Cached Biology Technology:Clexane(R)/Lovenox(R) Approved in Japan 2Clexane(R)/Lovenox(R) Approved in Japan 3Clexane(R)/Lovenox(R) Approved in Japan 4Clexane(R)/Lovenox(R) Approved in Japan 5Cephalon Provides Update on Regulatory Status of the FENTORA Supplemental New Drug Application 2Cephalon Provides Update on Regulatory Status of the FENTORA Supplemental New Drug Application 3
2,4,6, Trinitrophenyl hapten is conjugated to lipopolysaccharide (LPS)....
For the quantitative determination of cyclic AMP (cAMP) concentrations in cell culture supernates, serum, plasma, saliva, urine and cell lysates....
... the Flp-In System creates isogenic cell ... levels of the protein of interest. ... Figure 3 (click link below). In ... chloramphenicol-acetyl transferase (CAT) was subcloned into ...
... solvents can be used, such as water, benzene, formamide, nitrobenzene, cyclohexane, 1,4-dioxane, p-xylene, dimethyl sulfoxide, freon ... * Range: 12-position switchable: ... ... ...
Biology Products: