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:3/23/2015)... BOSTON, Mass , March 23, 2015 SoundView ... shipment of NXT-ID,s (NASDAQ: NXTD ) Wocket smart wallet. SoundView ... world user feedback on their experience with the Wocket in ... experience at CVS, Whole Foods and other retailers, making both ... Kris Tuttle also says, "If the company meets ...
(Date:3/23/2015)... 23, 2015  In the 2014 fiscal year, irs.gov ... losses. This figure accounts for a fraction of the ... Nilson Report, exceeds $11 billion globally. The polygraph has ... crime has occurred. Investor Mark Saint Juste ... Joe Paolella partnered to administer the test in ...
(Date:3/20/2015)... --Research and Markets ( http://www.researchandmarkets.com/research/4stcg3/india_sensors ) ... Sensors Market Forecast and Opportunities 2020" report ... is projected to grow at a CAGR over ... industrial and healthcare sectors are the key application ... adoption of MEMS technology in sensors is growing ...
Breaking Biology News(10 mins):Technology Research Note Update from SoundView; Real-World Usage and Feedback of Wocket Smart Wallet at CVS, Whole Foods and other Retailers 2Technology Research Note Update from SoundView; Real-World Usage and Feedback of Wocket Smart Wallet at CVS, Whole Foods and other Retailers 3Technology Research Note Update from SoundView; Real-World Usage and Feedback of Wocket Smart Wallet at CVS, Whole Foods and other Retailers 4Polygraph Test Now Used to Protect Investors From Fraud 2Polygraph Test Now Used to Protect Investors From Fraud 3India Sensors Market Forecast and Opportunities 2020 - STMicroelectronics held the largest share in 2014 2India Sensors Market Forecast and Opportunities 2020 - STMicroelectronics held the largest share in 2014 3
... for Microbiology (ASM) has endorsed the One Health ... and environmental health and seeks to enhance communication, ... the health and well-being of all species. ... are consistent with the ASM mission of applying ...
... of ambient air in Beijing has just been published ... the 1980s, the rapid industrial development, urbanization and increase ... Beijing. And with the Olympic Games around the corner, ... air in the capital. Wen-Xing and colleagues measured ...
... (May 13, 2008) Lunar dust could be more than ... good health may depend on the amount of exposure they ... return to the moon, researchers with the National Space Biomedical ... lungs in reduced gravity in order to assess the health ...
Cached Biology News:American Society for Microbiology supports 'One Health' initiative 2Beijing game for clean air challenge 2Astronaut health on moon may depend on good dusting 2
(Date:5/5/2015)... 05, 2015 The Academy of Model ... Indiana, led by Indiana Gov. Mike Pence, has declared ... Foundation will host a Family Fest and aviation themed ... will benefit the Wounded Warrior Project. , National Model ... Model Aeronautics—the country’s foremost organization for model aviation—to celebrate ...
(Date:5/5/2015)... 2015 ImmunoCellular Therapeutics, Ltd. ("ImmunoCellular") (NYSE ... President and Chief Executive Officer, will present live ... DATE:  Thursday, May 7, 2015     TIME:  11:30 am ET/8:30 ... click the red "register/ watch presentations" button ... event where investors are invited to ask the ...
(Date:5/5/2015)... CA (PRWEB) May 05, 2015 Franz ... technology, today announced that its flagship product, AllegroGraph, has ... Graph Database Market Update report. AllegroGraph is ... leveraging the W3C industry standards. Graph databases are skyrocketing in ... years, according to a recent DBMS ranking by ...
(Date:5/5/2015)... 5, 2015 CytomX, a biotechnology company developing ... that Sean McCarthy , D. Phil., chief executive ... in New York at 1:15 ... present an overview of CytomX,s Probody pipeline, including the ... About CytomX Therapeutics CytomX Therapeutics develops ...
Breaking Biology Technology:State of Indiana proclaims August 15 as Model Aviation Day 2ImmunoCellular Therapeutics to Webcast Live at VirtualInvestorConferences.com on May 7 2Bloor Research Positions AllegroGraph as a ‘Champion’ in Burgeoning Graph Database Market 2Bloor Research Positions AllegroGraph as a ‘Champion’ in Burgeoning Graph Database Market 3
... for June 2009 in New York City, ... DMS Data,Systems, Demy-Colton Life Science Advisors, the ... Partnering for Philanthropy, a new,partnering meeting designed to ... groups, and to facilitate partnering between,those groups and ...
... June 17 Xenon,Pharmaceuticals Inc., a drug discovery and ... been awarded the Promising Early Stage,Company of the Year ... "We are delighted to have received this prestigious ... year," commented Simon,Pimstone, Xenon,s President and CEO. "This honor ...
... Pinnacle Biologics, a private,full-service pharmaceutical and ... into a logistic service agreement with Movianto, ... to take effect,immediately, grants Movianto certain logistics ... Additional terms of the agreement were not,disclosed., ...
Cached Biology Technology:Partnering for Philanthropy Conference Launched to Unite Innovative Non-profit Research Organizations with Philanthropists and Industry 2Partnering for Philanthropy Conference Launched to Unite Innovative Non-profit Research Organizations with Philanthropists and Industry 3Pinnacle Biologics Announces Logistics Services Agreement With the Movianto Group 2
Rabbit Anti-melatonin (different linkage) Polyclonal Antibody...
Anti-DDDDK-Tag (Enterokinase Cleavage Site), Agarose Conjugate Research Focus: tag Storage: 4C Shipping Temperature: 4C...
Phospho-PERK (Thr980) Antibody...
Synaptotagmin, phosphoSer309...
Biology Products: