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

it's production that matters, not how much oil might be in the ground," Murray says. In the U.S., for example, production as a percentage of total reserves went from 9 percent to 6 percent in the last 30 years.

"We've already gotten the easy oil, the oil that can be produced cheaply," he says. "It used to be we'd drill a well and the oil would flow out, now we have to go through all these complicated and expensive procedures to produce the oil."

The same is true of alternative sources such as tar sands or "fracking" for shale gas, Murray says, where supplies may be exaggerated and production is expensive. Take the promise of shale gas and oil: A New York Times investigative piece last June reported that "the gas may not be as easy and cheap to extract from shale formations deep underground as the companies are saying, according to hundreds of industry e-mails and internal documents and an analysis of data from thousands of wells."

Production at shale gas wells can drop 60 to 90 percent in the first year of operation, according to a world expert on shale gas who was one of the sources for the commentary piece. Murray and King built their commentary using data and information from more than 15 international and U.S. government reports, peer-reviewed journal articles, reports from groups such as the National Research Council and Brookings Institution and association findings.

Stagnant oil supplies and volatile prices take a toll on the world economy. Of the 11 recessions in the U.S. since World War II, ten were preceded by a spike in oil prices, the commentary noted.

"Historically, there has been a tight link between oil production and global economic growth," the co-authors wrote. "If oil production can't grow, the implication is that the economy can't grow either."

Calculations from the International Monetary Fund, for example, say that to achieve a 4 percent growth in the global economy in the next five years, oil production must incre
'/>"/>

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:4/22/2014)... Winsor Lowe, interim director of the University of Montana,s ... in the Proceedings of the National Academy of Sciences ... network. , ... the U.S. Geological Survey, the University of Washington, the Cary ... U.S. Forest Service Northern Research Station examined 664 water samples ...
(Date:4/22/2014)... Scientists at the University of Massachusetts Amherst and the ... week report that they have discovered a new genus ... the Negro River in the Amazonia State of Brazil. ... Adlia Nogueira and Jos Antnio Alves-Gomes of INPA, describe ... the journal Proceedings of the Natural Sciences of ...
(Date:4/22/2014)... Mass. Analyzing thousands of breeding bird surveys sent ... and Canada over 35 years, wildlife researchers report that ... either northward or toward higher elevation in response to ... This means that most previous studies of potential climate ... factor or the other have likely underestimated the effects ...
Breaking Biology News(10 mins):New research focuses on streamwater chemistry, landscape variation 2New electric fish genus and species discovered in Brazil's Rio Negro 2Wildlife response to climate change is likely underestimated, experts warn 2
... 2011 Reportlinker.com announces that a new ... catalogue: Global Biometrics Industry ... This report analyzes the worldwide markets ... the following Technologies: AFIS (Automated Fingerprint Identification ...
... CA ---- Researchers at the Salk Institute for Biological Studies ... potentially cure sickle cell disease and many other disorders caused ... The technique uses cells from a patient,s skin to ... developing into various types of mature tissues -- including blood. ...
... the endowments of genes in other animals and plants are like ... a genetic sense introduces an element of variety and surprise that ... in a review of more than 100 studies on the topic ... and colleagues focus on cytosine, one of the four chemical "bases" ...
Cached Biology News:Global Biometrics Industry 2Global Biometrics Industry 3Global Biometrics Industry 4Global Biometrics Industry 5Global Biometrics Industry 6Global Biometrics Industry 7Global Biometrics Industry 8Global Biometrics Industry 9Global Biometrics Industry 10Global Biometrics Industry 11Global Biometrics Industry 12Global Biometrics Industry 13Global Biometrics Industry 14Global Biometrics Industry 15Global Biometrics Industry 16Global Biometrics Industry 17Global Biometrics Industry 18Global Biometrics Industry 19Global Biometrics Industry 20Global Biometrics Industry 21Global Biometrics Industry 22Global Biometrics Industry 23Global Biometrics Industry 24Salk researchers develop safe way to repair sickle cell disease genes 2Salk researchers develop safe way to repair sickle cell disease genes 3Salk researchers develop safe way to repair sickle cell disease genes 4
(Date:1/15/2014)... 2013 was a banner year of continued innovation ... continued independent research led by the team at Wake ... million grant from the Susanne Marcus Collins Foundation, had ... reviewed journal, Amy Grant highlighted Brainwave Optimization® in First ...
(Date:1/14/2014)... Washington, DC (PRWEB) January 14, 2014 ... session for Thursday, January 23, 2014 at 2pm EST ... Actionable Knowledge.” The topic focuses on how technology can ... mission critical decisions for government agencies. The online webinar ...
(Date:1/14/2014)... The largest international professional organization of scientists ... derivatives thereof has endorsed an educational program that ... challenges of adulterated herb and botanical products. ... The Society for Medicinal Plant and Natural Product ...
(Date:1/14/2014)... Global Record Systems, LLC, (GRS), ... solutions for patients, physicians, the biopharmaceutical industry, regulators, ... the signing of a three-year Research Collaboration Agreement ... (FDA). This initiative is designed to generate ...
Breaking Biology Technology:Dynamic Innovative Technology Showcased at Scottsdale Company’s Open House 2Dynamic Innovative Technology Showcased at Scottsdale Company’s Open House 3Webcast - Natural Language Processing: Converting Raw Data into Actionable Knowledge – Hosted by Carahsoft and CDS Federal Services 2World's Largest Group of Medicinal Plant Researchers Endorses ABC-AHP-NCNPR Botanical Adulterants Program 2World's Largest Group of Medicinal Plant Researchers Endorses ABC-AHP-NCNPR Botanical Adulterants Program 3World's Largest Group of Medicinal Plant Researchers Endorses ABC-AHP-NCNPR Botanical Adulterants Program 4World's Largest Group of Medicinal Plant Researchers Endorses ABC-AHP-NCNPR Botanical Adulterants Program 5World's Largest Group of Medicinal Plant Researchers Endorses ABC-AHP-NCNPR Botanical Adulterants Program 6World's Largest Group of Medicinal Plant Researchers Endorses ABC-AHP-NCNPR Botanical Adulterants Program 7World's Largest Group of Medicinal Plant Researchers Endorses ABC-AHP-NCNPR Botanical Adulterants Program 8Global Record Systems Announces Research Collaboration Agreement with FDA to Create a Novel “Big Data” Paradigm for Collection of Patient Safety and Outcomes Information 2
... North ... America, DEERFIELD, Ill., ... Cartago, Costa Rica has been,recognized with the 2008 Shingo Prize for Operational ... North America,-- is being honored for its achievements in driving higher quality ...
... announced today it,submitted to the U.S. Food & ... Application (BLA) for motavizumab, an investigational,monoclonal antibody (MAb) ... supported by clinical trial data from more than ... of serious disease,caused by respiratory syncytial virus (RSV) ...
... Unique and Innovative Formulation Available Without a ... Prescription ... today announced the,launch of PSORENT, a clinically proven, steroid-free, ... which has,proven efficacy against psoriasis symptoms, in a novel, ...
Cached Biology Technology:Baxter's Costa Rica Facility Recognized With Shingo Prize for Excellence in Manufacturing 2MedImmune Submits Biologics License Application to FDA for Motavizumab 2MedImmune Submits Biologics License Application to FDA for Motavizumab 3NeoStrata(R) Announces the Launch of PSORENT(TM) Psoriasis Topical Treatment 2
Rabbit Anti-melatonin (different linkage) Polyclonal Antibody...
... FbxL7 The F box, named ... was originally observed, is an approximately ... F-box proteins are components of modular ... (SKP1, cullin, F-box proteins), which function ...
Rabbit polyclonal to SERHL ( Abpromise for all tested applications). entrezGeneID: 94009 SwissProtID: Q9H4I8...
Sheep polyclonal to Staphylococcus DNase ( Abpromise for all tested applications). Antigen: Full length native protein (purified)....
Biology Products: