Skip to comments.Branson warns that oil crunch is coming within five years
Posted on 02/07/2010 1:23:27 PM PST by Lorianne
Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years.
The founder of the Virgin group, whose rail, airline and travel companies are sensitive to energy prices, will say that the coming crisis could be even more serious than the credit crunch.
"The next five years will see us face another crunch the oil crunch. This time, we do have the chance to prepare. The challenge is to use that time well," Branson will say.
"Our message to government and businesses is clear: act," he says in a foreword to a new report on the crisis. "Don't let the oil crunch catch us out in the way that the credit crunch did."
(Excerpt) Read more at guardian.co.uk ...
That is too funny.
Oh, you mean we will run out of places that the Commie gubmit will let us drill.
Phooey! Obama will be gone in three and we can get all we want.
Yeah yeah yeah. Super Rich become super socialists. Big whoop.
Baloney, Salami, Pastrami.......How High was his Chin in the Air when he said this ? Same as Obama’s ?
America has 500 yrs of Oil at present consumption rates withing the Continental USA.....just because the Former MSM doesn’t talk about it, doesn’t mean its not here.
I call B. S.
Do you have any comments?
the world is running out of oil and faces an oil crunch within five years.
Mark this prediction and remind everyone how wrong he was in 2015.
Too many of these guys spout off with wild predictions, that never come true, and what's worse, no one holds their feet to the fire. Paul Erhrlich, a former professor at Stanford and Kenneth Watts, a former professor at UCDavis, as examples, had the world coming to a screeching halt between 1990 and 2000, with their predictions in the late '60's and early '70s.
well yeah...but only OUR Commie gubmint...the Cubans will drill, Venezuela will drill and the chicoms will help them..
we will starve and freeze in the dark, just like our Marxist b@$t@rD POSOTUS wants for us.....he wants us kept down and beholding to his largess for all things in life.
Time to Drill here, Build here, Refine here NOW.
Time for you Government types to get out of the way.
Is he investing in oil?
And people still listen to them.
I don’t know about all that. I do know that down here in Texas, we are standing up derricks as fsat as we can. I haven’t been this busy in a while. I have been told 2011 is going to be the busiest we have seen a many years...
But we are drilling on private land.
Heck we have inexperienced people starting out around $70,000 a year.
The world’s been 5 years away from running out of oil since the turn of the last century.
Naw couldnt find anything as arrogant as zer0s arrogance
Man made global warming is a hoax.
Man made oil shortages are not.
Drill baby drill.
Since the world’s squandered the last decade by not drilling for oil, we probably WILL see a shortage sometime between now and when the new oil wells begin producing.
As many times as people that make predictions like this have been wrong (Paul Erlich, Ted Danson, Prince Charles), you’d think people would learn the lesson, and only make predictions due to occur long after they are dead.
You’re right. Ehrlich seems to think he has been rehabilitated (of course, in his opinion, he didn’t need rehabilitation)...but now he’s just a doddering old fool.
“Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years.”
There’s lots of oil in the USA. Even places you don’t think of as big oil producers have oil. Here in Michigan all 68 counties in the lower penninsula have oil. Granted its mostly low grade oil but it has its uses. Also there’s natural gas here too.
Has the Uk, become the headquarters for World wide Schemes and scams.
Or have they developed a disease call pathological LYING.
(AP) Iran’s oil minister suggested Saturday that a weekend OPEC meeting should decide to cut back on crude output, adding his voice to those in the organization who think supply has outstripped demand.
“There is too much oil on the market,” Gholam Hossein Nozari told reporters on the eve of a ministerial meeting of the 12-nation Organization of the Petroleum Exporting Countries.
Other influential OPEC members have also said the group should reduce production.
Still their statements have left open whether they want to lower output quotas or if they favor a solution less likely to impact on the struggling global economy by simply seeking to end overproduction by some nations above levels allotted to them.
OMG. Will the silliness never end. We could move to coal gasification and run for a few hundred years on that alone.
parsy, who drives a gas guzzler
Hahahaha, all you need it the photo we know the rest.Thanks!
We will not run out of oil in 5 years or 50.
However, we might not be willing to pay the price by then.
In five years, the price will not change so much that we all start walking to work.
But in 50 years, we might be using another energy source making oil too expensive in comparison.
Energy independence now.
Alberta Tar Sands (Oil Sands) have been in production for since 1967.
In 2008, oil sands production represented approximately half of Canadas total crude oil production.
If this should happen it will be because of government interference.
What? And they’re just getting around to building a pipeline down to Oklahoma... now... LOL... (they sure work slow... :-) ... )
An extensive pipeline system transports western Canadian oil to domestic and U.S. markets. There are two major oil pipeline operators in Canada: Enbridge Pipelines and Kinder Morgan Canada. Enbridge operates a 9,000-mile network of pipelines and terminals, delivering oil from Edmonton, Alberta, to eastern Canada and the U.S.Great Lakes region. Kinder Morgan operates the Trans Mountain Pipe Line (TMPL), which delivers oil mainly from Alberta west to refineries and terminals in the Vancouver, British Columbia area. The expansion of Albertas oil sands industry has necessitated the construction of several new pipelines to transport diluted bitumen and synthetic crude to downstream facilities in the Edmonton area. New oil sands projects expected to come onstream in the coming years will likely necessitate an expansion of this network.
Canada has extensive oil pipeline connections with the United States. Enbridge maintains connections between major Canadian cities and Chicago, integrating the Canadian and U.S. components of its network. Enbridge also operates Spearhead, a 650-mile pipeline with a capacity of 125,000-bbl/d that links Chicago with Cushing, Oklahoma.
Kinder Morgan exports oil to the U.S. through an extension of the TMPL that reaches northern Washington. It also operates Express, a 790-mile, 170,000-bbl/d pipeline that links Hardisty, Alberta and Casper, Wyoming; from Casper, the companys 930-mile, 120,000-bbl/d Platte pipeline runs to Wood River, Illinois.
Any increase in oil sands production will require additional pipeline capacity to take that production to world markets. Along with expanding existing trunk lines, companies have proposed several new pipeline projects that would better link Alberta with the U.S. Gulf Coast, allowing oil sands producers greater access to the large concentration of refineries there:
·The Keystone system is currently under construction, with start-up scheduled for 2010. It will link Hardisty with Patoka, Illinois and Cushing, Oklahoma. The system will have an initial capacity of 435,000 bbl/d, later expanded to 590,000 bbl/d. The project also includes plans to later expand the system to 1.1 million bbl/d and extend it to Port Arthur, Texas. The Keystone project is a joint venture of TransCanada and ConocoPhillips.
·The 450,000-bbl/d, 770-mile Texas Access pipeline would link Illinois with Nederland, Texas. The project, a joint venture between Enbridge and ExxonMobil, could be online as early as 2012.
·Enbridge and BP proposed building a new system to connect the Chicago area with Houston, using a combination of new, existing, and reversed pipelines. The system would have a capacity of 250,000 bbl/d and is also targeted for start-up in 2012.
·The Trailbreaker project would link Alberta to Portland, Maine (via Ontario and Quebec), allowing oil sands producers to sell into the Atlantic Basin or ship crude via tanker to the U.S. Gulf Coast. In January 2009, Enbridge announced that it was placing plans for the Trailbreaker project on hold, due to a lack of interest from oil shippers.
Enbridge has also floated plans for the construction of the 720-mile, 400,000-bbl/d Gateway pipeline from Edmonton to Kitimat, a deepwater port in British Columbia capable of supporting very large crude carriers (VLCC). The Gateway pipeline would facilitate the export of oil sands to Asia or California. Kinder Morgan has discussed plans to build a similar pipeline or upgrade the capacity of the TMPL.
Expansion projects shown at:
- - - - - - - -
Kinder Morgan doesn't have the maps to link, but descriptions at:
For the children.
That’s not the pipeline I saw that was coming down through the Plains states... :-)
I’ll have to look it up for you...
There’s another one that is not showing up on these maps, that is coming straight down, through the Plains states and to Cushing, Oklahoma. I think it is either just completed or maybe is about completed... so I’m not absolutely sure on where it’s at right now.
“Sir Richard” might be rich but he’s definitely dumber than a box of rocks.
Even Keystone, newly completed, already has a planned expansion by TransCanada.
Ahh... I see... I’ll have to check on it later... I’m going to watch the Super Bowl now... see y’all later...
we only run out of oil when liberals are in charge.
The world has been burning more oil than it finds every year since 1981
Now that the man made global warming has been proved to be pure BS the people need to understand the only way to have economical fuel for their vehicle is to vote every democrat out of office.
Part of their plan??????
Lessee—I’ve heard this “oil crunch in five years” every year soince 1974.
Drill, baby, DRILL!!
1981 - 649.130 Billion Barrels
1986 - 698.607 Billion Barrels
1991 - 998.745 Billion Barrels
1996 - 1,007.368 Billion Barrels
2001 - 1,028.132 Billion Barrels
2006 - 1,292.936 Billion Barrels
2009 - 1,342.207 Billion Barrels
International Crude Oil Proved Reserves
The remaining reserves continue to climb because we find more than we use.
Reserves increase because a.) we find more than we're using and b.) technological improvements steadily increase the amount of recoverable oil in a given reservoir.
Technology is an important part of this equation. I can recall two times in the past when the cry was "We're running out of oil". Then, somebody invented the pumpjack. The next time, somebody introduced injection.
Now, we've got sophisticated directional drilling technology. There will be more...