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 ...
“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.