Filed under: Uncategorized | Tags: carbon dioxide emissions, China, Chindia, climate, CO2, Econbrowser, James Hamilton, natural gas liquids, NGLs, oil consumption, Peak Demand, peak oil, total liquids, transportation
And it’s worth remembering why that happened– we didn’t have a choice. Global field production of crude oil (excluding natural gas liquids, which are not used as transportation fuel) stagnated at about 74 million barrels/day between 2005 and 2008. It is up a couple of million barrels since then, but more than 100% of this increase has been consumed by China alone, forcing the U.S. and other countries to reduce our oil consumption.
via James Hamilton: Econbrowser: Declining U.S. carbon dioxide emissions.
Filed under: Uncategorized | Tags: Econbrowser, James Hamilton, luck, oil production, peak oil, production, technology, the Cult of Technology
What if our technology had more to do with luck than our luck had to do with technology?
My view is that with these new fields and new technology, we’ll see further increases in U.S. and world production of oil for the next several years. But, unlike many other economists, I do not expect that to continue for much beyond the next decade. We like to think that the reason we enjoy our high standard of living is because we have been so clever at figuring out how to use the world’s available resources. But we should not dismiss the possibility that there may also have been a nontrivial contribution of simply having been quite lucky to have found an incredibly valuable raw material that was relatively easy to obtain for about a century and a half.
Yeah.. Don’t dismiss that possibility.
Filed under: Uncategorized | Tags: American oil production, crude oil, crude oil production, Econbrowser, energy, James Hamilton, oil production, peak oil, Texas oil production, Texas Railroad Commission, tight oil, transportation, westtexas
A historical perspective.
via Econbrowser and James Hamilton: http://www.econbrowser.com/archives/2012/07/shale_oil_and_t.html
Filed under: Uncategorized | Tags: Econbrowser, EIA, Iran, Iran sanctions, James Hamilton, oil embargo, Strait of Hormuz
The most likely outcome of an embargo on oil purchased from Iran is that the countries participating in the embargo buy less oil from Iran while other countries not participating in the embargo by more oil from Iran (, ). While this would produce some dislocations, if total world oil production doesn’t change, it would have little effect on either Iran or oil-consuming countries, and would basically be a symbolic gesture.
But, Hamilton reminds us, if the embargo is successful, it will have a profound effect on the oil market.
Filed under: Uncategorized | Tags: Econbrowser, energy, gas tax, gasoline tax, Holland, James Hamilton, Knittel, petrol taxes, transportation