Very interesting article from a Californian VC here "Hubbert's Peak" about when the oil will run out.
Dr. Hubbert (in response to remarks by David Nissen - Exxon): "... [T]here is a different and more fundamental cost that is independent of the monetary price. That is the energy cost of exploration and production. So long as oil is used as a source of energy, when the energy cost of recovering a barrel of oil becomes greater than the energy content of the oil, production will cease no matter what the monetary price may be." [referenced by Ivanhoe, 1982]
I remember reading about nuclear power stations requiring several years of their energy output just to build them. Wonder if it takes into accounts efficiency
Dr. Hubbert (in response to remarks by David Nissen - Exxon): "... [T]here is a different and more fundamental cost that is independent of the monetary price. That is the energy cost of exploration and production. So long as oil is used as a source of energy, when the energy cost of recovering a barrel of oil becomes greater than the energy content of the oil, production will cease no matter what the monetary price may be." [referenced by Ivanhoe, 1982]
I remember reading about nuclear power stations requiring several years of their energy output just to build them. Wonder if it takes into accounts efficiency
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