Australia: We're running out of oil,

[4dsc]

http://www.energybulletin.net/5246.html

great web site for those interested in the upcoming oil problems!!

Australia: We're running out of oil, says Treasurer

Treasurer Peter Costello has delivered a blunt warning that Australia is running out of oil as existing fields near the end of their productive lives.

In a speech to the Northern Territory Cattlemen's Association, Mr Costello said it was little known that Australian exports of fuel had been falling for years despite soaring prices.

"The reason why Australia's crude oil exports have fallen over recent years - while world demand and prices have increased to record levels and LNG exports are booming - is that some of our oilfields are approaching the end of their productive lives," he said.

Total production had fallen from about 650,000 barrels a day to less that 430,000 barrels a day since mid-2002. Some fields - for example the Bonaparte field off Western Australia - are now producing only about a quarter of 2002 levels.

[Deja Q]

1. It seems idiocy isn't monopolized in America.

From day 1 we knew oil was finite, or should have known by the end of the 1970s oil embargo period.

You'd think people in management of the world's oil-using countries would be a bit more thoughtful.

Whoops.

[pstans]

4. Jimmy Carter said this in the 1970's

Here is a link to the speech.

http://www.globalpublicmedia.com/lectures/201

"In little more than two decades we've gone from a position of energy independence to one in which almost half the oil we use comes from foreign countries, at prices that are going through the roof. Our excessive dependence on OPEC has already taken a tremendous toll on our economy and our people. This is the direct cause of the long lines which have made millions of you spend aggravating hours waiting for gasoline. It's a cause of the increased inflation and unemployment that we now face. This intolerable dependence on foreign oil threatens our economic independence and the very security of our nation. The energy crisis is real. It is worldwide. It is a clear and present danger to our nation. These are facts and we simply must face them."

[Deja Q]

5. Carter's sense of ethics also cost him the 1980 election. People HATE

knowing bad news.

Things won't be pretty.

[4dsc]

7. Now here's a thought for ya!!

“The end-of-the-fossil-hydrocarbons scenario is … a view of scarcity in the coming years and decades that must be taken seriously. Forward-looking politicians, company chiefs and economists should prepare for this in good time, to effect the necessary transition as smoothly as possible”

- Deutsche Bank, Dec 2004

I have only heard one forward looking politician speak on this matter.. I wonder when all the others will follow suit??

[DrDebug]

2. So what country is Australia planning to invade?

[rodeodance]

6. well, he is a buddy of JR--i am sure they will consult on this matter.

[warrior1]

3. Oh no

Mad Max