Comments for Jeremy Leggett's Triple Crunch Log

Comment on Wikileaks cables: Saudi Arabia cannot pump enough oil to keep a lid on prices. by Michael Hayes

Michael Hayes — Thu, 27 Oct 2011 16:45:16 +0000

You’d think it be obvious that oil reserves are going to start running out sooner or later, and that it’s human nature for those who work in the industry to be in denial about it until the last moment.

The government can’t afford to wait until the Saudis, and other suppliers, are officially in crisis, they need to act now to reduce our reliance on oil.

Comment on USGS drops estimate of Alaska’s undiscovered oil by fully 90 percent. by Salva

Salva — Wed, 17 Aug 2011 23:09:30 +0000

Thank you so much for your work Jeremy!

It must be said here that even though 10 billion sounds like a lot, it would only extend the life of our addiction to oil by LESS than a third of ONE YEAR!!

The new number, 896 million barrels would quench our thirst by a mere 10 days.

WE NEED TO WAKE UP!! The 00000′s in all these numbers don’t mean much given our current, nerve wrecking oil consumption of 150,000 liters per second!

Comment on Opec says oil supply shotfall looms later this year. by jeremyl

jeremyl — Mon, 13 Jun 2011 23:42:11 +0000

Not really Miguel. We just don’t have access to the data from the hundred+ biggest oilfields that would do so much to tie it down. One thing to worry about, though: the IEA’s last WEO talks about scope for the rate to accelerate.

Comment on Opec says oil supply shotfall looms later this year. by Miguel Alexandre

Miguel Alexandre — Mon, 13 Jun 2011 17:27:41 +0000

Hello Dr Leggett,

We’ve been often hearing about the onset of the decline, perhaps by 2015 at the latest, however when it comes to the rate of this decline, projections vary wildly
from 2-3% (Dr Campbell) to e.g. ~8% (Schlumberger).

Could you shed some light on this matter? What’s likely going to be the kick off for the decline rate?

Thank you very much and keep up the great work.

Miguel Alexandre