On March 5, the New York Times published a front-page story called “Oil Innovations Pump New Life Into Old Wells.” Getting new oil from “played out” wells was the thrust of the piece; as the price of oil rises, it becomes worthwhile investing new money into old wells. The article also indirectly took on the “peak oil” debate.
Conventional wisdom has long held that the Earth has two trillion barrels of oil. There’s consensus that we’ve drilled, pumped and used about one trillion barrels of oil, which has led some to speculate that we will soon pass over global oil’s “peak” and demand will soon outstrip supply, if it hasn’t already.
The Times article pointed to a 2000 U.S. Geological Survey estimate that put total recoverable oil at 3.3 trillion barrels, which if true, would give us all some breathing room.
An extra trillion barrels, however, is small reason for comfort in light of a 2005 report commissioned by the Department of Energy. “Peaking of World Oil Production: Impacts, Mitigation and Risk Management” – commonly called “the Hirsch report” after its principle author, Robert Hirsch – predicts it will take 20 years of preparation to avoid an economic crisis caused by peak oil. At current consumption rates, it would take us only another 10 years to pass the peak of a three trillion-barrel supply.
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World War Policy
The Iraq War turned four this week. In a few more weeks, it will have lasted longer than the Civil War, moving it into third place in the “longevity of American wars” category, behind only the Revolution and Vietnam. When the war started, the Secretary of Defense Donald Rumsfeld said, “The war might last six days, six weeks or six months, but I don’t think it will go that long.” At the beginning of May 2003, George W. Bush thought the mission was accomplished and has a little dress-up party to celebrate.
A few years into the war Mr. Bush predicted that the withdrawal of troops from Iraq would be a decision left to his successor and this week, on the war’s anniversary, he boasted that American forces were on their way to stabilizing Baghdad. At this rate, by the time he leaves office, he’ll be celebrating the successful vacuuming of Air Force One.
Meanwhile, in the real world, Pakistani General-President Pervez Musharraf, one of Mr. Bush’s allies in his GWOT (Global War on Terror) is facing spreading unrest after only eight years of dictatorial rule. Mr. Musharraf ousted his country’s chief justice a week or so ago for opposing Mr. Musharraf’s plan to seek another five years of power.
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