Is the oil beginning to run out? Shot over 4 years in 13 countries this film uncovers the myths surrounding the future of world oil supplies. Featuring 30 of the world’s experts on both sides of the debate, we lift the lid on the Peak Oil theory whether oil production is about to fall. We travel to the Middle East to find out how much oil they really have, exposing evidence that they may be exaggerating by up to 50%. We meet the men who believe that oil prices are about to bankrupt all of us and their evidence is terrifying: theres barely any oil left to find. We look back to the 70s, when we were first warned about this problem and we examine what can be done to prevent a global economic catastrophe. Can we escape our addiction to oil? Are we just going to deny the problem until it kills us?
Seen in 30 countries – PBS/CBC/Al Jazeera/SVT/Ushuaia TV. Buy the DVD at www.petroapocalypsenow.com
Duration : 0:4:17
[youtube Dsciu9BWzlg]
November 5th, 2009 at 2:30 am
the oil is over $50 …
the oil is over $50 . and im afraid the “global economy” will never recover .
November 5th, 2009 at 2:30 am
The reason high …
The reason high prices don’t cut demand that much is because in many countries gasoline is subsidised.. Gas prices were raised in China, but they are still low. $200 a barrel will be considered low in 10 years time…
November 5th, 2009 at 2:30 am
It is apparent that …
It is apparent that $147 oil wasn’t punitive enough to significantly curb demand. If the world escapes from the recession doldrums, we should test $200 a barrel at some point in the future. The current oil discount is a temporary condition that has increased the likelihood of a price shock when the global economy recovers.
November 5th, 2009 at 2:30 am
The other reason is …
The other reason is the obsession with oil stored in the US, especially so-called West Texas Intermediate. US oil demand dropped 4% last year and it is the oversupply in the US that the market has focussed on.
November 5th, 2009 at 2:30 am
$147 dollar oil was …
$147 dollar oil was because supply and demand were pretty much the same and the market expected demand to exceed supply. Last year global oil demand dropped 0.3%, it is expected to drop by a similar amount this year. Supply has increased by as much as 3% because of expansions approved when oil was high. Now OPEC will cut global production by 5% and we will soon be back to $100 oil unless the world economy gets significantly worse.
November 5th, 2009 at 2:30 am
If demand has been …
If demand has been consistant why has the price dropped?
November 5th, 2009 at 2:30 am
Slump…What slump. …
Slump…What slump…The vehicles roll on and on….regardless…..slump or no slump….freewheeling until the gas runs out…..
November 5th, 2009 at 2:30 am
Nonsense… World …
Nonsense… World oil demand is essentially the same as it was when this recession began.
November 5th, 2009 at 2:30 am
At least the global …
At least the global downturn means no one no longer needs oil..