Saturday, March 8, 2014

Just sayin'

Chart from
With most commentators saying that we don't 'need' oil and gas from Russia to continue our ongoing bonanza of consumption this chart would seem to suggest otherwise. I'm trying to think of a better adjective than 'precipitous' to describe production levels.

Factor in the decommissioning costs of winding down a whole industry and it's not hard to see why oil majors such as Shell are walking away from the North Sea and blasting their cash in the direction of shareholders.

The only thing that's puzzling me is why Scotland and London are arguing over who gets to keep the  'riches'. Might it not be a better idea to use the remaining oil to build some kind of society that can exist on an EROI level of 5:1 while we still have a chance?