Oil industry 'sleepwalking into crisis'

Former Shell chairman says that diminishing resources could push price of crude to $150 a barrel. 16 September 2007

Lord Oxburgh, the former chairman of Shell, has issued a stark warning that the price of oil could hit $150 per barrel, with oil production peaking within the next 20 years.

He accused the industry of having its head "in the sand" about the depletion of supplies, and warned: "We may be sleepwalking into a problem which is actually going to be very serious and it may be too late to do anything about it by the time we are fully aware."

In an interview with The Independent on Sunday ahead of his address to the Association for the Study of Peak Oil in Ireland this week, Lord Oxburgh, one of the most respected names in the energy industry, said a rapid increase in the price of oil was inevitable as demand continued to outstrip supply. He said: "We can probably go on extracting oil from the ground for a very long time, but it is going to get very expensive indeed. Read More

San Francisco To Explore Tidal Power Options In Bay

just whack on a couple of sluice gates and catch the running tide...

by Staff Writers
San Francisco CA (SPX) Jun 20, 2007
In support of ongoing efforts to increase California's renewable power supplies and address climate change, Pacific Gas and Electric Company today signed an agreement with the City and County of San Francisco and the Golden Gate Energy Company to conduct the most comprehensive study yet undertaken to assess the possibilities for harnessing the tides in San Francisco Bay to create a new source of zero- emissions, renewable electric power for California energy customers.
Read More