Peak Oil Questions for an Economist

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Hobot
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Peak Oil Questions for an Economist

Post by Hobot »

A friend of mine, with whom I've had many discussions of peak oil with, has asked that I draw up a list of questions that he might send to an economics professor of his (Larry Smith of the University of Waterloo). Professor Smith is apparently very widely read with a broad knowledge in many areas so it would certainly be interesting to hear his take on such a far reaching issue.

Unfortunately, I've been rather busy with other things over the past few months and I'm not as up to date with the issues as I once was. I'd greatly appreciate any constructive criticism and additions to my current list of questions (obviously I won't be sending all of these at once, nor, with any luck, will there just be one email).

I should note that I'm trying not to be alarmist so I'm not written off before the discussion can even begin, I've made that mistake before.
Peak Oil Questions wrote:Are you aware of "Peak Oil"?

Peak Oil as defined as the point in time when the maximum rate of global conventional petroleum production is reached, followed by a terminal decline in production.

Do you agree with the concept of peak oil? When do you foresee peak oil occurring? Do you expect to see the production rate plateau, drop slowly, or fall precipitously? How might these different scenarios affect the global economy?

What do you believe will be the repercussions of peak oil? To be more specific, are you worried about the global economic effects of peak oil? How severe do you imagine those effects to be? How might different countries and regions of the world be affected by and respond/react to peak oil? Do you think we will see a worldwide recession or even depression? Some more pessimistic scenarios describe a depression as bad or even worse than the Great Depression; do you find this to be a likely scenario? An even more drastic scenario describes the collapse of global industrial civilization and a resulting die-off - would you write this off as a crackpot doomsday theory?

How do you expect the global economy to recover from the fallout of peak oil? Can/will it recover? How long will the recovery take and what cost (economic, environmental, social, etc.) will it entail? Do you believe technology will come to the rescue? Can we afford to sit back and wait for a technological answer?

Do you imagine wars will be fought over peak oil? Are wars already being fought over peak oil (e.g. Afghanistan and Iraq)? Where might the divisions between countries and allies be drawn?

What do you think can/should be done to mitigate the effects of peak oil? How long and how much will these efforts cost? What kind of political will and cooperation will be required to put these efforts into effect? Can peak oil be dealt with without worsening global warming and further damaging the environment (e.g. through burning more coal and aggressively extracting more bitumen). If the answer to peak oil involves slowing/shrinking the economy and reducing consumption in order to become sustainable, will business/governments/people/etc. agree to it? Is it possible to voluntarily give up what we've come to expect for granted in the developed world? Would the developing world ever agree to give up it's dreams of a first world economy and lifestyle in order to avoid catastrophe?

Why does it appear as if peak oil is not being taken seriously by governments and the media (as compared to global warming for example)? Can OPEC countries be trusted to have a plan to deal with peak oil? Will OPEC countries alert the rest of the world to dwindling petroleum production and reserves?

Presumably, even if OPEC countries are not being upfront with regards to their reserves, the intelligence agencies of the world powers would be able to obtain the necessary information needed to forecast the date of peak oil. If this is the case and governments appear not to have begun any crash programs to prepare for peak oil, would this suggest that peak oil is more than a few decades from now? Or perhaps the intelligence agencies have not recognized the significance of their data and/or have not reported it to government officials. Even more worrying, the intelligence agencies may have reported their data and analyses to government officials but the officials are too incompetent to act on it.
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Post by K. A. Pital »

This list looks good enough. Indeed it would be very interesting. Will you post the replies here?

Your goal is to ask general questions - your list does exactly that.

It's a little long though, probably you should pick a main question out of each paragraph (that represents a category of problems and questions) and start with a 9-10 question list; expand from there if there's interest ;)
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Post by Hobot »

Indeed it is rather long, I figured my friend can choose the ones he's the most interested in seeing his professor answer.
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Post by The Grim Squeaker »

Interesting, and it seems well phrased enough. Still, don't get your hopes up too far, he might easily say "I don't know enough about this to answer", or could discard current examples with a brief mention of the OEPC cartel, or, or, or ;). (I tried asking an Economist myself a few months back, and he gave the "I've never studied that, so I can't answer" reply).
It would probably work best as an interview/piece type thing, if you can find a friend in your uni newspaper or magazine type thing it might work well. (This is a guess though).
Stas wrote:Will you post the replies here?
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Post by Ace Pace »

I tried asking an Economist myself a few months back, and he gave the "I've never studied that, so I can't answer" reply
You'll get that answer alot from any professional who has a public face. They're mostly used to people taking their words out of context, or taking anything they say as more then it is. So people have learned to stop giving comments on anything unless they know they are correct, for fear of being causing a public issue.
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Post by Hobot »

DEATH wrote:Interesting, and it seems well phrased enough. Still, don't get your hopes up too far, he might easily say "I don't know enough about this to answer", or could discard current examples with a brief mention of the OEPC cartel, or, or, or ;). (I tried asking an Economist myself a few months back, and he gave the "I've never studied that, so I can't answer" reply).
It would probably work best as an interview/piece type thing, if you can find a friend in your uni newspaper or magazine type thing it might work well. (This is a guess though).
Stas wrote:Will you post the replies here?
This particular professor is well known for being very responsive to students' questions so hopefully we'll get a decent response.

Sure, as long as he doesn't mind, I'll post his replies. However, it may take awhile to get a reply from him since he's one of the most popular professors at UW and is constantly inundated with emails.
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Post by The Grim Squeaker »

Ace Pace wrote:
I tried asking an Economist myself a few months back, and he gave the "I've never studied that, so I can't answer" reply
You'll get that answer alot from any professional who has a public face. They're mostly used to people taking their words out of context, or taking anything they say as more then it is. So people have learned to stop giving comments on anything unless they know they are correct, for fear of being causing a public issue.
It was a private conversation, and I know him reasonably well, so no, he simply admitted that he didn't know enough to give an answer. Not all of us work in politics after all :wink:
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