The Apollo Project
Liberal Ideas for the 21st Century
Wednesday, August 17, 2005
When will the oil run out? Hemming, Cable, the House of Lords and Tower of Power have their say...
by Peter

Tabman-style, let's start with a song:

There's only so much oil on the ground
Sooner or later there won't be much around
Tell that to your kids while you driving downtown
That there's only so much oil on the ground

Can't cut loose without that juice
Can't cut loose without that juice
If we keep on like we doing things for sure
Will not be cool - It's a fact
We just ai't got suffiecient fuel

There's only so much oil in the earth
It's a fact of life - for what it's worth
Something every little boy and girl should know since birth
That there's only so much oil in the ground

There's no excuse for our abuse
No excuse for our abuse
We just assume that we will not
Exceed the oil supply
But soon enough the world will watch the wells run dry

sang Tower of Power.

Now a couple of Lib Dem MPs are leading the debate on fuel prices and supply.

Vince Cable (a man who knows his oils) wrote this piece for the Guardian, arguing that prices will stabilise and fall in the fairly near future.

Meanwhile John Hemming has called for a debate on when production can be expected to peak:

"The issue", he said, "is not 'when we run out of oil', but when the global production of oil peaks. After that point oil will no longer be priced as something cheaper than mineral water, but as an essential resource that has taken millions of years to produce, but only decades to burn. As soon as the production peaks then there will be tight constraints on what can be consumed that will get tighter every year."

On the related issue of Climate Change, this House of Lords Economic Affairs Committee report makes interesting reading. The Commitee are relatively relaxed about the impact of climate change in the medium term, downbeat about the chances of Kyoto having any impact whatsoever, but upbeat about the potential of alternative sources (particularly photoelectric sources).

There's only so much oil in the ground
Sooner or later there won't be none around
Alternate sources of power must be found
Cause there's only so much oil in the ground

Sing the Lords and Tower of Power in harmony...
posted by Apollo Project @ 12:39 pm  
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"What is Liberalism?: I should say it means the acknowledgment in practical life of the truth that men are best governed who govern themselves; that the general sense of mankind, if left alone, will make for righteousness; that artificial privileges and restraints upon freedom, so far as they are not required in the interests of the community, are hurtful; and that the laws, while, of course, they cannot equalise conditions, can at least avoid aggravating inequalities, and ought to have for their object the securing to every man the best chance he can have of a good and useful life." C-B.


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