April, 2005

April, 2005

Comment

Are we on the edge of an oil crisis? No one likes to contemplate such apocalyptic scenarios. But, Colin Campbell (who helped to found the London-based Oil Depletion Analysis Centre was chief geologist for Amoco, a vice-president of Fina, and has worked for BP, Texaco, Shell, ChevronTexaco and Exxon) calculates that about 944 billion barrels of oil has so far been extracted, some 764 billion remains extractable in known fields or reserves, and it is estimated that a further 142 billion remains to be discovered. If he is right then oil production has peaked - but there will be plenty around for quite some time. But if oil production declines steadily at about 2-3% a year, the cost of everything from travel, heating, agriculture, trade, and anything made of plastic rises. And the scramble to control oil resources intensifies. We know what that means!

In a speech to the Labour Party Congress yesterday, CTU secretary Carol Beaumont outlines the achievements of the Labour-led Government in partnership with unions.

Tena Kotou katoa.