Welcome to the World of Peak Oil: Get Used to It - and Start Planning Now

Summary

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To paraphrase the late Sen. Everett Dirksen, "400,000 barrels here, 400,000 barrels there. Pretty soon, you're talking about a lot of oil."

I am referring to the recent announcement by BP that it is temporarily shutting down its Alaskan oil operations in Prudhoe Bay. Corrosion in the 30-year old transit lines makes it unsafe to continue operations. BP is removing 400,000 barrels per day of oil from the world's markets. Repairing the transit lines, which gather oil from the wellheads and move it to the main pumping stations along the Alaska Pipeline, will take many months to accomplish. In the interim, the world will simply do without 400,000 barrels of oil every day (though BP has said it is working on bringing back a portion of production).

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Welcome to the World of Peak Oil: Get Used to It - and Start Planning Now

HOW MUCH IS 400,000 barrels? Imagine 26 Olympic-sized swimming pools, each filled to a depth of over six feet with oil pumped from the ground. Or compare 400,000 barrels with the capacity of an oil tanker (not to be confused with an ultra-large crude carrier th...

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