2005 Peak Oil Review

A peak oil caucus has been formed in the US House of Representatives and the administration has asked the National Petroleum Council to look into the future availability of 'affordable' oil.

Published: 06-Jan-2006

It's a good time to review -- looking backwards at what we learned in 2005 and forward at what might be in store for 2006.

During the past year, the average price of oil increased 33 percent almost matching the 34 percent increase of 2004. If one wants to think of peak oil just as steadily increasing prices, then we are clearly on our way. Since 2001, oil prices have nearly tripled.

The most memorable feature of 2005 from the peak oil perspective was the pair of powerful hurricanes that smashed into the Gulf oil facilities, momentarily sending oil to over $70 per barrel, and causing extensive damage to Gulf oil production and refining facilities that has still not been fully repaired

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