The Cost of Oil

The IEA has just published its World Oil Outlook.


It presents an amazingly optimistic perspective.  The charts show continued growth in production and continuing increase in price.

So the chart I present here shows how much oil will cost the world each day, based on the IEA's own charts of production and price - assuming the current policies scenario is follows, and why not. 

The curve shows the cost of oil to the world each day.  The red line marks 2012.
So oil is not expected to cost the world less for quite a while.  Remember the cost of oil in 2008 was largely responsible for the global economic crash.  Today (2012) we are struggling, and its going to cost us more for many years to come.



Greenland - ready to rumble!


With continued growth in coal consumption the return to 350 ppm CO2, and staying below 2 degrees C increase are now both unlikely.

And Hansen reinforces the simple truth:  If we dont divert from our present path then we could get 5 metres sea level rise this century.  Listen to his latest message on:

Nothing here gives me any cause to change my view about the likely rates of sea level rise.