Gordon Brown has been slammed as "potentially shortsighted" by Lib Dem MP John Hemming over his call for OPEC to increase production.
September 14, 2005 5:25 PM
Gordon Brown has been slammed as "potentially shortsighted" by Lib Dem MP John Hemming over his call for OPEC to increase production.
"There is a compromise", said Mr Hemming, "over increasing production today, but reducing the total lifetime production from fields. If you extract Crude Oil too quickly from fields then you leave more in the ground when the field is finally depleted. Even techniques such as water or gas injection are affected by this. If OPEC to open up the taps even more he is likely to cause medium term problems in the interest of the short term."
"The big Saudi Arabian field of Gharwar is already showing signs of depletion. Peace in Iraq would help, but that needs the withdrawal of occupying forces. Opecs June production was 31,018,000 barrells a day which is substantially more than the average of 26,352."
"There comes a point, however, where increasing the rate of extraction is not merely switching on a tap that has been previously closed, but pushing the accelerator to the floor. At this point you achieve a short term benefit for a medium and long term loss. This is why Gordon Brown is potentially shortsighted."
Research has revealed that the issue of "Peak Oil" or oil depletion has moved up the political agenda. The phrase "Peak Oil" appeared in the media 10 times in 2000, 9 in 2001, 7 in 2003, a mere 4 times in 2003, 35 times in 2004 and 63 times so far in 2005. John Hemming MP said, "this research shows that people are gradually becoming aware that 'fossil fuels' are called 'fossil' fuels because they were made millions of years ago and are not being renewed. At some stage global production will peak. The government need to come clean as to when they think this is."
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