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Peak Oil - The Hedonic Adjustment
The Great Simplification #54 with Arthur Berman
Arthur Berman returns to discuss the concept ‘peak oil’, as well as provide an update on where we stand on global oil production vs. the pre-COVID peak. Of most relevance, Art explains how the expansion of what is labeled ‘oil’ by public energy institutions has brought us to a situation today where fully 40% of what we call oil in the USA, is…not oil, but lower heat content products such as NGPLs, ethanol, biofuels and refinery gain. This is a big deal, especially given the refinery situation in USA outlined by Art in his previous appearance on this podcast.
Arthur E. Berman is a petroleum geologist with almost 40 years of oil and gas industry experience. He is an expert on U.S. shale plays and is currently consulting for several E&P companies and capital groups in the energy sector.
Is peak oil, an observation which has been around for decades and repeatedly proven ‘wrong’, still relevant today? Is a specific ‘peak’ even helpful or should we be focusing on the logical implications of a drawdown on finite resources - and how to respond?
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