Website: http://MrEnergyCzar.com This is Peak Oil News for November 27th, 2012. I'm your host MrEnergyCzar. We're covering Peak Oil, renewable energy, electric cars and everything in between.
As the world struggles to grow and replace the shrinking supply of cheap conventional oil, major investments will be made in the arctic where there is an estimated 22% of global undiscovered oil and gas reserves. It is said to have only 90 billion barrels or a three year supply. I don't think this arctic oil will be cheap and thus will not fuel our economy for growth. I won't be surprised if we begin exploring Saturn's largest moon, Titan, which is said to contain more oil than earth has ever had.
Congratulations to Tesla Motors. The Tesla Model S electric car was just named MotorTrends Car of the Year. This is the first time a pure EV has been named Car of the Year by MotorTrend. It has an EPA rated 265 mile electric range. I'm amazed at how you can charge the car 150 miles in 30 minutes. Hopefully, this type of technology will be implemented in some of the cheaper electric vehicles in the coming years.
General Electric has just installed its 20,000th wind turbine worldwide. They installed 3,000 turbines in just the past year alone. During the past 10 years there has been a three times reduction in the cost for electricity. Most of the installations have been done in Europe and on land in the United States. I say on the land because the U.S. remains one of the few large economies of the world that has no offshore wind farms. That is changing with Cape Wind coming on line very soon. This will help open up both the West and East coasts for future wind development.
That's it for this weeks addition of Peak Oil News, I'm MrEnergyCzar, and I'll see you next time.
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