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The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
The Oil Drum was published by the Institute for the Study of Energy and Our Future, a Colorado non-profit corporation. [2] The site was a resource for information on many energy and sustainability topics, including peak oil, and related concepts such as oil megaprojects, Hubbert linearization, and the Export Land Model.
The Export Land Model, or Export-Land Model, refers to work done by Dallas geologist Jeffrey Brown, building on the work of others, and discussed widely on The Oil Drum. [1] It models the decline in oil exports that result when an exporting nation experiences both a peak in oil production and an increase in domestic oil consumption. In such ...
Bardi is a researcher on materials for new energy sources, a contributor to the now-defunct website, "The Oil Drum".He is the co-founder and former president of ASPO Italy, a member of the scientific committee of the Association for the Study of Peak Oil and Gas [] (ASPO), [3] a member of the Club of Rome, [4] and author of several books, including The Limits to Growth Revisited.
Oil accounts for a large percentage of the world's energy consumption, ranging from a low of 32% for Europe and Asia, to a high of 53% for the Middle East. Other geographic regions' consumption patterns are as follows: South and Central America (44%), Africa (41%), and North America (40%).
He wrote that the main cause of the glut was declining consumption. In the United States, Europe and Japan, oil consumption had fallen 13% from 1979 to 1981, due to "in part, in reaction to the very large increases in oil prices by the Organization of Petroleum Exporting Countries and other oil exporters", continuing a trend begun during the ...
Oil prices will fall to an average of $65 per barrel in 2025 amid an oversupply of crude and a backdrop of slowing demand as countries shift toward cleaner energies and forms of transportation ...
Oil drum may refer to: Drum (container), a cylindrical container used for transporting bulk goods such as oil and fuel; The Oil Drum, an energy discussion website