Sunday, March 05,
A New Zealand branch of the International Association for the Study of Peak Oil and Gas (ASPO-NZ Inc) has been
incorporated.
The peak extraction rate of non-renewable oil reserves occurs when roughly half of the recoverable oil in a reservoir
has been extracted. This applies to individual oil wells, oil fields as well as to the world as a whole.
Dr Peter Ballance, President of ASPO-NZ says: "The world is now close to the peak for oil and gas extraction and may
already have passed this point."
Within a few years, even by more optimistic projections, the global supply of oil and gas will decline and the oil and
gas prices will inexorably rise.
This process will have a profound impact on all aspects of our society and economy. Oil is our prime source of
transportation energy - cars, trucks, ships, planes - and it is used in the manufacture, production and distribution of
nearly all items our society depends on from food, water, pharmaceuticals, to plastic, clothing and so on.
ASPO studies peak indicators and strives to make national governments, local governments and the public aware of the
serious consequences associated with the dwindling supply of our most useful source of energy and most universal
industrial raw material.
ASPO also compiles, researches and gathers meaningful responses and mitigation strategies available as oil supplies
dwindle.
ASPO has no political affiliation and membership is invited from all people and organisations interested in learning
more about Peak Oil and in furthering the aims of the Association.
ASPO-NZ is a national organisation based on the ongoing work of individuals, professionals and organisations from around
the country which have been studying Peak Oil for several years. ASPO's executive and administration is based in Nelson
and it has a national advisory board.
Dr Peter Ballance President, ASPO-NZ Inc
ENDS