The second electric heating boom has started. One factor (argued since 2005) is that peak oil is probably past us. Both Goldman Sacks and the International Energy Agency are now saying this. If supply is now less than demand, which is growing again, heating oil and propane prices will go up even more. With future production levels from shale oil and tar sands now determined, many other prognosticators are also now saying that no increases in total delivered oil will ever happen again and 70 million barrels per day was the peak. If the Global Peak Oil date (all sources) was some time last year, then the “early peakers” were right after all.
Here is how desperate and bad the situation has become: Oil crews have drilled a well 7.7 miles down into the ground and 7.1 miles out underneath the ocean (the world’s longest and deepest):
Covert to electric comfort heaters now!