In March 2005, Robert Hirsh’s report for the Department of Energy’s National Energy Technology Laboratory was published. The objective of this report was to find out significant issues related to world peak oil and provide remedies for reducing its effects. It is known as the Hirsh report and deals with the peaking of oil production in the world and the subsequent effects it could have on the U.S. economy. Triple Diamond Energy Corp. understands these concerns related to dependence on other countries for fuel and constantly works to find and provide solutions. 

Results Of Peak Oil On The U.S Economy:

The Hirsh report does not mention a specific date as to when peak oil will set in, but claims that it may happen between 2007 and 2027. This phenomenon of peak oil could have some startling effects on the U.S. economy, in the following decade. Peak oil would result in acute oil scarcity and consequent price hike, and could affect the economy by a trillion dollars. It is essential to adopt measures well in advance to develop alternate sources of energy. 

Needless to say, the major area to be affected will be transportation, since airplanes, trains, cars and ships all run on liquid fuel. Automobiles in the U.S. have a lifespan of 9 years, whereas it will take a decade or more to bring about significant fuel efficiency in cars. Options might be available in the form of solar, wind or photovoltaics energies which are capable of producing electricity, but significant development and application will take several years yet. 

Suggestive Remedies

According to the report, peaking oil can be prevented if a number of alternative fuel production units are built and fuel efficiency is improved simultaneously.  

The report deals with suggestive methods for the production of alternative liquid fuel, as also with the available commercial options to increase the supply of oil in the world. Production could be increased by improving extraction techniques from existing reservoirs by companies like Western Pipeline Corporation. These could include coal liquefaction, extracting oil from oil sands and by producing clean substitute fuel from natural gas that is remotely located. However, it could take as long as 20 years until such projects receive support across the globe. 

However, all these projects could take several years because alternative modes of transport (which do not consume liquid fuel) and alternate substitutes of fuel need to be produced in great quantities. 

The Hirsh report thus concludes that through timely intervention and planning the effects could be lessened. Otherwise, there could be severe economic difficulties due to the dwindling supply of oil. Government intervention is thus essential for planning, development and regulation so that a steady supply of energy can be maintained within the country.

Triple Diamond Energy Corp. is one such company that displays an expertise when it comes to recognizing and tapping the reserves present within the country, to contribute to the general welfare of the people.