The Implications of UK Oil Production Trends 2010 Q4
The UK has used up most of its reserves of North Sea oil, gas, coal, uranium and mineral ores. As a nation it is economically bankrupt when one considers its financial liabilities, including off balance sheet liabilities. On current trends there will continue be both a lack of acceptance of the true scale of the problem and a failure to mobilise the nation in implement large scale mitigation strategies. As a result over the next few years as the full extent of the loss of UK natural resources set in, debt default and hyperinflation are a very high probability followed by the certainty of economic, military and geo-political collapse.
What is currently unknown is the full extent of the decline due to these challenges. We do know that on current trends, the UK will cease to be able to maintain most of her overseas territories and international influence sometime in the next five to ten years. However there is still time and resource to ensure that both the political entity known as the United Kingdom and most of her population continue to exist and recover from this adversity, assuming that a global military conflagration can be avoided.
This report is designed to show the reality of the UK’s oil supply problem, connecting the dots between known facts. Showing how rapid the rate of domestic oil depletion will be. Also explained is why the UK will not be able to compensate for falling domestic oil production by either paying for oil imports or fighting wars to ensure secure supplies. Highlighting both the magnitude of the problem and the speed at which the problem will emerge.
Two major assumptions are made in this report. Firstly that the mitigation made possible by the Phoenix Recovery Plan developed at Advanced Commodities Global Consulting is not implemented in a timely manner. Secondly that a major destructive global war, especially over high EROI oil supplies does not occur.
This UK oil report is part of a larger set of reports which cover the possible impacts of the depletion of domestic UK energy supplies as a whole, including oil, natural gas, coal, nuclear and renewable energy sources in the context of the growing constraints on global commodities exports.