In the second part, impeding global peak oil issue is clarified.
12) His prophecy should be stressed at the eve of the global peak oil in which the link between oil-dollar, thereby, the dollar hegemony is in jeopardy.
Nevertheless, the authors of the report made a survey to have an idea about the date of global peak oil by asking both optimists and pessimists to make forecasts.
In our present time, what is more important than the exact time of global peak oil is we are living at the age of 'intentional production peak'.
28) [Emphasis added] To clarify what the Saudi Prince has meant, we need to elaborate on the Euro-Dollar battle, followed by Saddam Iraq's attempt to denominate its oil sales in euros and Iranian oil bourse initiative at the eve of global peak oil.
No need to note, at the eve global peak oil, unstable high oil prices and weak dollar value would provide an additional impetus for oil exporters and countries with huge dollar holdings such as China to diversify their dollar reserves and hold substantial amounts of euros.
Natural gas is also significant in the sense that it will have direct geopolitical effects on emerging energy regime in the global peak oil era.
In the light of these arguments, it is evident that growing demand for natural gas will enlarge maneuvering spaces of natural gas holders, Russia and Iran, and led them to become a tougher challenge for the US to pursue its interests in the Eurasian landmass at the eve of global peak oil.
The upshot of the Hirsch Report is that if global Peak Oil
is twenty years away or fewer, or we believe it might be, then we must begin immediately with a full-scale effort to address the problem.