Oil Price Backlash...When will it strike?

[PeaceBeWithYou]

Current use on a per day basis is a subjective number. 20-22 million barrels per day seems about right for a average, but there are lots of variables involved.(i.e Stocks, Supplies, Finished Products, Seasonal Variations, etc.) Also, imports and domestic production ratios will vary as the price of the imports dictate. See here

The 40-65 years is just one theoretical example.(see excerpt below)

-snip-

An example of the method is presented for the 400 million barrel per year development of the 10.3 billion-barrel mean value case in Table 3. Increasing production in the first and second years is scheduled as 25,000 and 50,000 barrels per day, respectively. Peak production of 10 percent of the annual development rate, approximately 100,000 barrels per day, is scheduled in the third year of production.

Beginning in the fourth year production declines at an exponential rate of 10 percent per year, ending after 40 years. This 40-year production schedule begins each year for 25 years, for a total productive life of 65 years.

-snip-

Source:Potential Oil Production from the Coastal Plain of the Arctic National Wildlife Refuge: Updated Assessment

You might find it interesting to explore that report and others, there is for example no way, or plan to produce ANWR all at once, as the MSM would have you to believe with their 6 months of oil propaganda. What there is, is a nice steady supply to level the supply. And there's a lot of natural gas there as well, that is rarely if ever mentioned.

[TexasCowboy]

"$80 a barrel."

I'll see your $80. and bump you $20.

[Alamo-Girl]

Thanks for the ping!

[maestro]

.....Oil Price Backlash...When will it strike?

Answer:............................................June 15th, 2005?

[Alamo-Girl]

I have no idea...

[RightWhale]

Who knows. Oil is holdiong its price today and gasoline is edging up a tad.

China is behind this, you know. They are all buying SUVs over there and taking automotive vacations in the country.