Posted on 05/02/2010 11:34:18 AM PDT by PugetSoundSoldier
For decades, we've heard the call of "peak oil", that we're facing an ever-decreasing supply of oil. The US simply cannot maintain it's current usage of oil because we are on the verge of a collapse of apocalyptic proportions because the last oil in the ground is being used right now. Makes wonderful news copy, and is a great way to castigate the energy industry and justify entire reworking of the economy, but there's a problem: it's not true.
“We are looking at more than four and a half trillion barrels of potentially recoverable oil. That number translates into 140 years of oil at current rates of consumption, or to put it anther way, the world has only consumed about 18 percent of its conventional oil potential. That fact alone should discredit the argument that peak oil is imminent and put our minds at ease concerning future petrol supplies.” - Mr. Abdallah S. Jum'ah, President & Chief Executive Officer, Saudi Aramco, address to OPEC, Vienna, Austria, Sept. 13, 2006.With proven reserves on the plus side of 1200 billion barrels, and they increase every year, and even tho the USGS has always claimed we're going to run out, so what? The potential reserves far outweigh the proven and in time will become proven reserves themselves. It will be a long time till the end of oil, if ever.
Excellent, really excellent and I love the solid sourcing.
I’d been waiting to see where you were going with this as you’d hinted at it before. With this and your deficit reduction plan you need to either run or consult.
Which will it be?
Why not just admit you’re wrong? History proves it. We’ve never run out of any natural resource we need. You’re a sharp cookie and grab some good articles, but why continue to “believe” when reality is utterly contradicting you?
Or in other words: Either God will control your life or men will - you choose.
Well done.
Not trying to be critical - just trying to learn. Isn’t oil shale very expensive in terms of water resources needed to complete the process, and land needed to store the part of the shale that’s not used? Thanks.
Money’s in consulting...;)
Note that water is, again, a problem because we make it a problem (politics trumping reason and science). Consider that the Columbia River alone has twice the water needed for the daily needs of every single person on the planet! We have an abundance of water, it is just not managed properly; we have more than enough water to recover all this oil without concern if we just had the political willpower to do so.
OK - thanks.
FReepmail me your e-card. ;-]
Great job and good thinking. We need to get a group of us together and buy our own country - Hong Kong 2
You are not even able to read my posts and comprehend them, so why discuss this with you? You want me to debate a strawman that you created. Not going for it.
I have not said the earth will run out of oil.
I have said we will experience Peak CHEAP Oil and it will have very serious consequences for everyone on the planet.
Are you suffering from egomania? Your book is open and reads in plain English.
The only way we'll ever run out of CHEAP oil is by law, not by the marketplace or environment.
The industry prices projects for greenlight based on less than $40/bbl long run price. They know a bit more about it than you do.
Rerun: Price is volatile. Also price is not cost
If you want CHEAP oil, look at Venezuela ... where the price is set BY THEIR GOVERNMENT ... something like 12 cents a gallon I think right now.
If you have oil you can do that sort of thing ... or not.
I’ve never argued that governments don’t take their slice or manipulate prices. So why continue to try to argue that point with me?
I agree that the marketplace will set the price ... supply/demand. Peak CHEAP Oil focuses on supply and DEMAND ... not just supply.
Lorianne, history has made mincemeat of Malthusians like you.
Oil will be and stay cheap if politicians let it. The demand side will be met by the supply side all the time. Price seeks its own level and although it may change over time oil will be low if the market prevails.
Doomsayers are stopped clocks.
I’m not a Malthusian.
Better watch out.
Was that you scratching round my window last night? ;-]
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