Posted on 06/02/2004 6:24:37 AM PDT by Momaw Nadon
That's an understatement. I'd say that nearly everyone in the industry considers him a crackpot.
Amazing isn't it that Thomas Gold hasn't made his fortune buying up oil wells that have "temporarily" run dry?
Kramer (of Kudlow and) said he's shorting oil now.
I'm an optimist and feel that we have not used up even a tenth of all the oil we have on this planet.
I know that oil wells in Ohio that were empty just a few years ago are now near full.
There are many wells in the Texas / Oklahoma area that have also been filled.
I'm sure that we'll figure out a way one way or the other on how to get more oil or get another technolgy to use.
I would say that there are many experts that never took advantage of their knowledge.
Or maybe Mr. Gold DID make a fortune. I've never seen his tax returns.
Are you saying someone is selling oil for less than they pay for it?
New study raises doubts about Saudi oil reserves
Article Excerpt:
With over 260 billion barrels of proven oil reserves, a quarter of the world's total, Saudi Arabia is not only the top foreign supplier to the United States - the world's largest energy consumer - but also essentially the sole source of liquidity in the oil market. According to the Department of Energy's Energy Information Administration (EIA), the world will become more dependent on Arabian oil in the next two decades. To meet global demand for oil, Saudi Arabia will need to produce 13.6 million barrels a day (mbd) by 2010 and 19.5 mbd by 2020. Both the International Energy Agency and EIA assume Saudi oil output will double over the next 15 to 20 years. In a new study soon to be released, Matthew R. Simmons, president of Simmons and Company International, a specialized energy investment banking firm, contends that this is not likely to happen. He argues that Saudi Arabia's oil fields now are in decline, that the country will not be able to satisfy the world's thirst for oil in coming years and that its capacity will not climb much higher than its current capacity of 10mbd. Considering the growth in demand, this could easily spark a global energy crisis.
Simmons analyzed 200 technical papers on Saudi reserves by the Society of Petroleum Engineers and his work was peer reviewed by a dozen senior technical experts. What he discovered tells a different story than the conventional wisdom.
Full Article:New study raises doubts about Saudi oil reserves
There are many wells in the Texas / Oklahoma area that have also been filled.
Any source or links?
I got to work late today on my bicycle. There were no bike parking spaces left.
Many "sellers" get it practically for free out of the ground, where it comes from naturally, after that, the mystery begins ( it's alot like Who's on First.
Lot's of tricky accounting depending on crude lot quality & other factors(a top notch shell game).
It goes back over a hundred years to Rockefeller's time in Ohio & western Pa. during the genesis of the industry.
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