Posted on 03/21/2008 10:01:57 AM PDT by rightinthemiddle
Oil's recent slide and the slackening demand that an economic slowdown's expected to bring have stimulated hopes that crude could soon safely stabilize below the $100 range.
But beneath seesawing supply and demand lies the deeper question of just how much oil the planet has in the first place — and how much it will have in the future.
The answer to that question supports — or undermines — the theory that we are in the midst of an ever-tightening supply that will lock prices into a permanent, rising arc. That, in nutshell, is what's meant by the term "peak oil".
It’s an issue that matters, especially to major energy players who are in a race to disprove the theory and trying to bring on-stream more oil fields than are currently being depleted.
(Excerpt) Read more at cnbc.com ...
The earth is making more oil and gas all the time - this is not dead dinosaur because there never were any dinosaurs 5000 ft deep under salt domes.
Simmons: I think prices have to go way higher. The sooner people get used to the fact that we are still living in a fool’s paradise, the better ... you just can not argue that $100 a barrel is expensive when you realize it is 15 cents a cup — do you know anything other than crude oil that sells for 15 cents a cup? I know wine doesn’t, bottled water doesn’t.
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Massive Oil Deposits Could Increase U.S. Reserve:
http://www.freerepublic.com/focus/f-news/1989325/posts
To: Renfield
The “Conventional Wisdom.”
Oil doesn’t matter anymore. The “energy crisis” is not about a lack of oil; it’s about using enviro-wacko polices to change the United States, reducing it to the status of other countries in the world.
There are no calls for drilling new oil, ‘cept among a few politicians who are ignored by the MSM and the establishment.
The Green Kool-Aid has been consumed by Republicans and Democrats alike, including (especially) McCain.
The Media has won this battle.
Carbon-13 Oil is being created daily in the NorthSea.
A book titled “The Deep Hot Biosphere” posits the idea that oil and other hydrocarbons come from deep in the earth and that the idea of oil from prehistoric plants is BS. If true, and it is a more than crackpot theory, then the supply of oil is only limited by whether we can get it and not that it will run out.
Sort of, but not really. The terms are used so loosely that they are nearly meaningless in popular discussion.
True, but not 25BP per year or even a few orders of magnitude close to that.
Oil producers will run out of market before they run out of oil. There is lot of the earth’s surface that has not been searched and the really big fields are yet to be found.
“True, but not 25BP per year or even a few orders of magnitude close to that.”
do you have a link for the correct rate of natural regeneration?
NFP
The USA has the most massive untapped oil deposits in the earth. There are 36T barrels of oil in the oil shale deposits that can not be touched because of our communist eco freaks. There are massive oil deposits in Alaska that we are not allowed to use. There are Massive deposits in the gulf and off of the coasts. We have more oil than any other country in the world. Why not use some of it?
I believe that Russia is drilling down some 35,000 ft & bringing up an abundance of oil. Can anyone confirm this & give a site to confirm?
“but rather microorganisms, plankton, etc. “
“dead dinosaurs” is the term given to the “peak oil” crowd who think that the basis of oil is organic, i.e. dead dinosaurs.
Most oil is not organic and is made by the metabolism of naturally generated methane.
“really big fields are yet to be found.”
Deepwater? Arctic?
http://www1.eere.energy.gov/femp/energy_expo/2005/pdfs/t_s4c.pdf
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