Posted on 06/19/2008 12:17:46 PM PDT by Whitebread
In 2000 a Saudi oil geologist named Sadad I. Al Husseini made a startling discovery. Husseini, then head of exploration and production for the state-owned oil company, Saudi Aramco, had long been skeptical of the oil industry's upbeat forecasts for future production. Since the mid-1990s he had been studying data from the 250 or so major oil fields that produce most of the world's oil. He looked at how much crude remained in each one and how rapidly it was being depleted, then added all the new fields that oil companies hoped to bring on line in coming decades. When he tallied the numbers, Husseini says he realized that many oil experts "were either misreading the global reserves and oil-production data or obfuscating it."
Where mainstream forecasts showed output rising steadily each year in a great upward curve that kept up with global demand, Husseini's calculations showed output leveling off, starting as early as 2004. Just as alarming, this production plateau would last 15 years at best, after which the output of conventional oil would begin "a gradual but irreversible decline."
(Excerpt) Read more at ngm.nationalgeographic.com ...
Reason #1 for a multipronged attack toward bio-#2, nuclear, Coal-2-Oil, nuclear, shale oil, nuclear...
Nuclear sourced electricity needed to provide stored transporatation energy as fuel for fuel cells, other electric transportation "engines"
Bucking for VP, are you? D or R ?
yeah it happens every 10 yrs or so
I guess he didn ‘t know about oil shale (1 trillion barrels?) or Methane Hydrates.
Or coal gasification.
How can demand surge?
I mean ... I have a car (actually, a van), and I'm frugal with my driving because of the cost per gallon. So I drive leess.
If the cost per gallon goes down, and I determine my personal crisis is over, and I drive more ... is that a surge?
Has China got 14 million cars sitting, just waiting to be filled up ... in the same week?
Are bathtubs being filled with crude, just in case?
National Geographic Magazine? Is that still around? I quit reading it when they made that hard left turn back in the 60s.
A couple years ago he thought it would rise from the then 84.6 MMBPD to 95 MMBPD in 2015. Has the discovery of more oil like that of Brazil and the increase in oil price made him lower his estimate?
http://www.energybulletin.net/9498.html
More baloney. There are no limits, only production costs. Ay $100/barrel there is a huge, enormous amount of oil and oil substitutes. to be had.
“He looked at how much crude remained in each one “
what did he use to look into each one? does he have a special crystal ball?.
This guy forgot the number one supply of oil that constantly increases in supply.
Snake Oil.
This is not fresh news. Other reports are being issued frequently.
IMO demand surges when economies expand. The more modern a society becomes the more they buy..... everything they buy needs to be made, and shipped..... causing demand to surge.
The world is in the middle of an economic surge as a few billion people are leaving tin roofed shacks, and moving into the modern world.
There's no amount of conservation Americans can do to stop the worldwide surge in demand.
S (as in Sarcastic Party).
Have you ever looked at a Demand Chart of Oil? It has been steadily increasing for decades. Visit the “Oil Drum” website for insight.
When they speak of “demand Surging” they are using the same “creative license” as when they say “a sharply divided Supreme Court” for any 5-4 decision.
You should try to do a little reading before twiddling those keyboard keys.
Lurking’
I bet a few subpoenas to K St lobbyists might even turn up direct involvement of the Gorebul himself in this...
http://www.freerepublic.com/focus/news/2032895/posts?page=104#104
OPEC>>>>>SPECULATORS>>>>>>OIL COMPANIES>>>>YOU
Of the four above, the only one who has an interest in rocking this boat is YOU. They are all making money, perhaps even you.
The only way I see to rock this boat is to rattle the cage of the speculators. Currently, I can only think of one way to do that.
There is a possibility that drilling in ANWR and on the continental shelf might shake them up enough to have them selling their positions. It is simply, the speculators and hedge funds, enviro-freaks, the majority of Congress, OPEC, major oil companies, and the articulate Hussein Obama against little ole you.
It isn’t because of new demand in China (1-2% of demand), the Iraq War, limited supply, lack of refineries or any combination thereof. We now have around 100-120 billion rolling around in the commodities as opposed to 6 billion in 1999. It would seem we need a way to shake the speculators but don’t expect any help from those riding in the boat.
Gas is peaking right now and should fall to about 3.80 around August or September, but that is still high enough to hurt individuals and therefore, the economy.
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