Source: http://www.investors.com/editorial/editorialcontent.asp?id=246842180355425&secid=1501&status=article
Posted on 06/30/2008 8:23:39 AM PDT by thackney
I think what the guy was saying was that the reserves that we can explore and produce from are decreasing. Which is true.
Hope that makes sense?
He’s on the money about “Chinese demand” being a total crock though - China’s demand isn’t much higher than it was last year. He’s right about the price of oil not needing to be as high as it is, and he’s also right about our government’s irresponsibility in not taking into account the impact of the price of oil has on the rest of our economy: it should have been incorporated into US policy during or directly after the oil embargo during the 70’s nearly flatlined us.
He doesn’t know anything. He is wrong about the US Gov’t in every possible way. He is a Communist and doesn’t know anything about China. Another O’Bama.
DRILLING...... Known untapped oil deposits are RESERVES.
I thought Brazil was the country that developed sugarcane ethanol several decades ago so it wouldn’t need gasoline anymore.
Ah. That would be the case worldwide though, not just in the US, as evidenced by the fact that Brazil just announced they’re going to exploit their newly found reserves.
OK, but I agree with him about China. I’ve followed the oil market most of my life, just because my father made a career in the oil industry, and this excuse about “increased Chinese demand” being behind the sudden rise in oil per barrel is crap.
So how does increased drilling, more production equate to higher prices?
Source: http://www.investors.com/editorial/editorialcontent.asp?id=246842180355425&secid=1501&status=article
Peak oil paranoia. When we're down to your last 12 years of known oil reserves and we want to use it today it draws attention.
It’s only 12 years when you don’t count most of the oil we have.
We have lots of petroleum resouces. What we lack is a will to use them.
I don't think he was so much as implying increased production as he was implying an increase use of our known and untapped reserves in the face of not discovering new reserves domestically. Just my guess. His wording was a bit confusing.
I’m still confused. How do we have increased use of untapped reserves?
For example, some of the big finds in the Gulf of Mexico in the late 1990s are just now being tapped while similar finds and not being found to replace previous finds.
How do we have increased use of untapped reserves?
http://www.freerepublic.com/focus/f-news/2037974/posts
Wouldn’t that be tapped reserves?
Brazil is the world’s new superpower.
I meant the new member of the few.
Perhaps they will sell us some cheap ethanol once they can afford fill their tanks with straight gas.
The CEO of BP says there are 41 years of known at the present rate of production. Obviously the present rate of production could not be sustained right to the end, so there would still be a few barrels left long after we are gone.
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