Cheap Crude Oil Is Gone, And That's Good News

The Market Oracle ^ | 1-15-2010 | Casey Research

[radioone]

The Dems better hope gas doesn’t reach $4.00 this summer. “It’s the People’s seat”, and “Drill Here, Drill Now” will become very well know slogans on TV and radio.

[Lazamataz]

Peak Oil has finally arrived, in this year of 1938 1944 1949 1951 1956 1963 1967 1972 1975 1979 1982 1988 1993 1995 1998 2001 2003 2007 2010

[ckilmer]

US oil imports are falling sharply.

[ProtectOurFreedom]

This is such a pointless argument. All the greenies tell us we are going to magically reduce our CO2 emissions by 85% by 2050. To be on that trajectory, we probably have to cut our CO2 emissions by 60% by 2030 because we'll have captured most of the easy, "cheap" oil savings by then. Therefore, instead of needing 80 MBPD in 2030, we'll only need 35 MBPD. So why bother even discussing whether we'll need 90 or 105 MBPD when we'll be far, far below that amount with the coming magic technologies? The GW alarmists are going to save us from this awful conundrum.

[zeestephen]

Expensive oil is NEVER good for the USA economy.

America’s most prosperous years since WW2 have been 1950-1970 and 1985-2000, when the inflation adjusted price of oil was in the $15-$25 range.

America’s most severe recessions since WW2 have been 1974, 1981, and 2009, which correspond to oil prices in the $50-$100 range.

[Whitebread]

The global peak of new oil discoveries took place in 1964.

The world has been burning more oil than it finds every since 1981

[Whitebread]

The global peak of new oil discoveries took place in 1964.

The world has been burning more oil than it finds every year since 1981

[slowhandluke]

Ah nuts - I let the title influence how I read the article. The article is primarily the ‘peak oil’ argument.

[sionnsar]

I like how it ends:

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