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The World Has Plenty of Oil
The Wall Street Journal ^
| March 4, 2008
| Nansen G. Saleri
Posted on 03/04/2008 11:53:59 AM PST by shoptalk
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Nansen G. Saleri, president and CEO of Quantum Reservoir Impact in Houston, was formerly head of reservoir management for Saudi Aramco.
1
posted on
03/04/2008 11:54:01 AM PST
by
shoptalk
Comment #2 Removed by Moderator
To: F15Eagle
Well, that was before we hit peak oil again ten years later.
To: shoptalk
4
posted on
03/04/2008 12:00:08 PM PST
by
kinoxi
To: shoptalk
Price of oil is going up, in larhge part, because of weak dollar.
To: shoptalk
He is correct in that we usually extract at most 30% of the available oil in any given production well and that with new technologies we can work over the well to extract even great amounts.
However, the cost of oil will continue to increase, $100.00 oil, $125.00 oil and within in 10 years $200.00 oil!
Oil will never run out but we will reach a point where it is not economically feasible to use oil to fuel the world.
What then, will you be willing to pay $50.00 for a gallon of gas?
6
posted on
03/04/2008 12:06:52 PM PST
by
trumandogz
("He is erratic. He is hotheaded. He loses his temper and it worries me." Sen Cochran on McCain)
To: shoptalk
There is only TWO reasons oil prices are as high as they are:
Our own governments taxation and regulations.
7
posted on
03/04/2008 12:07:51 PM PST
by
edcoil
(Go Great in 08 ... Slide into 09)
To: shoptalk
I read an interesting article about oil being produced in the north sea by the thermal vents. It seems that the oil produced by biological methods had carbon14 isotope and the oil by chemical composition has carbon 13 isotope. It is a chemical process run by heat and carbon not dinosaurs.
8
posted on
03/04/2008 12:10:38 PM PST
by
mountainlyons
(confused conservative)
To: trumandogz
will you be willing to pay $50.00 for a gallon of gas?Perhaps for my motorcycle, but not for an SUV that gets 10-15 mpg.
9
posted on
03/04/2008 12:14:20 PM PST
by
1Old Pro
To: mountainlyons
I am keeping my truck after all. I was just about to sell it to the first person for $50 because it was too expensive to fill the tank.........
10
posted on
03/04/2008 12:14:57 PM PST
by
HD1200
To: edcoil
And all the speculators in the market.
To: trumandogz
you write: What then, will you be willing to pay $50.00 for a gallon of gas?
Considering when I grew up gas was $.25 per gallon and is now $3.00 per gallon, 12 times as much, maybe $50 per gallon in another 50 years isn’t all that bad.
12
posted on
03/04/2008 12:17:58 PM PST
by
HD1200
To: 1Old Pro
Considering when I grew up gas was $.25 per gallon and is now $3.00 per gallon, 12 times as much, maybe $50 per gallon in another 50 years isnt all that bad.
13
posted on
03/04/2008 12:18:39 PM PST
by
HD1200
To: shoptalk
I agree with the title, but we really don’t know how much oil we have since we keep finding more every year.
To: edcoil
"There is only TWO reasons oil prices are as high as they are:
Our own governments taxation and regulations.
And the enviros making it difficult to impossible to develop new domestic sources.
15
posted on
03/04/2008 12:19:10 PM PST
by
Truth29
To: edcoil
There is only TWO reasons oil prices are as high as they are: Our own governments taxation and regulations.
Friends, we have a winner!
To: 1Old Pro
60 years ago people used charcoal for fuel. There are a few now that use it and when fuel goes up the numbers will increase. Look up biofuel, wood gas generator, alternative fuels and they look better than $5.00 gas. I got 200 gallons of french fry oil for my bulldozer this summer.
17
posted on
03/04/2008 12:20:20 PM PST
by
mountainlyons
(confused conservative)
To: 1Old Pro
The point is that we still have more oil in existing wells in the US than was ever extracted. However, buying oil from Canada, Mexico, Venezuela and Saudi Arabia is still cheaper than going into existing wells and extracting all of the oil.
And yes, at some point in many of our lifetimes we will see gasoline at $25.00 or $50.00 a gallon.
At that point, filling up that 12 MPG SUV with the 50 gallon tank will be very expensive.
18
posted on
03/04/2008 12:20:45 PM PST
by
trumandogz
("He is erratic. He is hotheaded. He loses his temper and it worries me." Sen Cochran on McCain)
To: mountainlyons
Yes, abiotic oil, also called “inorganic oil,” the theory that oil is not from dead dinosaurs but from chemical reactions in the Earth’s mantle.
19
posted on
03/04/2008 12:22:13 PM PST
by
shoptalk
To: shoptalk
And we can create more via coal, algea, and maybe even recycling landfill plastics.
20
posted on
03/04/2008 12:24:42 PM PST
by
tbw2
("Humanity's Edge" - conservative Sci-fi - on amazon.com)
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