Posted on 03/04/2008 11:53:59 AM PST by shoptalk
Many energy analysts view the ongoing waltz of crude prices with the mystical $100 mark -- notwithstanding the dollar's anemia -- as another sign of the beginning of the end for the oil era. "[A]t the furthest out, it will be a crisis in 2008 to 2012," declares Matthew Simmons, the most vocal voice among the "neo-peak-oil" club. Tempering this pessimism only slightly is the viewpoint gaining ground among many industry leaders, who argue that daily production by 2030 of 100 million barrels will be difficult.
In fact, we are nowhere close to reaching a peak in global oil supplies.
Given a set of assumptions, forecasting the peak-oil-point - defined as the onset of global production decline - is a relatively trivial problem. Four primary factors will pinpoint its exact timing. The trivial becomes far more complex because the four factors - resources in place (how many barrels initially underground), recovery efficiency (what percentage is ultimately recoverable), rate of consumption, and state of depletion at peak (how empty is the global tank when decline kicks in) - are inherently uncertain.
(Excerpt) Read more at online.wsj.com ...
Well, that was before we hit peak oil again ten years later.
Hard to believe.
Price of oil is going up, in larhge part, because of weak dollar.
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?
There is only TWO reasons oil prices are as high as they are:
Our own governments taxation and regulations.
Perhaps for my motorcycle, but not for an SUV that gets 10-15 mpg.
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.........
And all the speculators in the market.
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.
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.
I agree with the title, but we really don’t know how much oil we have since we keep finding more every year.
Our own governments taxation and regulations.
And the enviros making it difficult to impossible to develop new domestic sources.
Our own governments taxation and regulations.
Friends, we have a winner!
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.
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.
And we can create more via coal, algea, and maybe even recycling landfill plastics.
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