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Re: Well, i guess that just about raps it up for Peek Oil
proves peak CHEAP oil...Originally posted by Mega View Post
Exxon Chairman and Chief Executive Officer Rex Tillerson is counting on Russian discoveries to reverse a trend of stalled exploration and escalating costs to pump crude and natural gas from the ground. Production from the company’s wells fell in 2012 and 2013 and is expected to be flat this year.
The development of Arctic oil reserves, an undertaking that will cost hundreds of billions of dollars and take decades, is one of Putin’s grandest ambitions. As Russia’s existing fields in Siberia run dry, the country needs to develop new reserves as it vies with the U.S. to be the world’s largest oil and gas producer.
The Kara Sea well -- the most expensive in Russian history -- targeted a subsea structure named Universitetskaya and its success has been seen as pivotal to that strategy. The start of drilling, which reached a depth of more than 2,000 meters (6,500 feet), was marked with a ceremony involving Putin and Sechin. -
Re: Well, i guess that just about raps it up for Peek Oil
and then theres THISOriginally posted by metalman View Post
part of a special section in todays print edition (just in case it wasnt noticed...)Why Peak-Oil Predictions Haven't Come True
More Experts Now Believe Technology Will Continue to Unlock New Sources
funny tho that WTI bumped back up over 94 today?Comment
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Re: Well, i guess that just about raps it up for Peek Oil
"Christ on a bike!"
re: http://online.wsj.com/articles/why-p...rue-1411937788
"We're limited not by the amount of oil in the ground, but by how inventive we are about reaching new sources of fuel and how much we're willing to pay to get at it."
No kidding - the consumer might not have enough disposable income? Are we not there already?
"Most of the naysayers agree that we shouldn't stick with oil forever."
Good career move.
" ... they think it's wiser to invest in technology to keep expanding the available supply, until it gets too expensive to do so."
Better career move.
" At that point, they're confident, we'll be able to come up with an economical alternative."
Such as? How about you pony up your money, and hold the mouth.
" ... nanochemistry!!!" WTF!
"When the oil industry overcomes an obstacle and boosts oil production, costs typically increase."
They sure do!
"That opens the door for a better and cheaper energy source that will eventually displace crude oil."
Is that a crate of KoolAid concealed beneath your desk?
"Already, economics is bringing about some changes. Despite the abundance of oil that fracking has delivered, global oil prices remain high."
Nope. Crude prices are at least $20 shy of where they need to be for the producers to begin to accumulate an economic surplus to fund further explorations and extractions. Let say $120 bbl for WTI - minimum. Ok? (maybe not!)
"Mr. Shellenberger suspects that oil's long dominance in transportation is weaker than most people suspect. When something better comes along, he says, oil's days are numbered. "We will be leaving a lot of oil in the ground, in the same way we are leaving coal in the ground," he says."
Mickey lad, please tell us what in God's holy name you're are putting on your breakfast cereal. It sure sounds wonderful stuff.
I would like to have been able to perform a 'cut-and-paste' of that graph of oil production, then perform an internal cut-and-past on the plot line. You need TWO separate plot lines, one to show 'conventional ', ie. (land-based) crude productions, the second to show non-conventional (all the rest) liquid hydrocarbon fuels. The former would show a distinct decline, the latter: not just yet - but it WILL! I promise!
I noticed that Mr Gold did not drag in Albert Bartlett. Some other time perhaps.
Brian.Comment
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Re: Well, i guess that just about raps it up for Peek Oil
The conclusion:
Hubbert's Take
If M. King Hubbert were alive today—he died in 1989—would he admit defeat? Probably not, says Mason Inman, who has written a biography of Mr. Hubbert that will be released next year. He argues that the recent shale boom is just a temporary respite in a long march downward. U.S. oil production could be about to hit a second peak, and then return to its terminal decline.
The production boom "makes things better for a while, but it doesn't change the long-term picture," Mr. Inman says.
If Mr. Hubbert were around, he might be dumbstruck by what he sees, Mr. Inman says. Mr. Hubbert, he says, advocated turning to solar power and energy efficiency to break the dependency on oil.
As for the power of innovation to reach new oil reserves, Mr. Hubbert believed that technology would help extend the limits of oil production, but thought its impact was exaggerated, Mr. Inman says. He felt people would invoke technology as a kind of panacea—which it isn't.
There will eventually be diminishing returns, Mr. Inman says, since oil is a finite resource, even though we don't really know its limits. "He would probably say, 'You guys are crazy to be drilling this so fast and using it up and pretending it's a solution,' " says Mr. Inman.Comment
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Re: Well, i guess that just about raps it up for Peek Oil
and BOOOM!!
WTI right back down to 91.18 and droppin...
wonder how long this'll last...
saw reg 2.99/gal in ABQ the other day...Comment
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Re: Well, i guess that just about raps it up for Peek Oil
Originally posted by lektrode View Post
"...Brent, the global oil benchmark, slid 1.2% Friday to $92.31, the lowest price since June 2012. Prices have tumbled 20% from their mid-June high.
The U.S. benchmark, West Texas Intermediate, settled down 1.4% Friday at $89.74, the lowest settlement since April 2013. U.S. prices have fallen 16% from their mid-June high...
...Last month, Saudi Arabia and Kuwait both cut their October prices for Asian buyers, according to Gulf oil officials and traders, effectively undercutting the U.A.E., a Persian Gulf neighbor and fellow OPEC member. In the past, such cuts would have been taken collectively among Arab Gulf OPEC members.
“There is a price war within OPEC,” said Amy Myers Jaffe, executive director of energy and sustainability at the Graduate School of Management at the University of California, Davis. “It is the most fractured I have ever seen OPEC.”
OPEC’s recent woes have their roots in an unusually public row in 2011. Faced with tight supplies and rising prices amid the political turmoil of the Arab Spring, Saudi Arabia’s longtime oil minister Ali al-Naimi pushed at one meeting to boost production. Delegates failed to agree, and Mr. Naimi stormed out, telling reporters it was “one of the worst meetings we ever had.”
Riyadh boosted production on its own. Since then, the Arab Spring has deepened fault lines between some member governments and created new fissures.
Arab Gulf OPEC members—Saudi Arabia, Kuwait, Qatar and the U.A.E. .—have long been aligned politically, largely in opposition to neighbor and OPEC colleague Iran. That rivalry has intensified as proxy wars have raged in Iraq and Syria.
At the same time, the Gulf Arab alliance has frayed. Saudi Arabia, Qatar and the U.A.E., for instance, have all backed different factions in the various uprisings that have raged across the Middle East.
Mr. Naimi, who for years was the most influential voice at the group’s meetings, has taken an unusually low profile at recent gatherings..."
http://www.itulip.com/forums/showthr...109#post279109Comment
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