Peak oil ?

[getterdone]

Are we there ? It seems like the stage is set for another wild ride in oil prices. Projected demand for the next quarter is just over 86 million barrels per day. Supply capacity has been holding farely steady since mid 2004 at 85 million barrels per day. The last time this happened, the price went up to 147.00 per barrel. One trillion dollars left the G20 Nations and went to the OPEC nations. Some say it caused the mess were in.

Any comments?

[jim_mich]

Gold and silver usually go up when oil rises. I opened a Forex trading account about two weeks ago so I can trade gold futures in order to afford the higher inflation prices that are headed our way. So far my account is up nicely.

[MrTim]

Oil prices will remain steady, but price at the pump will go up under the current US administration due to tighter regulation (in the name of "saving the environment") of refineries and other production, leading to shortages, even with the drop in consumption that will occur as consumers cut their own usage in response to price increases. The next few years will not be pretty...

[greendoor]

The oil industry creates the shortages. I worked for one of the majors until a couple of years ago. They were acquiring refineries just to shut them down. There are reserves of oil far greater than what the middle east have. It's a strategic plan to drain the middle east first.

The major oil companies don't believe that oil is a limited fossil fuel. Older wells that have been pumped dry have refilled themselves. There is vast quantities of methane gas under ground, and this gets converted into hydrocarbon oil under the geothermal heat & pressure. It's inorganic. Sure - there are reserves of oil underground that ARE originally organic fossil fuel, but the major supplies aren't.

This is just my opinion, based on internal information I read while in that industry.

[nicbordeaux]

I think you may have missed the boat Jim, but hope not. Gold is already sky high and set to stay so for another 18 months. Nothing beats a curency spread ;-) Sterling/USD/Euro/Swiss Franc is quite enough with a 10 point differential cutoff.

Greendoor, that is a quite astounding assertion. can you quote any verifiable examples of depleted reservoirs which have refilled from methane being subjected to normal subsurface heat/pressure ?

[Fletcher]

http://www.people.cornell.edu/pages/tg21/usgs.html

The origin of methane [& oil] in the crust of the earth.

EDIT : seems the link has been abandoned, someone else may have a new link about majority oil not being dinosaur goo but of rock, methane under temp & pressure, & inorganic self replenishing origin as this article detailed IIRC.

[nicbordeaux]

http://en.wikipedia.org/wiki/Abiogenic_petroleum_origin

[getterdone]

Greedoor, I've been working in the oil and gas industry for 16 years. I work on the production side . We put the wells into production after the drilling rigs have dug the hole, we also do work-overs on existing wells and we do the abandonements once the well is no longer productive.
I've heard this theory about oil making itself on the internet , but never heard it in the industry . All the wells that I work on eventually dry up or water-off .
The EIA, who is the American watchdog of world oil supplies has revised it's global depletion rate from 4.1% to 6.7%, witch means that the oil and gas industry has to find 4 million barrels per day, of new oil ,just to stay at the current 85 million barrrels per day of supply. There is still plenty of oil out there , but the cheap stuff that flows like water is getting scarce, and it'll take at least a 100.00 per barrel to make the hard to get at oil more appealing to the oil companies.
So the price of oil goes up, people adjust there lifestyles do the new reality. Life goes on .

Jim

I don't put my money in the stock market, but if I did I'd look at
North American steel producers, the big furniture makers etc. At some point , the price of shipping iron or from Brazil to China, then turning it to steel and shipping it to North America won't make sense. The cost of shipping will more than eat up the savings from cheap labour.
We might see some jobs come back to our shores.

Just a thaught I wanted to share with you guys.

[daxwc]

Heh guys.

A Crude Awakening, if you haven’t seen this documentary on energy, it is well worth the time to down load it off the internet and watch it.


http://en.wikipedia.org/wiki/Crude_awakening


thks

[getterdone]

Well guys, it's looking more and more like we may be at the peak. Although in the last few years , it's looked more like a plateau. The IEA announced a few months ago that they expect Saudi production will start to decline by next year. Matt Simmons use to say that when the saudi's have peaked , the world has peaked. There was a memo that leaked out of the Whitehouse this week that said the Obama administration was planning to use some of America's oil reserves to keep down prices till the election is over .I think that fuel prices will be a big issue in the next few years.

[getterdone]

http://peakoil.com/production/energy-ex ... as-peaked/

[eccentrically1]

Don't eat that caviar!

http://www.bellona.org/articles/article ... eals_dumps

[BIBLEAL1]

OK ,Time to wake up, The US will be completely self sufficient in oil at the rate they are going within three years. The US is now self sufficient in natural gas production because of "Hydraulic fracking" This is the drilling technology and its happening all over the US. US production keeps increasing monthly and I look forward to the day when we can say to our enemys in the middle east .Sorry we don't need your oil anymore. Do your own research. CHeck U.S. oil production rising website www.straight.com as an example .
Being able to be self sufficient in energy production in America may fuel an economic boom ,the likes we have never seen. Unless of course we don't go bankrupt first. BIBLEAL Just my humble opinion.

[getterdone]

Maybe it's because im half pissed on what they call in Albania, Raki, or what we call in Canada, paint thinner. Regardless I still dont see the point in both your counter argumrnts. I could be wrong, but then I'll just blame it o n the booze
The point of this post was to hope for the best , but be ready for high fuel prices

[getterdone]

Here's something I found interesting on the subject of peak oil

http://www.youtube.com/watch?feature=pl ... U14fItHGgc