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You may know finance and how severe the current banking crisis is - but you are totally clueless about peak oil. Oil companies' value is judged by their reserves and potential finds. Same with many countries in the gulf. Everyone overestimates their reserves. Shell Oil was fined for...

From the article: "It was drilled to approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest." I eyeballed it, and said about 6 miles. The actual number is 6.6 miles. Who's clueless?

ByLo, were you trying to be sarcastic with the title of this thread: "We're Running Out of Oil! BP Finds A Mere 3 blln Barrels 250 Miles from Houston" Do you know that 3 blln barrels is "merely" a month or so of worldwide oil demand? oh yeah, and while it's only 250 miles from Houston -...

For a financial doomer, you seem to be a cornucopian when it comes to energy. LOL Anyway, funny you post happy energy topics and not negative ones. This could truly be a great find, however, have you seen the recent production rates of Cantarell? Do you know what Cantarell is? Here...

Europe had already been hit hard. I was surprised the market opened as it did.

I think so.. but it will be different than the US/USSR relationship. China and the US remind me of a movie. I don't recall it - but imagine two convicts fleeing that are also chained to eachother's wrist. Eventually one guy can't keep up and slows down the other. Now bone is a lot...

Let's say it's the year 2025. Saudi Arabia is no longer delivering oil to all its customers. Peak Oil in a really bad way - economies around the world face collapse if they haven't already. The US sends a force and forcibly takes Saudi Arabia to ensure a supply of oil for itself. The US...

Daal - I disagree with your views. You say that increased productivity in this "utopia" of robotics would benefit everyone - but that's only if the government/economy in question was a communist one. After all, if property rights are in private hands, then only so many people would own the...

(sorry - I meant high teens and above) We may already be approaching 20%... All depends on how you look at it and if you use the same metrics as GD1. And keep in mind, GD1 did not have a sharp rise in unemployment to the 20s until years later. It wasn't like everything went to hell in...

I have to disgree with the belief that Bernanke kept us from a second depression. If you view high double digit unemployment figures as a depression - and to me that's all that matters - than we are in one right now. I don't see anything on the horizon that will re-absorb the 6.7 million jobs...

I'm surprised no one in the thread has mentioned survivorship bias and how we ignore it in broad indexes to make those pretty long term charts that always seem to go up up up.

"The price good men pay for indifference to public affairs is to be ruled by evil men." - Plato "We hang the petty thieves and appoint the great ones to public office." - Aesop

Petrodollar recyling is another reason OIL will not be replaced until it is too late. The US benefits from oil being traded in dollars. Every solar transaction around the world does nothing for the US treasury market. But I wish your family and biz the best - I genuinely mean that.

J. Schumpeter - he's the one we are ignoring the most.

I've been planning on doing the same thing, however, I do believe that the US dollar will spike again in a couple months. I'm holding off for a better rate of exchange. Am I crazy to wait?

This is also why Oil is KING: Air conditioners, ammonia, anti-histamines, antiseptics, artificial turf, asphalt, aspirin, balloons, bandages, boats, bottles, bras, bubble gum, butane, cameras, candles, car batteries, car bodies, carpet, cassette tapes, caulking, CDs, chewing gum...

Yeah, right... the transition will be seamless. More like resource wars and economic collapses. Here's a good visual of how competing energies stack up to oil. By the way, a cubic mile of oil is roughly what the world consumes in one year. Oil is KING - there is no replacement, no...

The internal combustion engine was invented in Europe. Everything invented since pales in comparison.

In the 1950s Shell Oil geologist M. King Hubbert predicted peak oil production for the lower 48 states occurring in the late 60s to early 1970s. Indeed, he was correct. See the chart I posted in an earlier post. From that it is not exactly a leap of faith to think that global production...

You bring up good points. Some of them are addressed here: http://www.theoildrum.com/node/5711