Peak Oil Scare Fades as Shale, Deepwater Wells Gush Crude: Bloomberg

[trade4succes]

nobody seems to care about global warming?

there have been some doubts, but still there is an overwhelming consensus among academics. well, maybe there is a conspiracy, but maybe not.

 

[blackjack007]

well techincally oil will never run out because either:

1. it's an unlimited resource that's created by the earth on an ongoing basis

OR

2. it's a limited resource, and as a limited resource get used up, its prices climbs. Eventually its high price will make it uncompetitive with alternative fuels and nobody will use it anymore. oil from the ground is NOT required for humanity to function because we can synthesize it (to make tires & plastics), and because there are other energy sources that could replace it.

 

[Random.Capital]

Quote from budcampbell:

But...but....but........what about peak oil?

What about it?

This is what Peak Oil said would happen.

 

[Random.Capital]

Quote from misterno:

As long as oil price goes up, there will be no shortage

I'm pretty sure I understand what you're trying to say - perhaps a better way to state it is "as long as oil price goes up, enough oil will be produced to meet demand".

Because we already have "shortage", in the strict sense of the word, as demand predicated on cheap supply is already being destroyed. It's a major reason (eg) Egypt collapsed.

 

[Eight]

Quote from trade4succes:

nobody seems to care about global warming?

there have been some doubts, but still there is an overwhelming consensus among academics. well, maybe there is a conspiracy, but maybe not.

Global Warming? Didn't they rename it Climate Change and then it sort of went out of the news?

 

[achilles28]

Quote from Pekelo:

Happened already, welcome to the club! That's why we are talking about shale (not exactly crude oil, if you catch my drift) and deepwater drilling (super expensive)...

You have any other questions?

Much of the earths shallow oil was drilled. That only proves that much of the earths shallow oil was drilled. Not that were running out of oil, anytime soon.

I've got a question for you. What percentage of the earths surface (land and water) have petroleum engineers explored? 20%? 10%?

 

[achilles28]

Quote from heypa:

Finding oil and producing it are two different things.
What are the impediments to producing oil in this country?
Think hard. Any?

Excessive regulation, financed by the oil lobby. Why? To limit competition.

 

[achilles28]

Quote from Random.Capital:

What about it?

This is what Peak Oil said would happen.

Did Peak Oil also say hydrocarbons would be found on other planets, in our solar system?

Titan has hundreds of times more liquid hydrocarbons than all the known oil and natural gas reserves on Earth
http://www.esa.int/esaSC/SEMCSUUHJCF_index_0.html


Where are the dino bones on Titan, RC?

 

[achilles28]

Quote from Random.Capital:

I'm pretty sure I understand what you're trying to say - perhaps a better way to state it is "as long as oil price goes up, enough oil will be produced to meet demand".

Because we already have "shortage", in the strict sense of the word, as demand predicated on cheap supply is already being destroyed. It's a major reason (eg) Egypt collapsed.

Where is this shortage you speak of? Global output is higher than it's ever been, with a conservative 200 years worth of coal, shale and crude, underground.

 

[ralph00]

If Ben hiked Fed Funds to 3%, oil would be $60/barrel within months.