reflexblue

Your late to the party, its Old News.

The Brandon Five

It's from yesterday's Guardian. Do articles have a 24 hour expiration now?

reflexblue

There use to be someone here by the name of Press Coverage, he started many a thread about the Guare oil field and how it way past its peak. That by looking at the out put it was obvious that they couldn't keep up with demand. That was about two years ago.

Stokes

Good old PC, this was one of the few things we could agree on!

Harry Boy

Why don't we drill for oil-------------

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Harry Boy (Genius)

In The Absence Of Law And Order Society Will Surely Destroy Itself

Titus Pullo

Because by all estimates, there's barely any light crude here to offset growing demand... and dry holes cost a lot of money?

Shale oil, shale gas and tar sands are plentiful, ... at 5-10x the cost, and devastating to the environment (which also factors into cost).

Of course, if we learned anything about the Cheney years, it's "to hell with the environment."

No one is surprised that Saudi has inflated their reserve totals. The same is true for all the other OPEC nations desperate to maintain foreign investment. The problem is that they can no longer keep a lid on the reality, and western corporate interest do NOT want a new, progressive energy policy that might shut off the gravy train.

Real World

Like any tangiable resource, oil is finite. That shouldn't come as a surprise to anybody. The real question is when a resource is reaching a level of decline. I don't think oil is at that point.

I was just up in Canada and I was reading one of their daily's, and all the talk was how Canada's oil export industry is becoming the driving force of their economy. Oil is already around $80-100 a barrel, so the increased costs associated with harvesting more difficult reserves, is already being realized at the consumer level. The flow and availability remaining constant is really the key. All that being said, it's why a genuine and comprehensive long term energy strategy is needed. It was needed 30-40 years ago. Part of that strategy has to include searching for, and drilling more of our own. Since we don't yet have a viable replacement for oil, we will need more of it in order to bridge the time until a replacement is in place. Maybe that replacement is hydrogen, but who knows. Comprehensive policy people. One that utilizes our domestic supply in the short term, with investment and emphasis placed on a viable replacement long term. It's really not that complicated.

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"The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already, without a shadow of doubt, what is laid before him."
Leo Tolstoy, 1897

Triple-T

It's all part of the plan...

1. Don't drill our oil
2. Suck the rest of the world dry
3. As the world collapses, we drill our oil, sell it off at a massive premium and convert completely to renewables

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Do. Your. Job. Don't try to take care of somebody else's responsibilities and all that. Just take care of your assignment. Know what it is, execute it and get it taken care of. Do your job...and you'll be champions tonight

Titus Pullo

Actually, it's INCREDIBLY complicated, considering decades of agreements and industries tied to existing energy contracts, in addition to endless droves of people who still insist the condition is one of "false scarcity."

And when you allude to Canada's blossoming energy industry, keep in mind that the vast majority of it is attributed to their tar sands, which is enormously expensive to extract and refine.

People can make mention of the market, the market, the market all they like, as if price points will spawn alternative investment and a smooth transition. But they fail to realize two important factors:

1) It takes 20-30 years to transfer to something else.
2) If the average consumer can not afford $125-, $250-barrel oil, no one's gonna be able to buy it anyway. Every oil shock in modern history has preceded a recession. If brief $147 oil in 2008 led to the greatest economic crash since 1929, what do we think sustained $150 oil will mean DURING a recession?

Titus Pullo

Watch the documentary "Gasland" and then tell us how this puff piece you link to above has any traction. It's on HBO this month.