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Did you catch that? Bush admits Saudi oil is limited (declining?)

Discussion in 'Political Discussion' started by PressCoverage, Jan 17, 2008.

  1. PressCoverage

    PressCoverage Banned

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    "If they don’t have a lot of additional oil to put on the market, it is hard to ask somebody to do something they may not be able to do."

    or, watch it here, at the 1:50 mark...

    so there you have it...

    the sitting president of the United States of America, who recently admitted, “America is addicted to oil,” made a comment, after meeting with King Abdullha, that Saudi Arabia might not be able to raise oil production. Of course there are people, knowledge [sic] people who have been saying this for at least a few years, but here is our president saying it in an interview with a major news network. This must have thrown his handlers into an uproar. No doubt this points to an exciting year, because in terms of oil production as Saudi Arabia goes, so goes the world.
    Last edited: Jan 17, 2008
  2. PressCoverage

    PressCoverage Banned

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    on a related note, an important story came out today, Thursday, that was long-awaited... especially glowing for those (still the majority) who are adamant that Peak Oil is a myth...

    CERA released it's report on the status of global oil reserves... Cambridge Energy Research Associates... this report, no doubt, will be referenced for months/years in the debate over Peak Oil by the "nothing-to-fear, keep-shopping" crowd... needless to say, the report was very rosey for Big Oil and market stability...

    whatever your take, it's an important story, and you all should read it if you plan on talking about the energy crisis... here are the first few paragraphs:

    CERA v. peak oil
    David Ebner, January 17, 2008 at 11:37 AM EST

    CERA, the Boston energy consultancy, took another swing at peak oil on Thursday morning, announcing what it called "the missing link for understanding the future of world oil supply."

    That link? Decline rates, as in how quickly do production rates in the world's oil fields slide each year. The figure is indeed key because the rate indicates how much oil needs to be found just to make up current-year declines, never mind increasing the world's total output.

    Cambridge Energy Research Associates, after analyzing 811 oil fields (that account for two-thirds of global production and half of proved and probable reserves), concluded that the world's annual oil production decline rate is 4.5 per cent - about half of the 8 per cent CERA said is cited in many studies.


    “Some of the more gloomy, pessimistic ‘peak oil’ views about the future of oil supplies that are current today result from an assumption of high decline rates,” Peter Jackson of CERA said in a release Thursday, adding that there has been an “information vacuum” that has led to “widely differing estimates of the potential future availability of oil. This new analysis provides the basis for more confidence about the future of available oil.”

    <snip>...

    Underlying CERA’s analysis is a likely assumption that Middle Eastern reserves are what those countries say they are. Dan Yergin started CERA and is the author of The Prize, the Pulitzer-Prize winning history of the oil business. He is also close with top officials in Saudi Arabia - some industry players argue he’s too close - and in November received a special award for his work from the kingdom (and, it is rumoured, $100,000 in cash) when it held a summit of OPEC leaders).

    ---------------

    a blogger response, a Houstonian, then presents the public quote history from CERA:

    http://www.theoildrum.com/node/3487

    CERA 2003 "expects world oil prices to drop after any war to the low to mid $20 range."
    CERA 2004: "Oil prices are expected to remain in the upper $20 to low $30 per barrel range through 2005"
    CERA 2005: "slip well below $40 a barrel as 2007-08 nears."
    CERA 2007 "World oil prices will drop to the low $60 range by the beginning of next year"

    After years of being completely wrong on forecasting the price or production rates of oil, does anyone still believe a word Yergin and CERA says about the future of oil? He is a great historian, but would be the world's worst energy hedge fund manager. Fortunately for him, he is only paid to deliver good news by his investor relations clients. If he ever changes his tune, we will be hearing form [sic] some other well funded oil 'prophet'.

    oops...
    Last edited: Jan 18, 2008
  3. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    I don't know how close we are to peak oil, I don't know enough, plus there are other undiscovered reserves and reserves we aren't yet aware of. But the author of the article in post #2 brings up good points that should be taken seriouisly.


    http://business.timesonline.co.uk/t...s on energy are interesting and important PC.
    Last edited: Jan 18, 2008
  4. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Here is another artile referencing Bush going hat in hand to the Saudi's to talk about oil production:

    http://www.humanevents.com/article.php?id=24527


    This article was written by Mike Reagan, wish I could have posted more he does rip Bush for how he is dealing with the Saudi's.
  5. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Then there is the head in the sand approach to numes taken by the politicans. They rip dems but a lot of pubbies are just as culpiable as the dems:

    http://www.ibdeditorials.com/IBDArticles.aspx?id=285465316288156




    No vision or leadership on energy. Thisis hurting our economy and especially the poor who have to pay more to heat their homes.
  6. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Stop Using Oil

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