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Oil supply keeps right on falling

Discussion in 'Political Discussion' started by PressCoverage, Apr 4, 2009.

  1. PressCoverage

    PressCoverage Banned

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    Non-OPEC oil supply to fall further, faster

    Non-OPEC oil supply to fall further, faster | Reuters

    Wed Apr 1, 2009 6:11pm BST

    By Joshua Schneyer and David Sheppard - Analysis

    NEW YORK/LONDON (Reuters) - A plunge in oilfield spending means non-OPEC oil output could soon fall, raising prices and potentially derailing any global economic recovery. A growing number of forecasts predicting a fall reflect a major drop in oil drilling because of lower crude prices and tighter credit, and defy an earlier market consensus that non-OPEC output would rise through the economic downturn.

    Global oilfield spending will probably fall 30 percent this year, cutting non-OPEC supply by 1.7 million barrels per day (bpd) by the end of 2010, and pushing oil prices up another 60 percent, Sanford Bernstein forecast.

    Barclays Capital saw a potential drop of 1.5 million bpd, or 3 percent of non-OPEC supply, and a 70 percent price rise from current levels to $85/bbl in 2010. Deutsche Bank saw a 280,000 bpd decline this year. Some of these analysts were among the most bullish on oil prices, but they expected a new reality of falling oil output will soon be recognized more widely. The International Energy Agency, the U.S. Department of Energy and OPEC still see non-OPEC output firm or rising. But they have already cut supply forecasts sharply, and may do so again.

    "We're looking at a decline. There is often a lag before the data catches up with reality," said Benjamin Dell, senior analyst at Sanford Bernstein in New York. "Lower oil prices could lead to lots of marginal fields being shut in the U.S., the UK, Norway and Russia
    ."​

    Now, what do you see here? Further evidence that the IAEA, the Dept. of Energy and OPEC are still doing their very best to allay Peak Oil realities. This, despite all signs throughout the world pointing to energy depletion, and the economic collapse that preceeds it. The depth of these bodies is stunningly cynical. They must think the average westerner is pretty stupid.

    How much longer can the 'nothing to see here' contingent continue to hold out? How long can they keep ignoring Occum's Razor and compound the global problem by advocating and directing desperately needed remaining funding away from alternate energies and preparedness?

    Ah well. Back to blaming some bad housing loans, the credit crash and the CRA for all that ails the world.

    We've ignored climate science and global geology for decades. Why stop now?
     
    Last edited: Apr 4, 2009
  2. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #24 Jersey

    So why are we spending billions on helping the financial industry?

    Is the media that much in the pocket of these people?

    If the Obama administration is aware of this ... where is the media pressure to come clean?
    If disaster looms then why are we not spending billions on alternative energy?
    I'm missing something here ... I'm buying it but why the reluctance to make this problem our main issue?
     
    Last edited: Apr 4, 2009
  3. PressCoverage

    PressCoverage Banned

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    Three words: Denial, denial, denial....

    There's some of them right here on this forum refusing to accept global oil decline. ...

    This includes the mainstream mass media, who are beholden to corporate advertisers... They have hinted at it many many times, but no serious coverage, and they've never come out and said: "We're running out."

    It's unpleasant, it leads to war (which we've seen from Kosovo to Indonesia), and it's far more imminent than global climate change....
     
    Last edited: Apr 4, 2009
  4. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #24 Jersey


    China seems to be aggressive in their approach to getting theirs.

    What's going on in the north and south poles has peaked my interest of late. So how far do you think aggression will go at the poles?

    Also ... if global warming is truly leading to more accessible land at the poles then would we be crazed enough to speed up global warming to have access to more oil?

    Also the movie "Waterworld" might not have been such a farce after all ... I just wanted to throw that in.
     
  5. Fogbuster

    Fogbuster Pro Bowl Player

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    .


    So, build the nukes, the wind farms, collect the solar, harness the tidal energy, do whatever it takes to change over the source of energy we use. Make better battery cars, etc.

    PC, the world isn't going to end tomorrow. :singing:


    //
     
  6. PressCoverage

    PressCoverage Banned

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    The issue at the poles is going to come to a head... Nations have until 2012 or some such to prove the north pole is theirs... I don't exactly know how they do that, but that's what I'm hearing.

    The Russians are getting more and more serious up there. Canadians are saying hold on a minute. Even the Dutch claim they have a stake.
     
  7. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    This particular oil decline is due to putting resources off limits and lowered investment in developing sources of oil, not to a lack of oil.

    I am not saying there is an infinite supply of oil. I am saying this isn't a peck oil event.
     
  8. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Muthafuggas are trying to push out Santa, huh? They'll be sorry! Santa's a good guy, but no one knows what he's capable of if you push him on his turf. He's had a hell of a time the last 2000 years with these Christian and Muslim heretics. Now the oil companies? They have no idea who they're messing with!

    HAIL SANTA CLAUSE!
     
    Last edited: Apr 5, 2009
  9. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    [​IMG]
     
  10. PressCoverage

    PressCoverage Banned

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    Costs trillions... takes decades...


    No one said the world was ending tomorrow... What we said was economic collapse would precede the decline of cheap energy, and that there would be widespread suffering, and potentially wider military conflict...
     
  11. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Not arguing with anything you said. It's all true.
    But there's one thing that's definite: Inaction in that direction is foolish. We need to stop worrying about propping up banks and corporations that have already proven to be failures. The Obama administration's mission to pump trillions into failing institutions is insane.

    There is no such thing as "too big to fail". THAT IS A MYTH created by the corporations who are failing. America is loaded with smart people who will be more than happy to fill the void of AIG's (or whatever they're calling themselves today) crater. GMC needs to file for bankruptcy yesterday. They will never be able to repay their debts. Let someone else start making cars for the new energy matrix.

    I don't understand Obama when he keeps making statements like, "My number one job as President is to fix the economy". Unless he considers the most important part of the economy to be an immediate shift away from fossils, then his claim means nothing.

    We need a paradigm shift in how we think of the economy and how we live. New sources (including nukes until the fusion containment problem is solved) combined with simpler living and conservation has to be the most important thing in our society or we're screwed. We can't spend our way out of this. Nothing will save the world'e economy and end the wars unless we dedicate to a new energy matrix. There's no other choice, IMO.
     
  12. Fogbuster

    Fogbuster Pro Bowl Player

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    Well, the way they're spending now, what's a few Trillion more!! Seriously, sure it's gonna cost, but there's new stuff coming out every day now: the building construction industry is now trying many new innovations to cut electrical use while simultaneously generating considerable amounts of electrical power through solar and wind. And just as it took many decades to find uses for fossil fuels, it will also take some time -- not necessarily as many decades -- to find ways to replace fossil energy with alternatives.

    That would be a major bummer, but I don't think it will come down to that. Here in Europe they are pretty fanatical about finding alternatives -- oil and now gas have always been 2 or 3 times what you pay in the States -- and some Asian countries, like South Korea for example, are also keenly aware of the energy issue. A lot of "green" consciousness there. Everywhere I look I see people who are on the energy issue very seriously. And I do believe Obama will see a lot of good things through.



    Plus, there's always Alaskan oil. :D Drill, baby, drill.

    //
     
  13. Terry Glenn is a cowgirl

    Terry Glenn is a cowgirl Banned

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    The oil is falling on purpose. To bankrupt the Middle East and Venezuala.

    They are the last remaining rougue countries left (and Africa).

    When they're bankrupt, they can take them over, and the NWO will be running on nitro.

    There is enough oil on the earth for MANY years. But, do you really think that they want us useless eaters to use their precious resources?

    I don't think so...
     

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