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Oil to $20 per barrel by year end:

Discussion in 'Political Discussion' started by Run DMC, Jul 5, 2009.

  1. Run DMC

    Run DMC In the Starting Line-Up

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  2. PatriotsReign

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  3. sdaniels7114

    sdaniels7114 Experienced Starter w/First Big Contract

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    While I see holes in Peak Oil, I'm pretty sure it requires the world economy to come out of the toilet at some point. Obviously if nobody can afford cars or houses, nobody needs gas or oil generated electricity.

    So I'd say that this never ending recession only delays Peak Oil, I don't see it debunking it.

    Not that I'm getting behind this endless recession/depression idea either.
     
  4. IcyPatriot

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    I agree there ... peak oil will be delayed a bit ... but not much really because this cap and trade bill may force power plants to switch to oil?
    There's no legislation to promote nuke plants and this administration isn't going down that road.
     
  5. efin98

    efin98 Experienced Starter w/First Big Contract

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    You guys aren't the only ones who get it...some of us aren't verbose enough to trump those who don't "get it" like you do ;)
     
    Last edited: Jul 5, 2009
  6. PatriotsReign

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    Amen you effin.....efin! ;)

    I was just trying to rile people up to comment on this topic. To be honest, I have no idea how close we are to peak oil. I've never claimed that I did.

    Very few are privvy to information like that.
     
  7. efin98

    efin98 Experienced Starter w/First Big Contract

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    By the end of the year sound about right...there's starting to be a push towards natural gas heating in New England so there's gonna be a drop in demand there, a trend towards smaller and more fuel efficient cars so we should see a drop in demand there, plus being winter the demand normally drops then anyway- signs pointing towards a lower demand thus lower prices.
     
  8. Fogbuster

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  9. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    Oil is a finite resource, so the idea of peak oil is logical. In fact it has peaked in non-opec counties. The only question is when it will peak world wide, world oil reserves fell for the first time in ten years, this year.
    Since i first saw this thread i've been reading up on the subject because it seems i hear conflicting stories about the subject. On one hand were running out of oil on the other massive New reserves are being found. So wich was it. I rememberd last year hearing about huge new discovrey in Brazil and heard about the Bakken oil fields in North Dakota. The Bakken fields were said to hold upwards of 500 bn barrels, the Brazilian field 33 bn barrels (the US uses 3.7 bn barrels a year) While reading up on the Bakken site i read that there is an estimated 1.5 TRILLION barrels in the Green River formation in Colorado, Utah, and Nevada area. This all sounded really good until i did further research. The amount of recoverable oil in the Bakken went from 105 bn barrels to 3.5 bn of TECHNICALLY recoverable oil, in otherwords not even a years supply for the U.S. and were talking Technically Recoverable not straight Recoverable. The Brazilian find still isn't comfirmed. The Green River find is shale and will take 20 years to recover.
    snopes.com: Bakken Formation

    Now all this being said and read the best conclusion i could come up with is that yes there still is a lot of oil out there and it will eventually peak. I took a BP report dated 6/10/09 as a good guess and a fair estimate of how long we have.....42 years at the current rate of production. If this is true it would seem to give us time to start weaning ourselves off oil if we started NOW.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=a6.7NWiQ5wGw

    June 10 (Bloomberg) -- Global proved oil reserves fell last year, the first drop since 1998, led by declines in Russia, Norway and China, according to BP Plc.

    Oil reserves totaled 1.258 trillion barrels at the end of 2008, compared with a revised 1.261 trillion barrels a year earlier, BP said in its annual Statistical Review of World Energy posted on its Web Site today. The world has enough reserves for 42 years at current production rates, BP said.

    BP and other oil companies are struggling to replace


    As for oil hitting $20 dollars a barrel again i seriously doubt it.
     
    Last edited: Jul 6, 2009

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