Dow Jones Newswires
03/19/2009 11:59
aletho
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- Name: aletho
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Ahmadinejad:
July 7, 2008 · The global market is “full of oil” and rising crude prices are being artificially driven by forces trying to further their geopolitical aims, Iranian President Mahmoud Ahmadinejad said on Tuesday. “While the growth of consumption is lower than that of production and the market is full of oil, prices continue to rise and this situation is completely manipulated,” Ahmadinejad said in his address to a U.N. food summit in Rome.###
Matt Simons on CNBC July 13, 2008 when oil prices peaked:
"oil is going higher, maybe way higher, it's not going to collapse, it's not a bubble, not a tempory spike"
Who should we listen to? Hmmm... I wonder which one is reliable. Could it be the one with the STUPID track record? Oh well the faithful doomers will always know what to believe.
On It's official -- the era of cheap oil is over posted 5 months, 1 week ago 44 ResponsesClick here to view comment in original post
"Compared to light oil, these resources [heavy oil and natural bitumen] are generally more costly to produce and transport."
I guess in your demented view that settles that eh?
Of course they refer to recoverable sources, who are you trying to fool and what is your agenda?
On It's official -- the era of cheap oil is over posted 5 months, 1 week ago 44 ResponsesClick here to view comment in original post
Brudamonia,
You seem to be stuck in a rut. Refusing to acknowlege authoritative sources while demanding them at the same time and insisting on someone having drilled into every potential source. I suppose in your doom filled world Chavez and the US DoE are conspiring to fool us all:
http://news.bbc.co.uk/2/hi/americas/4871938.stm
BBC Newsnight
Analysis by the US Department of Energy (DoE) - seen by Newsnight - shows
that at $50 a barrel Venezuela - not Saudi Arabia - will have the biggest
oil reserves in Opec.
On It's official -- the era of cheap oil is over posted 5 months, 1 week ago 44 Responses
Venezuela has vast deposits of extra-heavy oil in the Orinoco. Traditionally these have not been counted because at $20 a barrel they were too expensive to exploit - but at $50 a barrel melting them into liquid petroleum becomes extremely profitable.
The DoE report shows that at today's prices Venezuela's oil reserves are
bigger than those of the entire Middle East - including Saudi Arabia, the Gulf states, Iran and Iraq.
The US agency also identifies Canada as another future oil superpower.
Venezuela's deposits alone could extend the oil age for another 100 years.
The DoE estimates that the Venezuelan government controls 1.3 trillion
barrels of oil - more than the entire declared oil reserves of the rest of
the planet.
Mr Chavez told Newsnight that "Venezuela has the largest oil reserves in the world. In the future Venezuela won't have any more oil - but that's in the 22nd Century."
He will ask the Opec meeting in June to formally accept that Venezuela's
reserves are now bigger than Saudi Arabia's...
---
As you can see;
1- If heavy oil reserves in the middle east do turn out to exceed
Venezuela's, we have centuries of current consumption available, not
counting the post peak (balance) of light oil. Add to that Canada's tar
sands and the Colorado/Utah shale. Admittedly the N. American production
would be metered by replenishment rates for required fresh water and the environmental consequences in the Rockies are enormous.
2- Costs of production are a fraction of current market rates.
3- There seems to be a blackout of these facts, which substantiate
petro-abundance, in the non-financial domestic media.
I followed "peak oil" from the begining. If you read the work from five years ago, the writers rely on the assumption that the production cost of heavy oil would be catastrophic for developing economies and result in a global crisis. As oil quadrupled from $12 to $48/barrel, I expected to read commentary acknowledging that this prediction had proven alarmist. Instead we were presented with a new generation of "peak oil" theories that simply ignore the reality of heavy oil altogether.Click here to view comment in original post
Brudamonia,
As I pointed out earlier it is highly fantastical for you to expect producers to spend billions on completing exploration just to mollify your insecurity. Your possition on this subject is similar to someone saying that there is an iron crisis because nobody has proven that there is an endless spring of iron. Absolute lack of judgement on your part, silly expectation.
I doubt that you have the openmindedness to take in reality but here are some more things to digest:
New techniques revitalize old oil wells
BAKERSFIELD, Calif., March 5 Old oil fields in California and elsewhere are the petroleum industry's version of the fountain of youth thanks to new extraction technology.
The Kern River field at Bakersfield, Calif., has produced oil for 108 years and now kicks out 8 1/2 times the oil it did in the 1960s thanks to high-pressure steam injection systems. In Texas, carbon dioxide will be used to force more oil out of the 1930s-era Means field.
Yes, there are finite resources in the ground, but you never get to that point, Chevron engineer Jeff Hatlen said. That's why peak oil is a moving target. Oil is always a function of price and technology.But some petroleum geologists believe the peak is just about here, The New York Times said Monday. I am very, very seriously worried about the future we are facing, said Kjell Aleklett of the Association for the Study of Peak Oil and Gas. It is clear that oil is in limited supplies. Still, the Cambridge Energy Research Associates recently placed recoverable oil resources at 4.8 trillion barrels, up from the 3.3 trillion barrels estimated by the U.S. Geological Survey in 2000.
Copyright 2007 by UPI
http://www.earthtimes.org/articles/show/36971.htmlIn fact proven oil reserves have increased in nine out of the ten most recent years, hardly a sign of a crisis. Furthermore the industry has done a spectacular job of consistently producing at levels that are adequate to meet demand. Academic studies have confirmed that last years bubble was caused by market manipulation not supply problems.
As to EJs concern, perhaps he should consider that 2/3 of the earth is covered in water and almost all of it is unexplored for oil.
On It's official -- the era of cheap oil is over posted 5 months, 1 week ago 44 ResponsesClick here to view comment in original post
Brudamonia,
Below are some current reports you may have missed, as I pointed out earlier it is highly fantastical for you to expect producers to spend billions on completing exploration just to mollify your insecurity:
Angola's Subsalt Oil Reserves May Resemble Brazil's
On It's official -- the era of cheap oil is over posted 5 months, 1 week ago 44 ResponsesMarch 11, 2009
Russia’s fuel reserves will be enough for 100 years, Putin says
11.03.2009###"God put the oil that China needs for the next 200 years in Venezuela. Before, the United States took our oil like a 'vampire," Chavez told the Communist Party leaders to rousing applause.Ahmadinejad: Home-run King:
July 7, 2008 · The global market is “full of oil” and rising crude prices are being artificially driven by forces trying to further their geopolitical aims, Iranian President Mahmoud Ahmadinejad said on Tuesday. “While the growth of consumption is lower than that of production and the market is full of oil, prices continue to rise and this situation is completely manipulated,” Ahmadinejad said in his address to a U.N. food summit in Rome.
Without naming countries, the Iranian leader said “hidden and unhidden hands are at work to control the prices mendaciously to pursue their political and economic aims.”William Engdahl:As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. . . . Since the advent of oil futures trading and the two major London and New York oil futures contracts, control of oil prices has left OPEC and gone to Wall Street. It is a classic case of the ‘tail that wags the dog.’