$220 Barrel Oil? Perhaps More?

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lsayre
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Post Sat. Feb. 26, 2011 7:30 pm

Here's one to think about. Worldwide discovery of new oil reserves is currently running at a rate of roughly one new barrel being discovered for every 4 barrels that are being consumed.

The peak of oil discovery happened worldwide in 1968. Current annual worldwide discovery doesn't even come anywhere close to 1968. Peak discovery in the USA happened in about 1930, and peak USA production was in 1970. In the USA we presently produce only about 50% of what we produced in 1970, despite an estimated roughly 4,500 more rigs operating today on US soil (plus off-shore) than in 1970.

It took ~40 years (1930 to 1970) for the USA to go from peak discovery to peak production. If the world is functioning on a similar scale overall, then with peak world discovery in 1968, one would expect peak world production in 2008. It may have actually happened that way. Time will tell.
-Larry

Democracy rests upon the principle that collective wisdom arises from a pool of individual ignorance. A Republic rests squarely upon objective law, and fundamentally upon those laws which restrict the scope and actions of government.


samhill
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Post Sat. Feb. 26, 2011 7:35 pm

Here`s more to think about, just about every time the price of oil has doubled in the U.S. it has been closely followed by a recession.
"Any fool can criticize, condemn & complain & most fools do." Benjamin Franklin

snuffy
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Post Sat. Feb. 26, 2011 10:42 pm

Lisa asked the question about historical economic prespectives regarding coal consumption and high oil prices. For those who care to look at the "Dismal Science" this website:
http://www.dani2989.com/matiere1/coal1109gb.htm

will help those interested.

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KLook
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Post Sun. Feb. 27, 2011 6:43 am

Production and actual reserves are totally different. When I was working in the Texas oil fields around 1980, the price of oil collapsed from the mid/high 30's to the teens per barrel. :shock: All that caused was a shutdown of the production from the wells in the US. Why sell oil if it is cheaper from other sources? Same in any commodity market. Look at the corn prices because of Ethanol.

Kevin

They were screaming about running out of oil, gold, silver, iron, etc. over 100 years ago during the industrial revolution. Guess what, it didnt happen. We just kept finding more. Not sure when this will end, but I am not going to promote panic over it.

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lowfog01
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Post Sun. Feb. 27, 2011 7:38 am

snuffy wrote:Lisa asked the question about historical economic prespectives regarding coal consumption and high oil prices. For those who care to look at the "Dismal Science" this website:
http://www.dani2989.com/matiere1/coal1109gb.htm

will help those interested.
Thank you for the article. It was very intersting. I'm getting my next year's coal asap. Lisa
“The media class is the wall that we have to climb over for our voices to be heard. Once our voices are heard, then democracy will happen.” Andrew Breitbart.

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SMITTY
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Post Sun. Feb. 27, 2011 12:36 pm

Coal has gone way up around here. My original supplier is now selling it for $312 a ton!! :shock: I used to get it there for $270. My current supplier has gone up $20/ton since I bought last spring.

Diesel is close to $4 a gallon along the Mass pike. Regular is $3.35 last I saw. Hi test is closer to $4/gallon as well. O.J is $6.50 a gallon!!

This is nothing. By 2012, we'll be begging for $5/gallon gas ... nevermind $4/gallon. :|

Get ready ...
The laws that forbid the carrying of arms...disarm only those who are
neither inclined nor determined to commit crimes. ...Such laws make things worse
for the assaulted and better for the assailants, they serve rather to
encourage than to prevent homicides, for an unarmed man may be attacked with
greater confidence than an armed man."

- Thomas Jefferson, quoting 18th century criminologist Cesare Beccaria in "On
Crimes and Punishment."

mason coal burner
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Post Sun. Feb. 27, 2011 4:54 pm

this is exactly what obama wants !!! if he can't get his cap and trade threw congress . he will just shut down oil production everywhere . he is getting things threw no matter how he has to do it . we will be begging for solar and wind . when oil was at 147 $ per barrel 3 years ago . bush said he was going to open off shore drilling and oil dropped to 33 $ per barrel . obama won't do that because that is what he wants . just look at his face . you couldn't slap that smile off his face if you tried !!!! he wants to collapse the economy before the 2012 elections . he and all his cronies are fueling these roits . they want things to fall apart !!!! we have hundreds of years of oil here in the US . same with coal . they say we are the suadi arabia of natural gas . I saw that for every penny gas goes up that is 1 billion $ over seas out of the US . tell me who or when this will stop or turn around . not with this president . who's goping to let them turn coal to fuel oil. not obama he wants to get rid of all of it . more ethanol means higher food prices . so you pay one way or the other there . have you noticed they tell you to eat carrot sticks while they eat burgers , ribs , and steak . they want to tell us how to live while they live like royalty !!!

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KLook
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Post Sun. Feb. 27, 2011 5:11 pm

That is the basis of Socialism, you are not entitled because you are not one of the ruling class. There is no equality in socialism, it is just a theory. Keep your place and don't make waves, you'll lose your place in the bread line if you do. See Communism in Russia for references.

Kevin


Fran654
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Post Sun. Feb. 27, 2011 5:21 pm

be prepared, arm yourself now , load all weapons and stand on HIGH ALERT,,,, I totally agree with the statement about the pres driving us broke,, economy will colapse by 2012 and he will get elected again,,you watch, then its really gonna be over, not like it aint over already!!!!!! prepare yourself for the utmost worst that way you might not be so surprised whenit hits you,
Last edited by Fran654 on Sun. Feb. 27, 2011 5:28 pm, edited 1 time in total.

Fran654
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Post Sun. Feb. 27, 2011 5:26 pm

we as americans need to take the YES WE CAN << to the next level and get the america we know and love back ,,somehow

mason coal burner
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Post Sun. Feb. 27, 2011 5:36 pm

noway I can make it threw 2 more years of this . it just going to get worse .

mason coal burner
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Post Sun. Feb. 27, 2011 6:19 pm

this is how they are going to light europe on fire . most of their oil and natural gas comes from lybia .

homecomfort
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Post Thu. Apr. 07, 2011 7:04 pm

oil prices were higher under prez. bush. he did'nt have a magic waand.. stop blaming the president, he is not the problem.

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freetown fred
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Post Thu. Apr. 07, 2011 9:18 pm

Quit livin in the past,whoever you are & where-ever you're from----Not being part of the solution is the same as being part of the problem---you know, like the buck stops there ;) -
homecomfort wrote:oil prices were higher under prez. bush. he did'nt have a magic waand.. stop blaming the president, he is not the problem.
"A people that values it's privileges above it's principals, soon loses both"--Dwight D Eisenhower

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SMITTY
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Post Thu. Apr. 07, 2011 10:46 pm

May 15 is a date to keep in the back of your mind.

Why? Because that's Israel's Independence Day. Something is probably going to happen ..... and if it does, we will be BEGGING for $4 a gallon gas.

Nothing we can do but sit and watch ... :|
The laws that forbid the carrying of arms...disarm only those who are
neither inclined nor determined to commit crimes. ...Such laws make things worse
for the assaulted and better for the assailants, they serve rather to
encourage than to prevent homicides, for an unarmed man may be attacked with
greater confidence than an armed man."

- Thomas Jefferson, quoting 18th century criminologist Cesare Beccaria in "On
Crimes and Punishment."


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