Oil Companies, Peak Oil Intellectually Challenged, etc.

Text of an email I just sent to George Noory:

George,
long time listener to you and Art and I find it interesting that the oil companies are pumping up oil prices all the while the CEO of Chevron is putting full page ads in Financial Times saying it took 125 years to use the first trillion barrels of oil and that we'll use the next trillion in 30 years which means there's at least a trillion left. What??? I thought we were running out of oil!!! Oil fools believe this peak oil stuff and the CEO of Chevron knows better and puts full page ads in Financial Times stating such. Please check out my claim, I can mail you the full page color add if you would like, it's pretty funny.
Best Regards,

Mod Edit: Decorum

[edit on 18/10/2005 by Mirthful Me]

First of all, Peak Oil is not about running out of oil, Peak Oil is about running out of cheap, abundant oil.

So, let see, 1 trillion = 1 x 10^12, divided by (85,000,000 barrels of oil per day x 365 days/years) = 32.2 years.

Since during those 32.2 years, the economy is likely to double in size (assuming 2% growth, => 70/2 = 35.0 years)
(assuming 3% growth, => 70/3 = 23.3 years), so you will deplete that trillion in less than 30 years, anywhere from 20 to 30 years.

But since, as I said, Peak Oil doesn't means running out of oil, you could well have in 10 years, a demand in oil that couldn't be match by the offer, therefore you have big pressure on prices.

If I remember it right, Matthew Simmons (energy banker and former energy advisor of Bush & Cheney) calculated that the price of crude could go as high as $187.00 US per barrel BEFORE slowing down the world demand (because China & India, etc. will still increase their demand, somewhat no matter what).

There might still be oil in 100 or 200 years from now, but cheap plentiful, easy light crude, could be a thing of the past, sooner than we think.

Anyway, since those advocates of Peak Oil, put it within 5 years, we will either be amazed of their wisdom or we will laugh at them forever.

...it will just become way too expensive for anyone to economically use.

Actually there is not widespread agreement on when the Peak will occur, some say it's already hit(I doubt that one) and some say in 20-30 years. All those predictions are well useless as we will only know the Peak as arrived AFTER it has happened.

On a side note George Noorey is an idiot IMO. Way to gullible.

[edit on 18-10-2005 by sardion2000]

Are you suggesting that those who lean toward Peak Oil are idiots, or are you just placing that in your title to subtly flame?

It's sad that guys like George Noory and Alex Jones dont understand Peak Oil. They're actually helping the oil companies by saying there is no such thing as Peak Oil.

As said before, Peak Oil is NOT about running out of oil, its the end of CHEAP oil. Please read this thread I opened earlier this week:

www.abovetopsecret.com...

Read the Red Nova article.

There is no problem with reserves; the world is running into more oil than it can handle or extract efficiently or otherwise.

BP: World oil and gas reserves still growing at healthy pace

How much oil and natural gas i left?

Stellar

No need to worry

There is an unlimited amount of land to drill, and an unlimited amount of oil to get out. There will always be more "easy oil" than there is demand for it.

Originally posted by Thatoneguy
No need to worry

There is an unlimited amount of land to drill, and an unlimited amount of oil to get out. There will always be more "easy oil" than there is demand for it.

If by easy oil you mean cheap oil that is not entirely accurate. What would you refer to as 'cheap' when it comes to a price tag per barrel? One to six usd; more?

Unlimited oil there might possibly be but you still need to drill holes and extracting at maximum capacity will reduce extraction potentional from current drill cost over a few years.

Please be more specific as attacking the peak oil conspiracy this way helps no one.

Thanks

Stellar

oops i should have added the sarcasm tag

[edit on 21-10-2005 by Thatoneguy]

Originally posted by Thatoneguy
oops i should have added the sarcasm tag

[edit on 21-10-2005 by Thatoneguy]

Quite so.....