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Stop Oil Speculation Now!

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posted on Jul, 22 2008 @ 04:06 PM
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reply to post by Grafilthy
 

Believe it or not, companies don't get to spend all their profit. They have to reinvest that profit into the company in order to grow. The growth will require the hiring of more workers, annual pay increases for many workers, the addition of new office buildings, more raw materials, etc. Now, they have to pay another 50% more for oil, too? Where does the money all go? You act like they get to keep this money. Do you actually understand how business works?

Out of $84.12B, they made a lousy 3.8% profit. Whoop-de-doo. We won't even get into all the taxes they'll have to pay on that money. They'll pay more taxes on that money than thousands of Americans put together. Maybe instead of being so jealous of the successful, you should thank God for that business or else your tax rate would triple to make up for all they contribute to the government, the job market and the economy.

I'm so sick and tired of class envy. It only exists with the ignorant.

[edit on 22-7-2008 by ChocoTaco369]




posted on Jul, 22 2008 @ 04:18 PM
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reply to post by Icarus Rising
 

This is only a conspiracy of monumental proportions in your own mind. This is as simple as economics gets. It's nothing more than a supply and demand issue caused by big government. You're entitled to think whatever you want - that's the beauty of the freedom this country entitles you to - but when you pass it off as fact to the ignorant, real problems start.

This is exactly how the Democrats get away with telling lies in Congress. This is why they're able to blame oil companies for having leases that don't allow them to produce oil and blame speculators, which are essentially just the messengers. The Congressional Democrats know the majority of the American public are ignorant and have no idea how the economy works, so all they do is blame is red herring in order to avoid the REAL solution - drill for more oil.

There is only one real conspiracy, here, and that's the reason why the Democrats won't drill. They are so dedicated to the global warming hoax, to start drilling would be to piss off the fringe left extremist whackos, which are the basis of the modern day Democrat party. Also, the second reason is an angry, broke, miserable and ultimately ignorant American public is more likely to vote for Democrats in the 2008 elections. Make no mistake about it, the Democrats with help from the MSM is purposely trying to crash our economy and make us more miserable so they can get into office with more empty promises, just like in 2006. The ignorant should buy into the crap and just blame the president and therefore the Republican party as usual, when it's the Republicans that are the only ones trying to fix the situation.

Pathetic, isn't it? But it's true.


[edit on 22-7-2008 by ChocoTaco369]



posted on Jul, 22 2008 @ 04:31 PM
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reply to post by ChocoTaco369
 




Believe it or not, companies don't get to spend all their profit. They have to reinvest that profit into the company in order to grow. The growth will require the hiring of more workers, annual pay increases for many workers, the addition of new office buildings, more raw materials, etc. Now, they have to pay another 50% more for oil, too? Where does the money all go? You act like they get to keep this money. Do you actually understand how business works?

Like this?


The latest rise seems to have been driven by a report from Morgan Stanley predicting that oil could reach $150 by July 4, up from the $138.05 level it traded at on Friday afternoon, a rise of $10.26, or 8.0%, from Thursday, and a two-day gain of $11.59. In mid-May crude prices spiked partly because after billionaire oilman T. Boone Pickens said he expected one barrel to cost $150 by the end of the year. (See: "Boone's Boom") Earlier that month oil rallied after the venerable Goldman Sachs predicted that crude prices could reach $200 in the next two years.

I could play this game....
Speculate....price goes up......speculate......price goes up.....and so on.

Edited to add source.


[edit on 22-7-2008 by Grafilthy]



posted on Jul, 22 2008 @ 04:45 PM
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reply to post by ChocoTaco369
 


What is pathetic is your blind allegiance and support for the global fascist elite that are running this great country right into the ground. I hope you get your thirty pieces of silver for it.



posted on Jul, 22 2008 @ 05:19 PM
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reply to post by jefwane
 


I omitted nothing, and actually if you re-read my quote, the words "the Democrats claim" are in tact in my post. I did not leave this part out its clearly in my post. And again if you would have taken the time to read everything and the links i posted, you would have seen that i provided a link to the House Committee on Natural Resources that provides all the technical specs to back the claim about oil and natural gas being available to drill on the 68 million acres.

I will say that i agree that both sides of the isle in Washington are very corrupt and both engage in political posturing in order to push their own agenda. And I agree with you that both sides are at fault for the many short-comings with regards to energy policy.


Partisan politics from either side will not solve this problem. Its something we are sorely lacking from either part--Leadership.I agree with the left that new technologies and programs (except corn based ethanol) are the long term solution and our best hope. However I agree with the right that short and medium term the best solutions are more refineries, more wells, and more area open for exploration. Sensible fuel economy standards are something the left has going short term I could get behind. It's going to take some true leadership by the party that controls the legislative branches to get anything done and they aren't showing it right now IMHO.


You are dead on with this statement. Currently there is no match for the energy released from fossil fuels. But they are in finite supply and we need to use the amazing energy release from these fuels to forge new technologies before they are gone or too expensive to be worth while. The problem is that our leaders should have been working on this problem 20 years ago. Now we are in a position where, domestic supplies of oil are not in large enough quantities to support us for any extended period of time and international supplies are very unstable and subject to severe price fluctuations.
I'm not opposed to drilling in the short term, but i just want the oil companies to use the land they have before we give them more. And we need more refineries to process this oil. But bottom line is that all the oil in the US is not going to "fix" anything, its a bandaid. We need to utilize and research new energy methods like our lives depend on it, and in some senses they do.

The US actually has a very large supply of natural gas. It burns fairly clean, its efficient and we could be producing/converting vehicles to run on it. Many people run there homes on it and we already have an infrastructure to transport and distribution would be an easy add on to any gas station.
Again, its a finite commodity but its a short term solution, that is much cleaner than gasoline.



posted on Jul, 22 2008 @ 05:45 PM
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reply to post by ChocoTaco369
 



Free markets take care of themselves. Government regulation is what hampers the ability of the free market to take care of itself.


Why wasnt the free market able to take care of the airline industry, Enron, Bear Sterns, IndyMac, Freddie Mac, Fannie Mae. Why do these companies get government bail outs. The same people that claim the free market and its invisible hand will take care of everything are the same one brokering governement bailouts for companies that should be allowed to fail. But then the claim is made that these companies are too big to fail. Why were these companies allowed to get so big that their failure would bring down the economy.
The free market is all well and good but there needs to be some regulation. That is why we are SUPPOSED to have rules limiting monopolies and other free market exploits. If you let the free market run wild then you have a situation where the corporations can run everything.

Political conflicts of interest, lobbyists, corporations treated as individuals, and deregulation of corporate responsibility when it comes to protecting the consumer, environmental protections, unnecessary tax breaks and GAAP exploits have much to do with the problems that the vast majority of the people in this country face.



posted on Jul, 22 2008 @ 06:01 PM
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Originally posted by ChocoTaco369

Originally posted by Grafilthy
I'm tired of "oil speculators".....

I want names, companies.......info on these guys.
They need to be exposed to the people for what they have been up to.

You're not going to get any names on these people. They're just your average
Joe and Jane working to feed their families. They just do their job. You already know the names of the people responsible for driving up oil prices. They are as follows:

-Nancy Pelosi
-Harry Reid
-Barbara Boxer
-Diane Feinstein
-Barack Hussein Obama

and hundreds more Congressional Democrats.


Let me get this straight:

Since 1980(28 years) there has been a republican president in office for 20 of those 28 years. And since 1980(28 years) the republicans have had control of the senate for 20 of those 28 years. And from 1992 to 2006 the republicans had control of both the house and senate.
The democrats have had control of congress(by a slim margin, unable to veto without significant republican support) for almost two years and you list all democrats as the reason that oil prices are high.

Both sides are can be corrupt I can fully admit that but all these Republicans/Independants/Whomever trying to put blame upon the Democrats for anything that is going on right now is absolutely absurd. The good and the bad right now is the result of Republicans. You cannot deny that, they have been the ones in power for almost 30 years. Yet everyone wants to blame the Democratic congress that have been in power for all of two years. And if anyone knew anything about government they would also know that it is really tough to get anything done when you have such slim margins in both houses and a Republican president who has made it clear he will veto any bill that does not do what he wants. And he knows that the Democrats cant do much in the way of veto because they would have to persuade half the Republicans to cross the isle.



posted on Jul, 22 2008 @ 06:12 PM
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Originally posted by ChocoTaco369


Give me some proof, any proof, that this drilling will lower oil prices in the foreseeable future. I have posted about it so many times I feel like a broken record. Short answer, it will not affect anything for the next 5-7 years, possibly 10. The right wing always seem to think that DRILL NOW is the answer, if they did their homework, they would know, it is not answer at all, it is a diversion.

WRONG. WRONG. WRONG.

Not even close.

Bush lifts the executive ban on drilling. Prices drop $16/barrel. Why? Because oil is controlled on a FUTURES MARKET. If we start drilling TODAY, prices will drop TOMORROW because the speculators that control the futures market will know there is more supply coming and will adjust accordingly. Prices are high now because we're not doing a damn thing about increasing supply. You, just like the OP, have no idea how the economy works. You're buying into LIES that the Democrats tell you in their speeches to attempt to sway the ignorant public into not drilling. You, sir, are part of the ignorant public as you do not understand how the futures markets work.

If we start drilling today, expect prices to fall under $100/barrel in a week or two. We have NEVER been serious about finding new oil and building more refineries in over 30 years. If we actually GET SERIOUS, prices will SERIOUSLY DROP years before a single drop of gasoline reaches our gas tanks.

[edit on 22-7-2008 by ChocoTaco369]


You are right commodities work on futures but if the speculators did their research they would realize that the amount of oil that the US has would not have a significant impact on the supply. The US just does not have a lot of oil reserves. Do the math, even if we had 100 billion barrels of oil under the ground in the US, and were able to extract all of it at once, we would only have about 12-15 years supply at current consumption. 20 million barrles a day X 365 is 7.3 billion per year divide that into 100billion and you get 13.7 years. Drilling is very, very short-term and short sighted solution. Why doesnt anyone else see this. 13 years! are you kidding me this will not fix any of our problems. And this math is on the assumption that we could get all the oil quickly and that our consumption stays at 20 million barrels as day. The reality is that the coastal areas and ANWR they want to open up, only contain around 30 billion barrels, about 4 or 5 years worth.

We have to focus on new alternative energy and conservation. All drilling does is tell your kids and grandkids that you dont want to deal with the problem of energy now so you will push it on to them.

Would all of you who are hell bent on drilling, please address the math and the realities of the situation.



posted on Jul, 22 2008 @ 06:53 PM
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Originally posted by ChocoTaco369
reply to post by Icarus Rising
 

This is only a conspiracy of monumental proportions in your own mind. This is as simple as economics gets. It's nothing more than a supply and demand issue caused by big government. You're entitled to think whatever you want - that's the beauty of the freedom this country entitles you to - but when you pass it off as fact to the ignorant, real problems start.

This is exactly how the Democrats get away with telling lies in Congress. This is why they're able to blame oil companies for having leases that don't allow them to produce oil and blame speculators, which are essentially just the messengers. The Congressional Democrats know the majority of the American public are ignorant and have no idea how the economy works, so all they do is blame is red herring in order to avoid the REAL solution - drill for more oil.

There is only one real conspiracy, here, and that's the reason why the Democrats won't drill. They are so dedicated to the global warming hoax, to start drilling would be to piss off the fringe left extremist whackos, which are the basis of the modern day Democrat party. Also, the second reason is an angry, broke, miserable and ultimately ignorant American public is more likely to vote for Democrats in the 2008 elections. Make no mistake about it, the Democrats with help from the MSM is purposely trying to crash our economy and make us more miserable so they can get into office with more empty promises, just like in 2006. The ignorant should buy into the crap and just blame the president and therefore the Republican party as usual, when it's the Republicans that are the only ones trying to fix the situation.

Pathetic, isn't it? But it's true.


[edit on 22-7-2008 by ChocoTaco369]


So if its all the democrats fault for not drilling, where has the Republican govt been for the last 8 years? You keep blaming the democratic congress that has been in power for 2 years. Why didnt the Republicans fix this problem when they had control of congress and a Republican president?



posted on Jul, 22 2008 @ 07:53 PM
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Good thread, I'd have to agree with ChocoTaco on most of his/her points.

Something else I would like to point out. For all of you who blame investors/speculators/traders you need to realize one thing.

If you have 401k or it's equivelant through your place of work, if you have a pension fund, if you invest in a mutual fund, a money market account or to a lessor degree even a savings account, OR if you buy life insurance or any other insurance for that matter, you might want to go check what those actually invest in.......because then you will find that you need to point the finger at yourself, because you are a speculator.



posted on Jul, 22 2008 @ 10:18 PM
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reply to post by observer
 


Forget the Anwar oil fields, although there is absolutely no reason for the US not drill there. Let us drill in the Bakken Oil Fields. If we open up those fields.......just the fact that we are digging there would put a price crimp on oil. Possible up to 4 times the amount of oil there than in Suadi Arabia. Eventually we will get to that oil. One theory I have talked about with my friends is the US Government is a believer in PEAK OIL (total crock of $hit). They are going to let the rest of the world run out of their oil and then drill in Anwar and Bakken. By that time, we might just be actually making advances in SOlar and Wind that they will be efficient enough to supplant Oil. I say...DIG DIG DIG....drill drill drill. Use this oil as a crutch to get through the period until the day comes that solar and wind are worth it. For now they are inefficient forms of energy and very expensive to harness and produce. By the way...wind is more efficient than solar!



posted on Jul, 23 2008 @ 10:30 AM
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Originally posted by ChocoTaco369
In fact, they are letting our supply and refining capabilities DECREASE in an attempt to make the public miserable with high prices.



We aren't in short supply of oil.

No oil shortage in markets: OPEC chief


OPEC President Chakib Khelil reiterated on Tuesday that there was no shortage of oil available on markets and the recent record prices of petroleum were due to other factors.

"Our view from a producers' point of view ... is that as far as fundamentals are concerned I think we have equilibrium between supply and demand," Khelil said. "In fact right now we have more supply than demand."

Factors behind the surge in oil prices included the slump in the value of the US dollar in the wake of the subprime crisis and an influx of funds seeking new areas for investment, he said after a meeting with European Union officials.



A couple more articles?

There Is No Gas Shortage
Is There an Oil Shortage?
OPEC head says no shortage in oil market
UPDATE 1-OPEC sees no oil shortage, would pump more if needed

The refineries in the US aren't even running at 100% capacity.

Refiners cut output as demand slows


The data also showed U. S. refineries were running at 89.2% of capacity, 1 percentage point below last year's rates, which were already severely curbed by a rash of unplanned equipment malfunctions.

The soft demand for record-priced gasoline has led French refiner Total SA to shut a production unit and slow output from others at its oil refinery in Port Arthur, Texas, fuel market sources said this week.

Other sources said San Antonio-based Valero Energy Corp., the largest U. S. oil refiner, was also curbing production from its refinery in Aruba.



Oil Refiners See Profits Sink as Consumption Falls


In response to falling gasoline demand and rising costs, refiners have cut their production rates. Refining utilization rates, for example, slumped to a low of 81.4 percent in the second week of April, compared with 90.4 percent at the same time last year. Earlier this month, refineries were running at 85 percent of their capacity.



It is not supply and demand driving the prices up, and it's not due to the refineries not being able to keep up with the demand.

I'm starting to believe that Phil Gramm just might be a member here at ATS!

[edit on 7/23/2008 by Keyhole]



posted on Jul, 23 2008 @ 11:11 AM
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Originally posted by Rook1545
Give me some proof, any proof, that this drilling will lower oil prices in the foreseeable future. I have posted about it so many times I feel like a broken record.


Where did you post about this so much that you feel like a broken record? Why have i not seen any related posts of yours and why do you think a ever growing supply might not in fact help to make speculation against oil far less profitable for fund managers?


Short answer, it will not affect anything for the next 5-7 years, possibly 10.


If that is the only place in the world we anyone drills then world oil production would decline any ways and supply will far more restricted than now; the whole point about constant drilling is to constantly bring new fields on line so that we can avoid supply disruptions.


The right wing always seem to think that DRILL NOW is the answer, if they did their homework, they would know, it is not answer at all, it is a diversion.


I believe that all wings of the republicrats understands that drilling now is never the answer if you want to restrict oil supplies leading to massive price increases due to speculation against possible future scarcity. If the right wing were truly interested in drilling they would get the licenses asap ( or drill without them) and flood the market with enough cheap oil to satisfy consumers. Since that was never their intent this is just another resource grab under the auspices of alleviating supply restrictions that they created on purpose.

Stellar



posted on Jul, 23 2008 @ 02:35 PM
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It is not really oil speculation.

Worldwide imports have been in decline for sometime,
but demand is still rising.

Oil World wide peaked in 2005 and one of the biggest oil
and gas men in the business admits it and is backing Windpower.

He mentions 2005 as the peak.

www.pickensplan.com...

The Dept of Energy on their website shows that 2005 was the year
of our largest imports and it has declined by 100 million barrels by 2007.

tonto.eia.doe.gov...

This is not due to lack of demand, but lack of supply.

If you want further proof watch "Crude Awakening" on
Google Video. 90% of ppl have no idea what is coming,
and Marion King Hubbert predicted it decades ago.

The US peaked at 10 million barrels a day in the early 70's
and has fallen to half that in present times.

Azerbaijan has peaked, as has several other countries
around the world.

He was dead on for predicting the peak for the US due
to seismograph information of the oil fields.

en.wikipedia.org...



posted on Jul, 23 2008 @ 04:57 PM
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reply to post by Ex_MislTech
 


There's still PLENTY of oil out there that hasn't even been tapped into or discovered yet!

Outer Continental Shelf Oil and Gas Assessment 2006 (66.6 to 115.3 billion barrels of oil in U.S.)
AMERICA'S UNTAPPED OIL SUPPLY


The U.S. Minerals Management Service (a branch of the Interior Department) estimates 102 billion barrels of oil and 635 trillion cubic feet of gas beneath federal lands and coastal waters. By way of comparison, the reserves lying beneath the North Sea, a major source of oil for Europe, are believed to contain a total of 18 billion barrels of oil.

Geologists estimate that another 300 trillion cubic feet of gas and 50 billion barrels of oil are waiting, yet to be discovered, off the "Lower 48" states. The American Petroleum Institute (API) notes that this is enough oil to replace current imports from the Persian Gulf for 59 years.

Overall, experts estimate that the undiscovered resources on the federal Outer Continental Shelf that could be recovered with today's technology are some 420 trillion cubic feet of gas and 77 billion barrels of oil - as much oil as Canada and Mexico combined, and almost three times their gas resources. (Generally, the OCS begins three to nine nautical miles from shore, depending on the state, and extends 200 nautical miles outward.)



The U.S. Is Poised to Hit a New Oil Gusher


A new black gold rush is under way, this time in North Dakota. The potential payoff is huge -- up to 100 billion barrels of oil. That’s twice the size of Alaska’s reserves and potentially enough to meet all U.S. oil needs for two decades.



And on "Peak Oil"

The 'Peak Oil' Theory: Will Oil Reserves Run Dry?


I don't believe "Peak Oil" is causing the rise in oil prices.

[edit on 7/23/2008 by Keyhole]



posted on Jul, 23 2008 @ 05:29 PM
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reply to post by Keyhole
 


Keyhole, your falling for the propaganda.

I know you think I am as well, but ...

Simply look at output at all the nations, it is not hard.

It is simple friggin math.

It has been falling since the 70's in the heavily produced areas.

Mc Camey Texas is totally dry, as are other wells across the US.

It is happening all over the World.

They cover the details in Crude Awakening, if you take the time
to watch it BEFORE responding to my post you will see why my
information is correct.

These are professionals on all sides of the energy field,
not idle hands at a keyboard on ATS.

I repeat, the US peaked in the early 1970's, that is fact and
is documented as such.

The US now pumps half what it did at that time, and it is
only going to get worse in all countries around the world.

There is new oil there to be discovered, but at the current rate
of use they cannot discover it and produce it fast enough to
keep up with depletion and rising demand.

I think that is the "key" point you are missing Keyhole.

Russia claimed the massive Arctic oil pool, and we are now
developing the Bakken with horizontal drilling, but it cannot
keep up with the drop in output of the older wells.



posted on Jul, 23 2008 @ 05:40 PM
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reply to post by Keyhole
 


Also the New York Post is owned by Rupert Murdoch, aka Faux News fame.

en.wikipedia.org...

I will take M.K. Hubbert's word on it, and the numerous professionals
in the Documentary Crude Awakening over that spin doctor Murdoch.



posted on Jul, 24 2008 @ 04:03 PM
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Originally posted by Ex_MislTech
It is not really oil speculation.

Worldwide imports have been in decline for sometime,
but demand is still rising.


Supply still exceeds demand and has for a few decades now.


Oil World wide peaked in 2005 and one of the biggest oil
and gas men in the business admits it and is backing Windpower.

He mentions 2005 as the peak.

www.pickensplan.com...


Sure, and the sky is falling too. Oil can not have peaked as there is more oil on the market EVEN AT 150 USD per barrel. If stockpiles can still be built at such high prices it in my opinion means that there is still a great deal of the stuff around.


The Dept of Energy on their website shows that 2005 was the year
of our largest imports and it has declined by 100 million barrels by 2007.

tonto.eia.doe.gov...


What does that have to do with anything? Since when is US demand a barometer of world supply?


This is not due to lack of demand, but lack of supply.


Strategic supplies are full and most countries and private firms have larger inventories of oil than at any time in the last ten years.


If you want further proof watch "Crude Awakening" on
Google Video. 90% of ppl have no idea what is coming,
and Marion King Hubbert predicted it decades ago.


While you may feel informed after having watch a hour doccy i have spent a few hundred hours reading books and source material/discussions for and against peak oil. Hubbert predicted a peak for the US and to take his predicts or his method to mean that world supply will peak at this or that date makes a mockery of not only science but what little accuracy there was in his predictions. All that aside doesn't it pay for the oil companies to have their shills go behind the scenes to cry peak oil while they can deny it while making vast profits off the speculation against oil prices? Who do you think Hubbert worked for? Was he possibly a geophysicist who worked at Shell?


The US peaked at 10 million barrels a day in the early 70's
and has fallen to half that in present times.


Production sure did but aren't we talking about oil in the ground here? At current prices i can assure you that the US could easily once again produce 10 million barrels a day but since that will destroy the price regime at that height it's never going to happen. The problem with all commodities is that without perceived scarcity prices tumble.


Azerbaijan has peaked, as has several other countries
around the world.


Allegedly. Do not confuse production peaks with actual oil availability peaks.


He was dead on for predicting the peak for the US due
to seismograph information of the oil fields.

en.wikipedia.org...


The US still have large untapped reserves which could most certainly have resulted in the US still producing 10 million barrels to this day. In fact it takes the invasion and destruction of oil producing countries such as Iraq ( cheapest oil in the world) to allow oil barons and some governments to keep printing dollars so as to create the illusion of prosperity. Oil will eventually slump back to the 20-30 dollar range and then you peak freaks will be silent as mice.

Where were the peak freaks when oil prices fell to 8 USD back in 1998? Did the Aliens drop off some oil, what?

So predictable and so cowardly.

Stellar



posted on Jul, 24 2008 @ 04:52 PM
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Originally posted by Ex_MislTech


Keyhole, your falling for the propaganda.


If you look at the definition of propaganda you will find that it is not a negative and simply the spread of a certain set of information. 'Falling' for propaganda is thus a meaningless accusation.


I know you think I am as well, but ...





Simply look at output at all the nations, it is not hard.

It is simple friggin math.


The output of Russia is still increasing last i checked and many nations have the capacity to produce more than they ever have before. This is a frequent route of 'attack' but as always someone has yet to explain to me why peak production necessarily means peak oil in the ground? Where is the evidence that more can not be produced and where is the evidence that producing much more wont have serious implications for many corporations and countries? What do you think happened in 1998 ( oil price slumped to 8 dollars) and is oil 14 time as scarce now despite the fact that oil production has more than kept up with demand despite wars, strikes and terrorist attacks?


It has been falling since the 70's in the heavily produced areas.


As it logically should but so what? Do you know how much of the world hasn't been explored yet and just how much remains in heavily explored areas?


U.S. crude oil production, which declined following the oil price collapse of late 1985/early 1986, leveled off in the mid-1990s, and began falling again following the sharp decline in oil prices of late 1997/early 1998. During 2004, the United States produced around 7.6 million barrels per day (bbl/d) of oil, of which 5.4 million bbl/d was crude oil, 1.8 million bbl/d was natural gas liquids and 0.4 million bbl/d was other liquids. This compares to the 10.6 million bbl/d averaged during 1985. U.S. crude oil production, which averaged 5.4 million bbl/d during the first eight months of 2005, is now at 50-year lows.

www.energybulletin.net...



At 2003 consumption levels [2], the remaining reserves represent 44.6 years of oil and 66.2 years of natural gas. Does this mean that the world will be out of fossil fuels in 50 years or so? That theory has been around since the 1970s. In fact, the figures for years of remaining reserves have remained relative constant over the past few decades as the industry has replaced consumption with newly discovered oil and gas deposits and has developed technologies to increase the amount of oil and gas that can be recovered from existing reservoirs.

No one can know for certain how much oil and gas remains to be discovered. But geologists sometimes make educated guesses. For example, the U.S. Geological Survey (USGS) conducts periodic assessments of U.S. mineral resources. In its most recent assessment (1995), the USGS estimated that the onshore U.S., including Alaska, has undiscovered, technically recoverable resources of 112.3 billion barrels of oil and 1,074 trillion cubic feet of natural gas. In a separate assessment of offshore resources completed in 2000, the U.S. Minerals Management Service (MMS) estimated that 75 billion barrels of oil and 362 trillion cubic feet of natural gas underlie the areas off the coasts of the U.S. The USGS and MMS resource assessments make clear that, despite being a very mature producing area, substantial resources still exist in the U.S.

World oil resources to 2025 may be more than two times current reserves, based on an estimate from the U.S. Energy Information Administration (EIA) using USGS data. Reserve growth of 730 billion barrels accounts for new discoveries and the expansion of what can be recovered from known reservoirs due to advances in technology and improvements in economics. But EIA estimates that in 2025, countries around the globe will still have more than 900 billion barrels of oil remaining to be discovered. EIA estimates total world oil resources at more than 2.9 trillion barrels of oil.

How much oil and natural gas i left?



Mc Camey Texas is totally dry, as are other wells across the US.

It is happening all over the World.


No it is not.



Eni’s review shows 1.9 percent growth in world oil reserves last year, while natural gas reserves hold steady; Russia leads in gas reserves; Qatar world’ s leading LNG exporter

www.petroleumnews.com...


World oil reserves are still growing and we now have more known reserves ( almost twice as much) as we did in the 80's during the price slump which always results in people NOT DRILLING or exploring.


They cover the details in Crude Awakening, if you take the time
to watch it BEFORE responding to my post you will see why my
information is correct.


Please stop with the videos...


These are professionals on all sides of the energy field,
not idle hands at a keyboard on ATS.


There are far more professionals who say there is no problem with supply than there are who makes a fast buck of fears of shortages with the most widely known being financial speculators of all things! Funny that he should be believed when his making vast profits by spreading lies about global supply shortages while global inventories are rising and known reserves fast expanding.


I repeat, the US peaked in the early 1970's, that is fact and
is documented as such.


But so what? What does that have to do with how much oil there is in the ground? Would you try to get that oil out if it would mean that everything you sell still losses you money? Do you have any idea how expensive many American oil fields are as compared to the middle eastern and that the cheapest oil in the world are to be found in Iraq? What do you think would have happened to world oil prices if Iraq had produced at 4 million barrels of oil a day constantly for the last two decades?


The US now pumps half what it did at that time, and it is
only going to get worse in all countries around the world.


It's only going to get less because so many other countries are starting to pump oil thus creating supply for little added demand.


There is new oil there to be discovered, but at the current rate
of use they cannot discover it and produce it fast enough to
keep up with depletion and rising demand.


Despite the fact that the world consumed roughly 0.08 billion barrels a day ( 29.2 billion barrels for the year) the world 'proven reserves' have increased since the end of 2005 ( 1100 billion- 1200 billion) to the end of 2006 ( 1300 billion) with anywhere between four to eight years of current world consumption. How that can be presumed to 'prove' that the world is running out of oil i have no idea and if new discoveries are not being made fast enough , at least according to you, it's not because there isn't plenty of space left to look but because they are finding the damn stuff in such volumes that looking any faster would ensure that you just have to do more manipulation to make a profit.


I think that is the "key" point you are missing Keyhole.


I think you are missing more than just a few key points.


Russia claimed the massive Arctic oil pool, and we are now
developing the Bakken with horizontal drilling, but it cannot
keep up with the drop in output of the older wells.


Says you but why should i listen to your opinion? Where is the evidence that the lying oil companies are lying about global reserves? Isn't that the type of conspiracy we drool about proving? Hell it would be a great one to believe but since the data , to say nothing of all the barrels of oil everywhere, just doesn't support it we should just attack the oil companies for making such fast profits when there are supposedly so little oil left.

You would after all imagine that as oil declines in availability costs rises and profits shrink, right? Why are oil companies having the times of their lives? Want to take a wild guess?

Stellar



posted on Jul, 25 2008 @ 07:07 PM
link   
reply to post by johnsky

You see, it's not really the people you want to blame, it's the system by which they use to trade.
They need to make a profit, they aren't going to purposely depreciate the value of their investment just because you want them to.

Essentially, you can't stop investors from being investors, otherwise, the whole economy stops.


You are correct that it is the system, but incorrect that the system is working correctly. An economic bubble occurs when speculation becomes so great that it effectively throws the market into a supply/demand issue of speculation, rather than of the product being speculated. It's one of the failings of capitalism, and while a bubble will correct itself without regulation (as the housing market is doing now), there is a special consideration with energy. Energy prices are omnipresent in the economy.

Whereas the housing market bubble (the so-called housing 'boom') made homes more expensive, an energy bubble makes everything more expensive. There is not a single aspect of the economy that does not depend on oil for its very existence. Food relies on farming, which uses fuel to power the equipment. Construction uses asphalt (made form heavy elements of crude), energy for equipment to harvest lumber, oil for the plastics used in trim and accessories, and energy in general to power construction tools and equipment, as well as manufacturing processes. Everything made of plastic is made from oil. The automotive industry uses fuel to run their plants as well, but they are also dependent on a plentiful supply of affordable fuel to make their products viable to the public. Even public service requires energy, fuel to run the school buses or the public transportation and to supply heat and light. In addition, everyone needs heat during colder months and cooling during warmer weather, and every single product has to be shipped, almost all by truck at some point (I bet there's no rail depot behind your local Wal-Mart).

So any bubble in oil becomes a bubble in the general economy, reflected by sudden and drastic inflation and a lack of monetary means to purchase non-essentials for many families. This last problem causes layoffs and exasperates the problem. If allowed to run unchecked for too long, this becomes an economic depression, with almost everyone out of a job, and prices so high no one can afford the things once considered to be necessities.

This is exactly what happened in 1929, with the exception that instead of energy, it was the one other area that affects every aspect of our economy: the stock market. That particular bubble swelled to the maximum and then collapsed on its own, taking our economy with it.

I agree that we cannot 'stop' speculation. To try to do so would be to cripple the financial section of the industry. But to simply stop paper-only investing, where the 'purchaser' never even sees the commodity being purchased and deals only in paper fiat, that would be a prudent move. A simple requirement that anyone purchasing an energy future must be able to take possession of that purchase.

TheRedneck




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