Oil Panic Over Folks !

Phew !

Panic over folks, according to the latest joint conference with the Saudi and US governments and Oil companies there is:

1. Absolutely no decline in oil reserves.
2. Absolutely no decline in oil production.
3. Near infinite oil reserves in Saudi Arabia.
4. Near infinite spare production capacity in Saudi Arabia.
5. 3 times as much oil left to be discovered as we have used.
6. No problems for at least 50 years probably 100 years.
7. No security problems or risk from the terrorist threat.

They point out that pesimism causes panic in the financial markets which damages the US economy.

They remain highly optmistic. I'm sure glad all those independant energy experts are wrong.



Video

Conference

[Edited on 2-5-2004 by TenPin]

Originally posted by TenPin
Phew !

Panic over folks
6. No problems for at least 50 years probably 100 years.

Well, this is definitely a good thing for all the oil companies and ruling elite to profit much more in the future. It is a good thing in one sense, as pertaining to the Illuminati controlled dollar and our slavery to it.

On the other hand, I'd say that it is an illusion that there will be no problems. Another 50 - 100 years! Which means much more years of Earth pollution and global warming and the disease that it causes to humanity.

The panic will not be over. People will begin to soon realize that it's only begun.

But the fact of $2.00 per gallon, doesnt have me convinced !

Heh, if you have 5 minutes to spare, watch the video. Its of someone reviewing the conference.

I also think it is an illusion. Who do you think controls the mass media?

Of course, those in power.

Anyways.... even if it is true, that still doesn't disprove of a massive revolution, a fight for human rights and freedom, as well as continued existance on the planet earth.

Originally posted by TenPin
Heh, if you have 5 minutes to spare, watch the video. Its of someone reviewing the conference.

Thanks for posting that video.
I saw an article on it the other day that said their proven reserves had tripled from 261 billion barrels to 1.2 trillion barrels.
I thought that was bunk when I read it. Oil companies are not that bad at estimating reserves.
They can't be that far off on their initial estimates.

If the oil companies or oil traders thought it was true, the price of crude oil should have dropped drastically but it's still above $37 right now.

www.menafn.com...

Originally posted by The Quiet Storm
I also think it is an illusion. Who do you think controls the mass media?

Of course, those in power.

Anyways.... even if it is true, that still doesn't disprove of a massive revolution, a fight for human rights and freedom, as well as continued existance on the planet earth.

If you watch the video it presents a very different picture My post was subtle sarcasm.

Well, I hope you're right. I guess we'll find out soon enough. If the price of Gas stays the same, then it's B.S. If on the other hand, it goes back to normal, then you're right.

TenPin:
This is a great find!
im watching the whole video and it is quite disturbing. Especially considering that its Matt Simmons, who is george bush's national energy advisor, is giving it.
wow.

ive been thinking something like this was happening
check out this link if you get a chance we had alot of good discussions about the oil topic:
www.abovetopsecret.com...

It was truamatic to watch gasoline go from $0.50 a gallon to over a dollar, predictions of disaster were made - none came to pass except for a lot of people made a lot of money. Putting it into perspective gasoline in 1980 cost $2.80 a gallon corrected for inflation and dollar value. Pull your panties back up and get real, we need stabililty in the political arena for continued economic stability. Profiteering is not as easy to do without all the terrorists running around.

Originally posted by TheRepublic
TenPin:
This is a great find!
im watching the whole video and it is quite disturbing. Especially considering that its Matt Simmons, who is george bush's national energy advisor, is giving it.
wow.

ive been thinking something like this was happening
check out this link if you get a chance we had alot of good discussions about the oil topic:
www.abovetopsecret.com...

Yeah I hardly dare believe what Matt Simmons is saying about the Saudi oil fields. Mainly because Chinese demand for oil is growing by 500 million barrels per year. India is probably at least half that.

I don't want China to fight the USA for oil because I plan on living in the USA from september onwards :O

[Edited on 2-5-2004 by TenPin]

I really have to call that into question now.
Look at the charts for Crude Oil today:

gcitrading.com...

The announcement of employees being pulled out of Saudi Arabia probably had a lot to do with the rise but the reserves announcement should have countered that if people believed it.

[Edited on 3-5-2004 by AceOfBase]

50 - 100 years really isn't that long. Better to start switching to an alternative now before it's too late and we run out completely. Either that or get cars to run more efficiently. From what i've heard, oil and gas companies don't like it when cars use up less gas or oil. Since they just want to make as much money as they can off you, but at least it would extend our reliance on them i'd think.

I wonder if Iran is behind the attacks in Saudi Arabia?
A few days ago, a number of OPEC countries wanted to raise the target price of Oil from $22 to $28 a barrel up to a new price band of $32 to $34 a barrel.

Iran, Venezuela and Nigeria wanted the price increase but Saudi Arabia said they remained committed at $25 a barrel.

By sabotaging Saudi Arabia, those countries get the high prices they want and also show Saudi Arabia what might happen if they don't go along with it.

Higher Oil prices wanted

Nymex Crude $38.86
IPE Crude $35.93
Dated Brent $36.49
WTI Cushing $38.98

The high and rising oil price seems to have sparked some media interest:

BBC Radio4, Thursday 6th May, 20:30

In Business: Running Towards Empty

The world is still powered by oil, and even though discoveries peaked decades ago, nobody knows how much is left buried in the earth. Peter Day asks some basic questions about the supply and demand of the energy that makes the world work.

Should go some way towards making it more widely known the dillema we are facing. No doubt the program won't detail the severity of the problems though.

www.bbc.co.uk...

You can say what you want but I paid more for gas today than I ever have 85.9/ltr. That equates to $3.60/gal cdn. Or approx $2.60/gal. Amer. That doesn't seem like a lot to our overseas friends but here, that's a # load. Christ we're an oil producing nation. I feel like +

The money is going somewhere, what are we paying for?

[Edited on 5-5-2004 by intrepid]

Panic over folks, according to the latest joint conference with the Saudi and US governments and Oil companies there is:

1. Absolutely no decline in oil reserves.
2. Absolutely no decline in oil production.
3. Near infinite oil reserves in Saudi Arabia.
4. Near infinite spare production capacity in Saudi Arabia.
5. 3 times as much oil left to be discovered as we have used.
6. No problems for at least 50 years probably 100 years.
7. No security problems or risk from the terrorist threat.

1. Of course theres a decline, we're using the oil! I'm not 100% sure about the Middle East, but the North Sea only has enough oil for another 20years or so. Within the next couple of years they will have to scale back how much they tap. As for the Middle East, a publication by the BBC suggested that there was 50 years maximum - which was why the US was tapping into its reserve.

2. OPEL, the main middle eastern contractor cut production big time a few weeks ago.

3. Impossible

4. Thats true - but only dependant on how many drills they build. But the faster they tap, the sooner the well dries.

5. Yes, but not all of it can be used. If the chamber where the oil is stored is completely dried, then the ground collapses (or something along those lines).

6. 50 Years, maximum

7. Of course there will be. If 3 planes can crash on 911, surely someone can get into an oil field!

My dad works in the oil field industry along coastal Louisiana. He said something that alarmed me.

Most the time, when Oil prices go up or even when there's a war/occupation going on, there's a boom in the oil field-related businesses around this area. We had a recession back here, in the 80's because of a price drop. It's a VERY RESPONSIVE MARKET.

He said, mildly, in passing, after listening, to the last gas price hike--getting $2 in some areas... "I wonder why business isn't booming here..."

Originally posted by jlc163
My dad works in the oil field industry along coastal Louisiana. He said something that alarming

He said, mildly, in passing, after listening, to the last gas price hike--getting $2 in some areas... "I wonder why business isn't booming here..."

I am retired from the drilling industry. Morgan City, Beaumont, Galveston, Corpus Christi, Salt Domes in La. for reserves. East Texas West Texas California Alaska Egypt etc.....

Your Dad is absolutely correct, at nearly 40 dollars a barrell everything should be balls to the wall. Why isn't it? Simple, because of the cost to extract oil from deep water and below 30,000 feet is cost prohibative. Ounce oil hits 60 or 80 dollars a barrel, you will see a large increase in technology, equipment, and activity. The big question is can economies surrvive that cost?
Last job I was on in Alaska's Cook Inlet we were sitting on 50 million barrells of recoverable oil, however, it was economically unfeasable to produce. So there it lies.
Any questions?

TUT

Originally posted by TenPin
Phew !

1. Absolutely no decline in oil reserves.
3. Near infinite oil reserves in Saudi Arabia.
4. Near infinite spare production capacity in Saudi Arabia.

Your sarcasm was obvious to me...lol.

1. Anatomically impossible.
3. They wish.
4. They're still wishing.