Largest Oil Field Discovered - Ensures Lowered Energy Costs

[Spare_change]

What do you think that will do to the already collapsed coal industry? Low priced gas almost put them out of business. Low priced oil will finish them off.

Trump's probably just going to pay them with tax dollars to dig up coal and then bury it somewhere else.

Ok --- that was dumb.

 

[TheOldSchool]

What do you think that will do to the already collapsed coal industry? Low priced gas almost put them out of business. Low priced oil will finish them off.

Trump's probably just going to pay them with tax dollars to dig up coal and then bury it somewhere else.

Ok --- that was dumb.

So was voting for Trump

 

[RGR]

That "largest oil field" was already well-known. It wasn't a new discovery, just a press release about an old field. New discoveries still lag way behind usage, which means you'd have to be pretty stupid to deny peak oil theory. Unless you're an abiotic oil loon, in which case you're hopelessly addled in a different way.

And if it takes more than a barrel of energy to get a barrel out, then that oil isn't economically recoverable at any price. That's why raw numbers are kind of meaningless.

Net energy is a red herring utilized in the peak oil community after their claimed 2005 peak rapture event didn't decline as expected, and turned into more of a plateau. They then came up with EROEI (energy return on energy invested) to explain how the same amount of oil was worth less because it had less net energy in it for society.

Of course, then US and global oil production began growing, peaking both all over again, and these keystone cops of geology, engineering and economics shut down their websites and ran away. Hard not to in the face of everyone involved in the industry snickering at them as they crawled away.

And the USGS wasn't talking about fields, but a particular formation. And no one denies the axiomatic nature of in a finite world, production of a non-renewable resource must one day have a maximum. This standard strawman is employed when, as expected, these keystone peak oilers get their oil claims wrong. Again.