No oil,,, what will you do?

[Martin35]

It was recently reported that Saudi Arabia has 40% less oil reserves than was previously estimated and reported, the region has been explored extensively for many years and new oil reservoir's are not likely, more wells into the same reservoir's will not help the world supply.
Saudi has since the inception of OPEC been the swing supplier for all the worlds oil shortfall.
The Saudis like all other oil producers spend a large amount on developing new technology to maximize existing production, they hire some of the beast minds in the business from around the world.
Modern society was developed with a oil dependency,,, most all modern advancements would not have been possible without a generous energy supply.
Every world government that with a oil energy dependence has differing model priorities for future energy,,, some have none, what is their future?
Whats our planned model,,, nuclear?,,,, coal?,,,,it appears we are totally dependant on wind at this juncture in time,,, wind and flatulence from politicians.
If your butt is turning blue with icicles on it pray for global warming,,, devine intervention has been suggested.

 

[uscitizen]

Why we will do without obviously.

 

[Martin35]

Why we will do without obviously.

Exactly, why worry? Leave all intelligent thought to those who are in power.

 

[uscitizen]

The numerical majority of us will survive.

Intelligent thought by those in power? What are you smoking? must be good stuff.

 

[The Joe]

How will Barney Frank get the petro needed to make his lube?


Don't worry, he'll figure out something real fast. Let's just say some things work better then spit.

 

[Dont Taz Me Bro]

We have oil we can drill for in this country if some common sense would prevail among our elected officials.

 

[uscitizen]

We have maybe 10% of our oil needs in this country.

 

[Mr. H.]

We have maybe 10% of our oil needs in this country.

Much of it on federal lands and in waters/territories that are off-llimits to exploration.

 

[uscitizen]

We have maybe 10% of our oil needs in this country.

Much of it on federal lands and in waters/territories that are off-llimits to exploration.

Ohh rest assured it will not be off limits once we really need it.

but in any case it is just a drop in the bucket to what we consume.
This drill baby drill rhetoric is just empty partisan hype.

 

[Zander]

No Oil? That's great! I prefer butter anyway.

 

[Mr. H.]

We have maybe 10% of our oil needs in this country.

Much of it on federal lands and in waters/territories that are off-llimits to exploration.

Ohh rest assured it will not be off limits once we really need it.

but in any case it is just a drop in the bucket to what we consume.
This drill baby drill rhetoric is just empty partisan hype.

Here's a neat story:

Eni produces first oil offshore Alaska

220 million barrels of estimated reserves, it's expected to produce for 30 years.

30 years.

There will always be partisan politics, but U.S. petroleum isn't hype. What we got is what we got- it's the short sighted business be damned liberals that will forever keep it out of our own economy.

 

[Martin35]

"A good crisis should not go to waste." ,,, that is a political paradigm, a pattern for imposing power.
My family derived a good living during the 20th Century from exploring and finding oil for oil companies around the world, most fields my father and grandfather worked are now depleted as are some i worked.
A common sense examination of oil exploration as done by Geophysicist M K Hubbert during the 1950's has oil being found with less probability as our usage increases with the predictable eventual trickle being confiscated by governments for their own power regimes longevity.
Hubbert's curve has proven to be accurate so far and has the worlds reserves being half of what we have today by 2050, his predictions made no allowance for emerging nations like China and India,,, both nations have a accelerated and ever increasing rate of usage surpassing ours.
I doubt we have seen the last of the oil wars where nations will seek to protect their consumption.
In my opinion "peace in our time" is just a myth,,, putting my Chevy CK1500 up on blocks is a going to make me peevish,,, and peevish people are always creating a crisis.

 

[Douger]

LOL. Same thing I do now. Make my own.............(diesel)

 

[uscitizen]

Much of it on federal lands and in waters/territories that are off-llimits to exploration.

Ohh rest assured it will not be off limits once we really need it.

but in any case it is just a drop in the bucket to what we consume.
This drill baby drill rhetoric is just empty partisan hype.

Here's a neat story:

Eni produces first oil offshore Alaska

220 million barrels of estimated reserves, it's expected to produce for 30 years.

30 years.

There will always be partisan politics, but U.S. petroleum isn't hype. What we got is what we got- it's the short sighted business be damned liberals that will forever keep it out of our own economy.

220 million divided by 30 =7.3 million per year divide by 365 = 200 thousand barels per day.

We pump it up now and it goes into the global economy. We own Exxon? BP? conoco Phillips? We do not sell any domestic oil to other countries?

 

[uscitizen]

LOL. Same thing I do now. Make my own.............(diesel)

yeah well unlike you I do not have enough hair left to produce that much oil.

 

[Dont Taz Me Bro]

We have maybe 10% of our oil needs in this country.

And that's a reason to not extract it?

 

[uscitizen]

We have maybe 10% of our oil needs in this country.

And that's a reason to not extract it?

Save it for later when it is $200/bbl and hard to get.
Use everyone elses first.

We should look at it as a strategic reserve for the future, our children.

 

[Mr. H.]

We have maybe 10% of our oil needs in this country.

And that's a reason to not extract it?

Save it for later when it is $200/bbl and hard to get.
Use everyone elses first.

We should look at it as a strategic reserve for the future, our children.

It takes time to raise capital, and often years to design and implement an exploration and drilling program. Add to that the the court battles imposed by environmental groups, the EPA, DNR, DOI, intrusion by out-of-their-league and in contempt-of-court Presidents.... etc etc.

Drill here. Drill now. Pay less.

 

[uscitizen]

Drill later it will be worth lots more money.
Kinda like building for retirement.
That oil will only get more valuable sitting in the ground.

 

[Mr. H.]

Drill later it will be worth lots more money.
Kinda like building for retirement.
That oil will only get more valuable sitting in the ground.

Those who belive this, and who are inclined to do so, would do well to purchase futures contracts. The nearest $100 contract is June, 2012.

In six months, that contract could be worth $30. Who's willing to take the risk that it will eventually be worth $200?

Apparently, not many.