Oil/Gas Question

[Old Rocks]

Peak oil is a fact, and right now. The disruption of what we considered our normal weather patterns has begun, with the expected affects on agriculture. And the political disruptions attendent to both these developments are going on right now.

We are going to live in some interesting times from here on.

 

[KissMy]

Bush lifts executive ban on offshore oil drilling on July 14, 2008 That very day oil prices reversed its climb to its new all time high & began its decline to $33 until Obama took office promising drilling restrictions. Check the crude oil price chart below!

 

[Foxfyre]

Production may have peaked awhile back due to more and more oil reserves being placed off limits and increased regulation and restrictions making it ever more costly to go after.

That is not the same thing as available oil peaking however.

There is plenty of oil still available to harvest--almost certainly enough to meet our needs until we routinely and naturally find something better to replace it as has always been the case with the evolvement of humankind.

 

[Care4all]

Bush lifts executive ban on offshore oil drilling on July 14, 2008 That very day oil prices reversed its climb & began its decline to $33 until Obama took office promising drilling restrictions. Check the crude oil price chart below!

how do you know prices didn't fall because Americans pulled back and used less oil?

how do you know this wasn't due to the housing boom crash?

how do you know this is not from the bank failures taking place during this period?

I think, those things above would certainly have to be looked in to, before you can come to this conclusion of yours, Kissmy.....don't you?

 

[KissMy]

World oil supply rose 0.5 mb/d in January, to 88.5 mb/d, on higher OPEC crude output.

 

[KissMy]

Bush lifts executive ban on offshore oil drilling on July 14, 2008 That very day oil prices reversed its climb & began its decline to $33 until Obama took office promising drilling restrictions. Check the crude oil price chart below!

how do you know prices didn't fall because Americans pulled back and used less oil?

how do you know this wasn't due to the housing boom crash?

how do you know this is not from the bank failures taking place during this period?

I think, those things above would certainly have to be looked in to, before you can come to this conclusion of yours, Kissmy.....don't you?

I know what caused the price moves because I have been watching, studying & investing in crude oil, ethanol & alt energy for 10 years now. I have been investing in agricultural commodities for 25 years. I know what is moving the market prices. Everything else is just smoke & mirrors. The Lehman collapse was on September 15th 2008, Oil dropped July 14th 2008. These big banks were heavily invested in crude oil. They own more crude oil than the oil companies do. The sharp drop in oil price hit the banks hard & likely triggered their collapse.

 

[Care4all]

Bush lifts executive ban on offshore oil drilling on July 14, 2008 That very day oil prices reversed its climb & began its decline to $33 until Obama took office promising drilling restrictions. Check the crude oil price chart below!

how do you know prices didn't fall because Americans pulled back and used less oil?

how do you know this wasn't due to the housing boom crash?

how do you know this is not from the bank failures taking place during this period?

I think, those things above would certainly have to be looked in to, before you can come to this conclusion of yours, Kissmy.....don't you?

I know what caused the price moves because I have been watching, studying & investing in crude oil, ethanol & alt energy for 10 years now. I have been investing in agricultural commodities for 25 years. I know what is moving the market prices. Everything else is just smoke & mirrors. The Lehman ceollapse was on September 15th 2008, Oil dropped July 14th 2008. These big banks were heavily invested in crude oil. They own more crude oil than the oil companies do. The sharp drop in oil price hit the banks hard & likely triggered their collapse.

Well, you may just KNOW IT from your experience, but your chart does not necessarily prove such, not without charts on the other things I mentioned....and analyzing them as well....

Care

 

[KissMy]

DECEMBER 12, 2008 WSJ: Times Tough for Energy Overhaul

President-elect Barack Obama plans soon to introduce his energy and environment team, which will include Nobel Prize-winning physicist Steven Chu as energy secretary and former Environmental Protection Agency

Administrator Carol Browner as White House energy adviser.
The team's makeup shows that Mr. Obama plans to put a heavy emphasis on combating climate change and promoting technologies to wean the U.S. off imported oil...

In a sign of one major internal difference, Mr. Chu has called for gradually ramping up gasoline taxes over 15 years to coax consumers into buying more-efficient cars and living in neighborhoods closer to work.

 

[KissMy]

Well, you may just KNOW IT from your experience, but your chart does not necessarily prove such, not without charts on the other things I mentioned....and analyzing them as well....

Care

When will you be through analyzing the charts on the other things you mentioned? MSNBC talking points don't count.

 

[Care4all]

Well, you may just KNOW IT from your experience, but your chart does not necessarily prove such, not without charts on the other things I mentioned....and analyzing them as well....

Care

When will you be through analyzing the charts on the other things you mentioned? MSNBC talking points don't count.

Nice try on deflection....

i don't watch msnbc, at all...

 

[RGR]

Not NOW. But in 2005 it was making the front page of USA Today, above the fold. Of course, peak happened, no one noticed, and certainly it isn't even WORTH talking about now except by backwoods intellectuals who just won't shut up about their religious beliefs.

You are truly the champion of unfalsifiable claim. It's like a defense mechanism for you. LOL

Notice how you speak....but you don't deny anything I've said.

To you morons, because we can't specify a particular hour of when it happened, we're somehow "wrong."

And you apparently can't read either. I simply referenced the entire year that Peak Prophets claimed was THE year, I could care less where within the year your Rapture event happened.

It happened...hope you enjoyed it...now let the adult discuss relevant topics and you go back to your Peak Rapturist sunday school.

Along those lines, pointing to one publication from six years ago does NOT support his claim, regardless of how desperately you try to spin, liar.

I referenced three Priests of Peak as well you halfwit. USA Today was simply the mainstream recognition that yeah, peak oil happened, gee, now lets go back to our lives. Sorry they didn't validate your religion.

If the media actually "blitzed" the topic of global resource depletion, it would be above the fold on A1 every day of every month.

Of course it wouldn't. History shows us why...your Priests claimed peak back in 2005...and your church is still considered crackpot central. So sorry...even the reality of your Rapture event hasn't been more than a blip....certainly we don't have to talk about something manufactured by your religious nutbag friends.

 

[RGR]

Peak oil is a fact, and right now.

Well...maybe. First it happened in 2000, then 2005, then 2008, and then again in 2010. You do realize that PEAK oil isn't supposed to keep PEAKING over and over again, don't you?

 

[KissMy]

Like I keep telling OldRockHead & Jiggs Crazy, we keep on setting New World Oil Production Records month after month & year after year. These type of idiots have been telling us we are at peak oil for over 90 years now & they still believe it.

In 1919 the director of the U.S. Bureau of Mines predicted that "within the next two to five years the oil fields of this country will reach their maximum production, and from that time on we will face an ever-increasing decline."

That same year, National Geographic magazine predicted that oil shales in Colorado and Utah would be exploited to produce oil, because the demand for oil could not be met by existing production.

In January 1920, Dr. George Otis Smith, Director of the United States Geological Survey, in commenting upon our oil supply stated: "The position of the United States in regard to oil can best be characterized as precarious."

In May 1920, Dr. Smith said: "Americans will have to depend on foreign sources or use less oil, or perhaps both.

World oil supply rose 0.5 mb/d in January, 2011 to 88.5 mb/d, setting a new record high.

 

[KissMy]

Bill Clinton: Drilling delays 'ridiculous'

Former President Bill Clinton said Friday that delays in offshore oil and gas drilling permits are “ridiculous” at a time when the economy is still rebuilding... Bill Clinton reportedly criticized delays in oil drilling permits since last year's spill in the Gulf.

 

[Care4all]

Like I keep telling OldRockHead & Jiggs Crazy, we keep on setting New World Oil Production Records month after month & year after year. These type of idiots have been telling us we are at peak oil for over 90 years now & they still believe it.

In 1919 the director of the U.S. Bureau of Mines predicted that "within the next two to five years the oil fields of this country will reach their maximum production, and from that time on we will face an ever-increasing decline."

That same year, National Geographic magazine predicted that oil shales in Colorado and Utah would be exploited to produce oil, because the demand for oil could not be met by existing production.

In January 1920, Dr. George Otis Smith, Director of the United States Geological Survey, in commenting upon our oil supply stated: "The position of the United States in regard to oil can best be characterized as precarious."

In May 1920, Dr. Smith said: "Americans will have to depend on foreign sources or use less oil, or perhaps both.

World oil supply rose 0.5 mb/d in January, 2011 to 88.5 mb/d, setting a new record high.

and world oil usage? Is that at an all time high as well?

 

[Care4all]

Bill Clinton: Drilling delays 'ridiculous'

Former President Bill Clinton said Friday that delays in offshore oil and gas drilling permits are “ridiculous” at a time when the economy is still rebuilding... Bill Clinton reportedly criticized delays in oil drilling permits since last year's spill in the Gulf.

the delays have been long, the first company was approved a week or 2 ago....experts seem to think that now that the first company approved has shown that they can cap a bust like BP's, the future approvals should follow at a good pace....at least that's what i read.

 

[KissMy]

Like I keep telling OldRockHead & Jiggs Crazy, we keep on setting New World Oil Production Records month after month & year after year. These type of idiots have been telling us we are at peak oil for over 90 years now & they still believe it.

In 1919 the director of the U.S. Bureau of Mines predicted that "within the next two to five years the oil fields of this country will reach their maximum production, and from that time on we will face an ever-increasing decline."

That same year, National Geographic magazine predicted that oil shales in Colorado and Utah would be exploited to produce oil, because the demand for oil could not be met by existing production.

In January 1920, Dr. George Otis Smith, Director of the United States Geological Survey, in commenting upon our oil supply stated: "The position of the United States in regard to oil can best be characterized as precarious."

In May 1920, Dr. Smith said: "Americans will have to depend on foreign sources or use less oil, or perhaps both.

World oil supply rose 0.5 mb/d in January, 2011 to 88.5 mb/d, setting a new record high.

and world oil usage? Is that at an all time high as well?

Yes it is - Global oil product demand for 2010 and 2011 is revised up by 120 kb/d on average on higher-than-expected submissions in non OECD Asia and improved economic prospects for OECD North America. At 87.8 mb/d in 2010, global oil demand rose by 2.8 mb/d year-on-year, and should reach 89.3 mb/d in 2011 (+1.5 mb/d year on-year).

 

[edthecynic]

Bush lifts executive ban on offshore oil drilling on July 14, 2008 That very day oil prices reversed its climb & began its decline to $33 until Obama took office promising drilling restrictions. Check the crude oil price chart below!

how do you know prices didn't fall because Americans pulled back and used less oil?

how do you know this wasn't due to the housing boom crash?

how do you know this is not from the bank failures taking place during this period?

I think, those things above would certainly have to be looked in to, before you can come to this conclusion of yours, Kissmy.....don't you?

You are exactly right Care.

First of all, oil prices were heading straight down starting July 4, 2008 until they peaked at $147.27 on July 11 due to unrest over Iranian missile tests. They started to decline the very next day, two days before Bush made his speech that added not one single barrel of oil that day.

The real reason for the dramatic drop in oil prices was not due to an increase in SUPPLY, but the dramatic drop in DEMAND!!!!

The law catches up to oil Irwin Kellner - MarketWatch

What is even more interesting is the reason for this plunge. It is not so much due to increased supplies of crude as to decreased demand for the black stuff. This is indicative of a major change in lifestyles, personal and corporate.

 

[KissMy]

You are exactly right Care.

First of all, oil prices were heading straight down starting July 4, 2008 until they peaked at $147.27 on July 11 due to unrest over Iranian missile tests. They started to decline the very next day, two days before Bush made his speech that added not one single barrel of oil that day.

The real reason for the dramatic drop in oil prices was not due to an increase in SUPPLY, but the dramatic drop in DEMAND!!!!

The law catches up to oil Irwin Kellner - MarketWatch

What is even more interesting is the reason for this plunge. It is not so much due to increased supplies of crude as to decreased demand for the black stuff. This is indicative of a major change in lifestyles, personal and corporate.

What a load of crap! First you state oil headed straight down starting July 4th, 2008 because of dramatic drop in demand, but then it suddenly made a new all time high on July 11th 2008 You have no clue dude! First of all the oil numbers & report only come out on Wednesdays. That means when oil stocks, draw downs, supply & demand were tallied up & the Cushing Oklahoma oil storage was lower than expectations on Wednesday July 9th 2008 so the oil speculators drove prices up over the next 2 days culminating in a new all-time high $147.27 trade on Friday July 11th 2008. These traders were willing to head into the weekend holding the most expensive oil ever purchased because they knew that Monday July 14th 2008 was going to bring even higher oil prices & that following Wednesdays lower oil inventories were going to drive prices even higher. Except when that Monday July 14th 2008 came around President Bush had a big surprise waiting for these crude oil speculators. Their days of running oil prices up were over when he opened up the OCS to drilling. This came 2 months after he & congress halted the filling of the Strategic Petroleum Reserve (SPR). The bankers that were using up most of the oil tanker fleet to secretly hold nearly 100 million barrels of oil in "floating storage" knew that the congressional OCS ban was about to expire & the government meant business when it came to increasing oil supply & dropping prices. It took these bankers & speculators about a year to unload all that "floating storage" from those tankers back into the marketplace crushing oil prices. It took almost a year to unload that excess "floating storage" storage even as OPEC reduced production to stabilize prices due to all these tankers unloading oil onto the markets.

 

[Care4all]

kissmy....lack of demand drove the prices down, i vaguely remember the news on it....

the supply did not increase with Bush's announcement, it takes years on new finds....and you are not even talking about a new find....you are talking about just getting permission to look for a new find.....not even a find...there is no way this could have affected the prices....in the way you have speculated.

seriously, the reduction in demand, drove prices downward...which is how it works....and increased demand would have increased prices...