No, it's not good news for people who like food on their shelves and jobs to go to.not for people who believe in self-control
No, it's not good news for people who like food on their shelves and jobs to go to.
we *should* have 'done something' about this years ago
don't know what you self-control bit means.
But production of all the easily and cheaply available stuff is accounted for - they're may well be lots left - but its a lot more difficult to extract.
Yes - global oil produciton is higher than ever, but demand is higher still. Thats the point of peak oil - its not about 'oil running out' - its oil production being unable to keep up with ever increasing demand. Hence $150 a barrel and rising.
Which effectively means that 200 years of economic growth is about to hit the buffers. With no vailble cheap energy alternative the only way is down.
Yep, that's a fair analysis. When your only measures are money and votes, the system tends to organise itself to maximise those things. Rational long-term planning doesn't win money or votes in the short term, so it does not succeed.
oil is rapidly on its way out, and people are too terrified to admit it
about bloody time i say
There is undoubtably an element of speculation in the current oil prices, but remember that it is not the western oil companies who have control of this game, it is the nationalised oil companies of OPEC.
Tim: Check out Truth, Lies, Oil and Scotland from BBC Scotland. In it you can hear Peter Odell explain how at $100 a barrel between $60 and $65 can be attributed directly to speculation. So my position only looks farcical if you are ignorant of the facts.
http://www.bbc.co.uk/programmes/b00byhfh
A BBC documentary implied that Scotland has plenty of oil and gas in reserve. It should never have been screened.
<snip>
The long website article by Millar, like the TV programme, does not bring up the fact that North Sea oil has long since peaked, much less that current oil production is almost half the production achieved at the peak in 1999.
In a recent post on this thread I explained that many of the potential N Sea oilfields identified by messrs Kemp and Odell had poor or negative net energy returns i.e. in many cases production would be uneconomic regardless of the oil price. What specific N Sea oilfields do you believe will be developed to cumulatively deliver the additional 'estimated 30 Gbbls' referred to?The UK North Sea has produced about 25 billion barrels of oil. A Hubbert Linearisation decline analysis suggests that the UK may ultimately produce between 28 and 30 billion barrels, so with 25 billion already gone that leaves 3 to 5 billion in remaining reserves. The BP statistical review (published 2007 with figures for 2006) quotes 3.9 billion barrels of reserves for the UK.
To suggest that the UK may produce as much oil in the next 40 years as it has done in the last 30 years is irresponsible pipe dreaming. All our biggest and best fields are near empty and are lining up to be decommissioned. Our politicians need to face this grim reality and then act accordingly to ensure that the UK can provide for its future energy needs.
Sorry but I can't buy that - NOC's are estimated to control some 88% of global reserves compared with IOC's 12%. Other estimates say 84/16 but trend is the same i.e. NOC's control 5 or 6 times reserves of (former!) 'big oil'.Peter Odell puts the "element of speculation" in the current oil price at between 60% and 65% based on $100 a barrel. It's probably more than that now. Your claim that Western oil companies have no control over the game is patently absurd. The world price of oil is controlled by them and their banking accomplices in London and New York. See the op-ed by Engdahl on this posted above.
yeah great. Global economic slump. Mass unemployment and slashing of public spending in the developed world. Even greater poverty everywhere else. And thats the best case scenario.
The worst case scenario is the collapse of industrial society and millions, billions even, dieing of starvation, war and disease.
when did you realise this?
did it have any effect on your electricity consumption when you realised this?
Sorry but I can't buy that...
whats your point caller?
you answer my question then i will answer yours
I repeat my question posed in earlier post - in which specific oilfields in UK N Sea does Prof Odell's '30 Gbbls oil to be extracted over the next 40 years' reside? Also if he's that great an expert why don't BP or Shell hire him as they have had big problems re reserve replacement?But the thing is, Peter Odell is an internationally renown 24 caret expert and has a lifetime of experience. You, on the other hand, demonstrate no expertise at all. For example, you avidly promote the nonsensical pseudoscientific idea that oil somehow derives from geologically squashed zooplankton which was allegedly laid down during the Jurassic and Triassic in one off events that have never been repeated. If oil really was made this way, then it ought to be a relatively simple exercise to create some in a laboratory out of similar organic material. So far, with the exception of methane which is generated both organically and inorganically, neither you nor anyone else has been able to do this. On the contrary, the only people to have synthesized petroleum experimentally in a laboratory all just happen to be proponents of the abiotic theory and they did it using inorganic materials such as calcite, iron and water.
Has the ever more plasuible peak oil doomsday scenario affected my electricity consumption?
No.
that answers your question, because this ^ answer explains why i think it is 'about bloody time' that we stop using oil
you realise that your energy consumption amounts to eating your own children, and yet you carry on consuming regardless
The number one reason why I wont buy into the idea that this is just the work of oilmen, is that the entire global economy, and many pet projects of the elite, are going to come seriously unstuck. Many nations energy security & internal political stability will be disrupted. Oil is easier to exploit than humans or animals. So I struggle to believe that the oilmen's interests could be allowed to utterly override all other interests of all powers. Oilmen are powerful in the first place because the world & the system needs oil so bad.
Without a viable alternative enrgy source, industrial society would grind to a catostrophic halt.
this is totally inevitable, and i think it is about time
you wont be able to carry on blithely blaming 'economic models' when your family is starving and the world is falling apart in a few months time......
By Alex Lawler
LONDON, June 10 (Reuters) - Saudi Arabia will host a meeting of oil producers and consumers on June 22 to discuss record-high prices that are unbearable, OPEC's Secretary General said on Tuesday.
Abdullah al-Badri also called for measures to curb market speculation, a factor OPEC says is sending prices to unjustified levels. Oil hit a record $139.12 a barrel on Friday and was trading near $133 on Tuesday.
"I ask through you, through Reuters, really we need some calm. We are panicking too much," Badri told the Reuters Global Energy Summit.
"The situation is unbearable as far as we are concerned. I want to say, there is no shortage now and in the future."
The comments are the latest to underscore the view of the Organization of the Petroleum Exporting Countries that it is pumping more than enough oil and high prices reflect factors beyond its control.
"We are not happy with the current level of price for one reason. It has nothing to do with the fundamentals," he said.
"Speculators are playing a big role in high oil prices. Also there are other considerations, the value of the dollar and the geopolitical situation."
Saudi Arabia, the world's top exporter and OPEC's most influential member, said on Monday it would call for a meeting of producers and consumers to discuss what it called unjustified rises in prices.
Badri said the meeting was scheduled for June 22 in Jeddah, and a source close to the meeting said many energy ministers including U.S. Energy Secretary Sam Bodman would attend.
Asked whether investment banks such as Goldman Sachs and Morgan Stanley would come, Badri said their chairmen were invited to attend.
The two banks are among the firms that have raised their oil-price forecasts recently, moves that other traders and analysts say have led to gains in the oil price.
NO DEMAND FOR MORE
OPEC, source of two in every five barrels of oil, is pumping 32.2 million barrels per day (bpd), more than estimates of demand for its oil in 2008, Badri said.
The International Energy Agency, adviser to 27 industrialised countries, on Tuesday raised its forecast for the need for OPEC oil this year by 300,000 bpd to 31.6 million bpd -- still below OPEC's output.
In support of his point that prices are being driven by factors other than supply, Badri said world consumption of 87 million bpd is smaller than the value of trading in oil-related financial instruments.
Badri said the "paper market" equalled about 1.36 billion bpd and he was critical of investment banks, some of whose forecasts for rising prices have been partly credited for sending oil to new peaks.
"Their practice at this time is not in favour of producers and consumers," he said. "We really cannot be guided by one or two speculators."
OPEC, which currently has 13 member-countries, was willing to raise production if needed, although there was no demand for extra barrels.
"Nobody is asking for oil at this time. We are checking with our member countries. There is no queue for oil," he said.
You well stocked with tinned food and guns then?
Or you just gonner smoke a big fat one and serenely smile whilst watching it all fall apart?