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DOW down 250 points, oil up 3.
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Zorba
Lifer
Bush's Chart
Clinton's Chart
Bush Senior's Chart
Reagan's Chart
Carter's Chart
Even Carter left office with the S&P up. I had to put a stock on there to get the comparisons, so you can ignore the GE line 😉.
Engineer
Elite Member
Thank you. My mistake. So it's actually "worse" than I had posted?!? Imagine that....<bah>
Edit: I re-ran all the numbers. The Dow is actually up a whopping 22 points in the last 7-3/4 years. The Nasdaq was worse by 5% (not suprising since tech brokedown) and the S&P was down 13.8x% instead of 14.19 like I had reported earlier).
Sorry for the confusion and thanks glugglug for the correction.
WhipperSnapper
Lifer
Funny you should mention that. Makes you wonder if the Republicans still support privatizing Social Security.
LegendKiller
Lifer
Don't forget inflation. Adjusting for that, the DJIA is at 9/1997 levels.
The Saudi new fields aren't of the same quality as the old ones, so more refining etc etc
So production and that's what peak oil is about not reserves or quantity.
"The heritage supergiants are those mature fields that together with Ghawar and Abqaiq have made up Saudi production for the last 50 years. These include Safaniyah, Berri, Shaybah, Qatif, Marjan, Zuluf, Abu Safah and the Hawtah trend fields. These fields are much less mature than Ghawar and it is difficult to estimate their future performance. The oil in Safaniyah, Zuluf and Marjan is very sour (contains high sulphur content) which creates refining and hence marketability problems. I consider it likely that these fields are not producing flat out but are production constrained owing to poor marketability of their oil. The Saudis are taking steps to increase their own refining capacity to deal with this problem."
Same for Tar Sands they have been at it since the 70's to get to 1.5 to 2 MBPD
It can't be ramped up quickly at all , and now lots of environmental backlash against the projects.
Brazil?
http://www.planetark.org/daily...newsid/50267/story.htm
BRAZIL: September 18, 2008
RIO DE JANEIRO - Technological advances will help oil giant Petrobras and its foreign partners tap huge subsalt reserves off Brazil's coast, but a shortage of skilled workers and tight equipment supplies pose challenges.
High oil prices, previous under-investment in training by the energy industry, and increasingly hard-to-access reserves have driven up the cost of the complex equipment and skilled engineers needed for major oil projects.
"Perhaps our single greatest hurdle lies in the hiring and training of people," said Mark Riding, the deep-water theme director for oil field services supplier Schlumberger Ltd, during a seminar at the biennial Rio Oil and Gas conference this week.
"Years of under-investment in talent have led to a limited and aging pool of skilled workers."
Again lots of oil, big challenges to produce it in any meaningfull numbers
So production and that's what peak oil is about not reserves or quantity.
"The heritage supergiants are those mature fields that together with Ghawar and Abqaiq have made up Saudi production for the last 50 years. These include Safaniyah, Berri, Shaybah, Qatif, Marjan, Zuluf, Abu Safah and the Hawtah trend fields. These fields are much less mature than Ghawar and it is difficult to estimate their future performance. The oil in Safaniyah, Zuluf and Marjan is very sour (contains high sulphur content) which creates refining and hence marketability problems. I consider it likely that these fields are not producing flat out but are production constrained owing to poor marketability of their oil. The Saudis are taking steps to increase their own refining capacity to deal with this problem."
Same for Tar Sands they have been at it since the 70's to get to 1.5 to 2 MBPD
It can't be ramped up quickly at all , and now lots of environmental backlash against the projects.
Brazil?
http://www.planetark.org/daily...newsid/50267/story.htm
BRAZIL: September 18, 2008
RIO DE JANEIRO - Technological advances will help oil giant Petrobras and its foreign partners tap huge subsalt reserves off Brazil's coast, but a shortage of skilled workers and tight equipment supplies pose challenges.
High oil prices, previous under-investment in training by the energy industry, and increasingly hard-to-access reserves have driven up the cost of the complex equipment and skilled engineers needed for major oil projects.
"Perhaps our single greatest hurdle lies in the hiring and training of people," said Mark Riding, the deep-water theme director for oil field services supplier Schlumberger Ltd, during a seminar at the biennial Rio Oil and Gas conference this week.
"Years of under-investment in talent have led to a limited and aging pool of skilled workers."
Again lots of oil, big challenges to produce it in any meaningfull numbers
In a society with one lord and 100,000 serfs, how well the lord does can count for more than how well the serfs do.
The thing to remember is the fact of how the top 0.01% are skyrocketing in wealth, are getting a larger share of the nation's wealth, while the bottom 80% get none of the growth.
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