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Price of oil continues to slide
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0marTheZealot
Golden Member
Unfortunately, it would several years to a decade for ANWR to ratchet up production to 1 million barrels of oil.
OIP does not equal OIIR. It is a great disservice to the American public, most of whom have very little training in engineering or science, that the media does in portraying numbers without any context.
As great as a reserve ANWR maybe, most of the Middle East has 30-50x the amount, and yet their production do not reach astronomical amounts as would be suggested by the media and it's careless tossing about of numbers.
Desy:
Here is one of the most important links I've read/seen in a long time. I've posted many links. I have posted them so many times, a quick search would reveal 50+ unique links but I will provide this one for the time being.
http://www.webcasting.com/houston/
it is best you have a fast connection to see all the presentations. It also runs ~3 hours if you want to hear everything. My favorites were Michael Lynch's and Matthew Simmons; both of them bring up valid points.
And Cyclo's facts are confirmable. I have read some projections of total OIIR numbers, and some of the credible ones look astounding. It maybe a question of cost, finding, and production. Of course, most of that kind of oil doesn't flow easily out of the ground like light, sweet crude does (the kind that is the best for transportation fuel), where a single indentation or a 100-200 meter well would gush oil from the pressure. It will take a bit of coaxing to take out. Like I said previously, it is a question of how crucial oil is to our economies.
OIP does not equal OIIR. It is a great disservice to the American public, most of whom have very little training in engineering or science, that the media does in portraying numbers without any context.
As great as a reserve ANWR maybe, most of the Middle East has 30-50x the amount, and yet their production do not reach astronomical amounts as would be suggested by the media and it's careless tossing about of numbers.
Desy:
Here is one of the most important links I've read/seen in a long time. I've posted many links. I have posted them so many times, a quick search would reveal 50+ unique links but I will provide this one for the time being.
http://www.webcasting.com/houston/
it is best you have a fast connection to see all the presentations. It also runs ~3 hours if you want to hear everything. My favorites were Michael Lynch's and Matthew Simmons; both of them bring up valid points.
And Cyclo's facts are confirmable. I have read some projections of total OIIR numbers, and some of the credible ones look astounding. It maybe a question of cost, finding, and production. Of course, most of that kind of oil doesn't flow easily out of the ground like light, sweet crude does (the kind that is the best for transportation fuel), where a single indentation or a 100-200 meter well would gush oil from the pressure. It will take a bit of coaxing to take out. Like I said previously, it is a question of how crucial oil is to our economies.
CycloWizard
Lifer
Since the person that I usually discuss oil issues with depends on knowing this information for his livelihood, I expect that it's accurate. He designs oil pipelines for Shell in the Gulf, responsible for nine existing pipelines. I daresay he has a vested interest in knowing how much oil is existing, as he's out of research funding when the oil is gone. As usual, I don't personally have access to the real, unbiased facts, so I rely on the opinion of a relevant expert in the field in question. Sorry if that offends your sensibilities.
You still fail to see the trend: that oil companies intentionally lowball their reserves to jack up prices. This basically means they can get more money for the same amount of oil.
0marTheZealot
Golden Member
^
However, lower reserves does mean lower stock prices and lower investment, because it can be seen as a failure on the company in failing to find reserves. It is a complicated world. I am not too sure about this, because I am a bioengineer by trade and not an economist.
There are far too many factors at work to simply attribute oil prices to a single cause or event. It is more interesting and fruitful to discuss the trends of what is happening and predictions what may happen.
However, lower reserves does mean lower stock prices and lower investment, because it can be seen as a failure on the company in failing to find reserves. It is a complicated world. I am not too sure about this, because I am a bioengineer by trade and not an economist.
There are far too many factors at work to simply attribute oil prices to a single cause or event. It is more interesting and fruitful to discuss the trends of what is happening and predictions what may happen.
dmcowen674
No Lifer
There is something wrong with the "fact" processing gear for 51% of the U.S. Their "processing" ability has been clouded by Religious Brainwashing.
CycloWizard
Lifer
Do you really want to get into an argument regarding oil with me? Doubt it, because then it would be demonstrated that someone who voted for Bush can actually *gasp* think for himself and might even be more educated on some issues than yourself.
0marTheZealot
Golden Member
dmcowen674, such kneejerk response do us a dissservice when it comes to rationally debating and discussing issues. One's political leaning does not make the information carried/presented null and void.
OK I see him but he doesn't seem to say anything about the issue?
Got anything to link to yet? anything not heresay or pure fabrication.
Oil companies don't lie about reserves cause it would DEVALUE their stock. Companies are winners or losers by what they have rights over. I also believe they are legally bound to accurately report , do you think the gov't in the interest of National Security would let this slip by?
Cmon there is no conspiracy here.
Got anything to link to yet? anything not heresay or pure fabrication.
Oil companies don't lie about reserves cause it would DEVALUE their stock. Companies are winners or losers by what they have rights over. I also believe they are legally bound to accurately report , do you think the gov't in the interest of National Security would let this slip by?
Cmon there is no conspiracy here.
dmcowen674
No Lifer
Oh really, look in the 800+ post Oil thread and tell me that.
Suppose that Halliburton/Cheney has nothing to do with it either :roll:
CycloWizard
Lifer
Call it hearsay if you want - it is. However, it's straight from the source and I believe it a lot more than any link to a newspaper. As I said, I put my trust in the relevant experts in the area. I would be very interested to hear how the government can force oil companies to accurately report their holdings when they don't even know for sure what their holdings are. Oil holdings are not a matter of national security, but it looks like you're not interested in anything other than what the Denver Post tells you anyway.
for Dave. Now you can move on.Cmon
Just one Pleaseeee
I can find lots
I could do this all day, but you don't seem to want to read anything?
I also have family and friends in Oil and Gas, I live in the second largest producing province. There is a oil feild 10 min from where I grew up. I have friends who are geological engineers too, working in Calgary for oil companies, accountant friends working for oil companies in Calgary. . .
I have yet to see one claim we have only used up 1% of the worlds oil and gas supply.
Just one Pleaseeee
I can find lots
I could do this all day, but you don't seem to want to read anything?
I also have family and friends in Oil and Gas, I live in the second largest producing province. There is a oil feild 10 min from where I grew up. I have friends who are geological engineers too, working in Calgary for oil companies, accountant friends working for oil companies in Calgary. . .
I have yet to see one claim we have only used up 1% of the worlds oil and gas supply.
Hehe sorry. WoW beta came out so I was playing that 🙂
Ill get it tonight. I promise! It is really funny and when he blabbed it around Oct 13th I had to keep it in my idiot.txt file. It is a file I keep of really stupid things people say when I know it wont come true.
Amazing he is the only person in the file right now 🙂
lordtyranus
Banned
The one where Bush is responsible for rising oil prices? Is he also responsible for prices falling now?
did Dave just bring religion into a debate on Oil prices/reserves? Sometimes I have to wipe my screen off to see if im reading what I think im reading.
Dave, you already got smacked down with your own words once in this thread, dont make me do it again. just cut your losses, seriously.
0marTheZealot
Golden Member
That doesn't even make any sense.
Halliburton is an oil field services company (the largest in the world IIRC). It has very little to with the actual physical pumping of oil from a well. Rather, I think, Halliburton observes and monitors fields and offers suggestions on how to increase oil production or produce sweeter or lighter crude; perhaps Halliburton also guides in drilling, but AFAIK, Halliburton doesn't actual produce any oil.
Cheney's tatics is simply an example of pork barrelling or dirty politics. It has been done hundreds, if not thousands of times. It simply received much national attention because Cheney was so blatant about it.
dmcowen674
No Lifer
That was the basic premise of the original Halliburton Company, they have diversified into a lot more of the Oil to Gas end to end picture. If you took Halliburton away overnight we would have no Gas now.
lordtyranus
Banned
haha dmcowen is getting smacked around here like he got smacked around by the legal system in Georgia.
dmcowen674
No Lifer
Are you going to deny based on how the price of Gas shot up from around $1 a gallon to $2 a gallon when Oil went from $25 barrel to $35???
Based on that $50 a barrel should net a minumum of $4 a gallon.
Plain and simple they have been holding back strictly because Politically $2 is all the Country (especially transportation) can handle.
CycloWizard
Lifer
You continue to post links to hand-waving argument rather than any real facts. As I mentioned previously, I doubt such facts are public knowledge. If the reserves are even well established, I highly doubt that the oil companies release them publicly. You're not going to change my mind until you can demonstrate this with some real numbers rather than a couple poorly made graphs.
Yes, we're being subsidized by the big bad oil companies! Get a grip.
0marTheZealot
Golden Member
The reason why I say that gas should be 7 dollars a gallon is because there is no other way to curb our demand. I have no real knowledge of the economics of oil to gas and the such. I'm a scientist 🙂
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