World Petro Energy Overview

[VimyJ]

Ever hear of Syberia?

That's just one example of untapped oil. There are plenty of other sources.

Drilling operations are now taking place in the most extreme geographical locations and the most politically unstabile areas. There isn't another Ghawar field. The cheap oil is gone.

Quote » Our strategic oil reserves are nearly 100% full.[/quote]

The strategic reserve only contains 600 million barrels. Only enough to run the country for a month at most.

Quote » There is vast untapped resources in Alaska.. Of course this remains to be seen if we will drill there...[/quote]

The most generous estimates of the Anwar area are 16 billion barrels or put another way, 5 years worth of US oil imports. Contrast this to Iraq's 112 billion barrel proven reserve.

Quote » Please don't past off leftist propoganda is fact. If you are this easily swayed by a report, you should go read noam chomsky.. I'm sure you will think the american govt is the single most evil empire in history, after that. [/quote]

There are no more Ghawars. That is fact. Demand is outpacing supply. Left or right, these are facts. That you are disturbed by these reports shouldn't reduce you crying propganda. Have you read all of the material provided by by these links? The link to the extensive survey of world petroleum reserves appearing near the beginning of this thread is an objective inventory and discussion of the metrics of supply and consumption.

[VimyJ]

Who knows what will happen. That's exactly the point.

The oil wll run out. That will happen. It is a finite resource. When will it run out? Someday and as Rummy says, "You can take that to the bank."

Quote » I get annoyed when people read these reports and then get scared and go telling everyone what will happen, as if it's some sort of fact.[/quote]

Forewarned is forearmed. Be scared if you want but I choose to be informed.

Quote » Nobody knows what will happen[/quote]

I predict snow in colder climes come winter. Some things can be predicted with a reasonable amount of accuracy.

Quote » In 10-20 years we may have a alt fuel revolution, and lower our use of foreign crude so much, prices will fall..[/quote]

And what will take the place of energy rich easily transported oil? Cold Fusion? The cheap oil is gone.

Quote » Nobody predicted 10/barrel crude in 99.. but it happened [/quote]Won't happen again.

[QShip]

From what I've been hearing on CNBC and Bloomberg, we don't have enough refineries to process the crude quick enough to keep up with demand.

If crude was truly in low supply, then everything derived from crude would be going up in price. If you go to your local auto supply store, you will find that the price of motor oil has not gone up in price comparatively speaking.

Also, look at the profit margins of the oil companies. The law of supply and demand can be manipulated. Increase in demand should trigger a increase in supply. However, to maximize profits, oil companies can and do withhold supply to increase profits.

[PalmerWMD]

1)Ever hear of Syberia?

2)That's just one example of untapped oil. There are plenty of other sources.

3)There is vast untapped resources in Alaska.. Of course this remains to be seen if we will drill there...

4)Please don't past off leftist propoganda is fact.

1)Russian (Siberian) production has been declining for years and nopt just due to lack of investment. all the big fields have been tapped the only untapped ones are the smaller and more expensive ones.2)All untapped sources are more expensive which is why they are untapped.3) Substantial . yes. Vast maybe not.4)When are americans going to understand that ignorance is not patriotic, and that Non-ignorance does not equal left.I am to the right of you, trust me, but this is simple economic insight, "left" is, if your are in favor of social programs over defense, etc, has nothing to do with evaluating resources/economic geology.

F...

[VimyJ]

Well put, Fred.

[VimyJ]

From what I've been hearing on CNBC and Bloomberg, we don't have enough refineries to process the crude quick enough to keep up with demand.

If crude was truly in low supply, then everything derived from crude would be going up in price. If you go to your local auto supply store, you will find that the price of motor oil has not gone up in price comparatively speaking.

Also, look at the profit margins of the oil companies. The law of supply and demand can be manipulated. Increase in demand should trigger a increase in supply. However, to maximize profits, oil companies can and do withhold supply to increase profits.

Gasoline demand has out paced supply. There are fewer refineries in the US now but their capacities have grown enormously. They are refining more oil than ever before but it still isn't enough to meet demand.

Crude isn't in low supply yet but demand is out pacing the supply hence the rise . Motor oil comes from the same refineries as oil and if base stock is more expensive it stands to reason that we should be seeing price increases at some point soon.

As to your third point, indeed supply and demand is constantly manipulated. OPEC is a prime example of that. However, it has been said that the House of Saud is keeping prices up because it sees the end of its reserves and is trying to get the money while it can. What else do they have except a diminishing crude resource? Then there is the revelation that the Saudi's might "spend" a little of that income stream to get their buddies reelected in DC. The engine of power is run on oil.

However, I find it interesting that there is very little discussion on Bloomberg et al. about diminishing supply. Of course, if you have ever owned stock in a company that has been discussed on CNBC you know how really light weight their analysis is in general. (I just heard right now on CNBC one analyst say, "OPEC appears to have little control over pricing now and that is truly a scary thought." This in reference to the continued price of oil in the high $30s as opposed to OPEC's own "target basket price" in the mid to high $20s.)

[VimyJ]

I would sure like to know what was discussed during Cheney's Energy Task Force meetings.

[driverdriver]

Up here in Canada starting in 2006, if you where to purchase a fuel efficient, natural gas or hybrid vehicle you would get a some sort of substantial personal tax rebate.

Its already happening for homeowners who switch from Oil to either natural gas or another form of heating.

Its one of a number of "legacy" laws passed by the old Prime Minister before his recent "forced" retirement.

On another topic, did anyone watch Nova on PBS laste week about China's growing environmental problems and the steps they're taking to remedy them? Currently it's costing China about 10% of their GDP to treat people with environmnetal illness caused by the pollution they create.

[AZ94Q]

Driver,

Is it true Fox News is banned in Canada? I find that hilarous.

[VimyJ]

Driver,

Is it true Fox News is banned in Canada? I find that hilarous.

From what I understand, Fox did a market survey and found that there weren't enough people interested to make it a worthwhile venture. I believe you have to also provide Canadian content to get a licence and that would have cost money Fox wouldn't have been able to recoupe.

Not banned. Just little interest.

[VimyJ]

Sorry, bub, but I did a little research and found that Fox determined only about 20k subscribers would be the extent of thier base. Nothing preventing them from applying for a licence that I could uncover. Perhaps they should try again to sell Al Foxeerah.

Why would a pummeling of Iraqi resistance chap my progressive hide? I have no love lost for Iraq.

I'm going to check out this Chomsky guy you're so afraid of. Sounds scary!

[VimyJ]

Hey! Thanks for turning me on to Chomsky. He has some thoughtful positions on current events. He's a little far to the left for my tastes but I consider all points of view. Thanks again.

[AZ94Q]

He has some interesting theories on western expansion and oil.

Nice to hear you enjoyed chomsky.

[driverdriver]

I've only read "Manufacturing Consent" by Chomsky some years ago. It was actually a very thought provoking book. Apparently the guy puts out two or three books a year.

Fox News isn't actually banned in Canada, its just that it consistently gets really bad ratings (nobody watch's it 'cos Canadians know O'Reilly is an arrogant trying hard to be a journalist right wing a$$) which translates into low advertising dollars and so Fox decided to air something different in its place I think it might be reruns of the 70's Show which still gets low ratings during the news hour but way better than Fox news.

[AZ94Q]

Heh. You should email bill oreilly and tell him that. It would be great if he actually read your email on the air.

[VimyJ]

Kind of a regional take:

http://www.atimes.com/atimes/G....html

This one is well thought out:

http://www.atimes.com/atimes/G....html

[Jesda]

I've only read "Manufacturing Consent" by Chomsky some years ago. It was actually a very thought provoking book. Apparently the guy puts out two or three books a year.

Fox News isn't actually banned in Canada, its just that it consistently gets really bad ratings (nobody watch's it 'cos Canadians know O'Reilly is an arrogant trying hard to be a journalist right wing a$$) which translates into low advertising dollars and so Fox decided to air something different in its place I think it might be reruns of the 70's Show which still gets low ratings during the news hour but way better than Fox news.

OReilly is exclusively on Fox News, not the entertainment-oriented Fox Entertainment (which shows The Simpsons, American Idol, etc). In Canada are Fox News and Fox Entertainment all just one network?

OReilly's definitely an ***, but I'll take an arrogant *** over a softball-tossing Larry King any day of the week. After listening to OReilly's radio show, it becomes increasingly difficult day after day to categorize him politically.

[AZ94Q]

Agreed Jesda..

Looks as if the lefty VM is wrong again

Apparently the toronto globe (not sure if thats the right name) specifically wrote a letter to the government of canada, saying they should allow fox news

AND

They had countless canadians writing in, saying it was banned, and they wanted it..

Looks like more lefty propoganda, once again.. I'm getting so tired of leftys passing of so called "research" as news

You're guilty as sin VM

The truth has came out

Fox is banned, your leftist research was wrong. I'm sure you got it from your favorite lefty news source.

So unless this canadian newspaper is wrong, and all the canadians that continually say its banned are wrong, you are trying to pass off propoganda is news.. It's ok, happens all the time with you guys..

[VimyJ]

LOL! Al Foxeerah is not banned. They have just as much right to apply for a licence as anyone else. Their own market survey showed them it wan't a money making propostion. That's life in a free enterprise society. It is my understanding that to get a licence as a news service, Fox must have a certain amount of Canadian content and the potential subscriber numbers just aren't there to warrant the investment appartently.

Butinsky & Colmes will have to wait until Fox makes the requisite investment. Then it will be all US flags waving all the time. I guess you'd be disappointed to learn the the Globe and Mail is considered by many to be a "lefty" publication. You really should do more research and less reaction.

What did you think of the latest oil related links that are the actual theme of this thread?

[AZ94Q]

What do I think of any of your propoganda?

Do you realize people like you, america haters, have been calling for the end of our empire for ever..

Guess what

I'M BULLISH ON AMERICA

The world has wanted to see our end since the begining. If it isn't oil, it's the loss of manufactoring jobs, or the "outsourcing" all you leftists like to whine and ***** about..

ECONOMICS 101.. go read about the J CURVE.. outsourcing works.. oil is not going to 100 barrel

BULLISH ON AMERICA

[AZ94Q]

Oh well

I no longer care

The truth lies somewhere in between, I am sure..

Plenty of canadians would say its a lefty pub.. plenty of canadians and fox news say its flat out banned in canada..

whatever.

BULLISH ON AMERICA

[VimyJ]

More notions:

http://www.financialsense.com/....html

A view point that concieves of oil as in infinite supply:

http://www.financialsense.com/....html

There might be some valid technical analysis (of the financial sort) but this author forges ahead like Ghawars will abound forever. Wierd how diminishing supply does not enter his thought process. TA has always been a bit like tea leaf reading to me.

[VimyJ]

Bin Laden = Nostrdamus?

http://www.chaostan.com/

Irrerevsible Declines in Venezuelan Production?

http://www.financialsense.com/....html

[VimyJ]

AQ out to destabilize the oil patch?

http://www.chron.com/cs/CDA/ss...45556

[VimyJ]

http://beacon1.rjf.com/researc...6.pdf

[VimyJ]

Interesting article. Full out production yet oil prices are at record levels. Check out the third to last paragraph. Are they overstating production? Hmmm..... Also interesting about the taxation situtation possibly restricting growth which means more expensive oil.

http://www.themoscowtimes.com/....html

[VimyJ]

Oil price to come down in the near term?

http://www.canada.com/saskatoo...53309

Interesting to view reports based on backwards facing models. The most explosive demand increases are coming from India and China.

Still, demand destruction is underway. Sales of SUVs and Hummers are down. If the recent price spike can be described as a tax, then it can be said that taxes do cut consumption. Looks like conservation is becoming fashionable again.

[Q451990]

Looks like conservation is becoming fashionable again.

Great! Let everyone else drive around in a Prius or old Yugo so my gas prices will go down Long live the VH45DE @ WOT!

[quote=" Jesda After listening to OReilly's radio show, it becomes increasingly difficult day after day to categorize him politically.[/quote]No doubt! I used to watch his show and still do occasionally if I can't find anything else, but he gotten too much in to this "let's watch out for the folks, I'm gonna save the world, everyone else is a pinhead" crap and I just couldn't take it anymore... He's a guy without a compass saying whatever sounds good at the moment. I think I'd categorize him not as Liberal or Conservative, but "Populist."

I've been thinking that they should change Hannity and Colmes to O'Reily and Colmes and give Sean a whole hour to himself...

Heath

[AZ94Q]

don't forget the title, HANNITY AND colmes

I can't stand watching that show... Hannity is such a right wing idealogue.. half the time colmes doesn't even agree with the liberal side, but he has ot try to argue for it, to offset hannity.. it just doesn't come out sounding right..

As for Oreilly, he's definetely more conservative then liberal, but he isn't full on conservative idealogue, like hannity..

I am with you, I get tired of his save the folks yarble..

Espically his constant protect the kids, screw everyone else mentality.

[AZhitman]

Still, demand destruction is underway. Sales of SUVs and Hummers are down.

Ummmm, no. No. Again I say, NO.

http://www.usatoday.com/money/...x.htm

http://www.baltimoresun.com/fe...olumn

http://www.msnbc.msn.com/id/4800893/

Hate to "re-engage" here, but just because someone WISHES something were true, does not make it so.