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View Diary: Peak oil: BP, Conoco and IEA all say it's there (299 comments)

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  •  It would seems to me that all of these facts and. (0+ / 0-)

    figures are fluid, and nothing anyone should/could take to the bank (except the oil companies....).

    For instance, it was announced yesterday that Brazil has discovered what they say is around 8 BILLION barrels of oil off its coast, so there's something for the "plus" column. I suppose tomorrow we'll hear that Saudi Arabia's reserves are half of what they claimed, so that would be one for he "minus" column. Fluid.

    How in the hell is anyone supposed to count on anything? The only thing we CAN count on is for the oil conglomerates (and the traders) to continue their record-breaking profits, and for global warming to get worse.

    Makes my head spin....

    NO MORE DYNASTIES! No more triangulation! No more lies! No more war! No more corporatists! ELECT PROGRESSIVES NOW!

    by Hornito on Sat Nov 10, 2007 at 12:36:47 PM PST

    •  You are right. (1+ / 0-)
      Recommended by:
      Hornito

      See my post below. There is a reason they set the bar at extraction rather than discovery. We have been discovering oil too slowly for a long time.

      •  What about Brazil? (0+ / 0-)

        major deep field newly discovered. Brazil's petrol. company jumped up in value. Isn't all the froth that's causing rising oil prices as much a case of over-speculation? Low inventories, declining potential, too many "traders" and hedge funds in need of product shifting to bet on oil. ("Housing" worked for a while, heh, heh!) Just a hiccup off the coast of Africa fuels rumors of a hurricane hitting the Gulf of Mexico drilling platforms. Wilder speculations, rising trading prices.

    •  countries can misstate reserves (4+ / 0-)

      but the amount of oil pumped is easily verifiable. and that's plateauing, and starting to edge over the peak. the only explanation for that other than PO is that countries are all witholding oil from the market, but with rising prices for oil, and countries like saudi arabia throwing massive number of oil rigs at a plateaued production level, that doesn't look very likely.

      globally, we're at the level of drinking beer from the left-over plastic cups at the party. sure, there's beer left to drink, but it does start to leave one wondering if that guy who was going to get the keg is ever going to come back, and maybe it wasn't a good idea to keep inviting people over.

      surf putah, your friendly neighborhood central valley samizdat

      by wu ming on Sat Nov 10, 2007 at 02:21:16 PM PST

      [ Parent ]

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