Thread: We are at the peak in world oil production...

Originally Posted by Margot

True that Crude oil comes in many degrees of viscosity .. and different degrees of sweet and sour.. but its not the problem you think it is.

At this point, it became clear you have no idea what you're talking about. I'm sorry.

Either that, or you just have no idea how energy sustains the global markets.

Originally Posted by Jiggs Casey

At this point, it became clear you have no idea what you're talking about. I'm sorry.

Either that, or you just have no idea how energy sustains the global markets.

Of course I do.. and it doesn't require light , sweet crude...

That's just silly.. Canadian crude, Mexican crude and VZ crude are NOT light sweet.

Originally Posted by Margot

Of course I do.. and it doesn't require light , sweet crude...

That's just silly.. Canadian crude, Mexican crude and VZ crude are NOT light sweet.

Correct. And the world's sustainability has decreased the more we've had to lean upon these heavier grades. We've maintained growth via accounting tricks as we've slowly exhausted our WTI.

It will get worse, and is with each passing day we pretend oil baked from clay and rock is viable.

Again, please explain how 600 million barrels in Afghanistan is doing anything at all for your argument?

Originally Posted by Jiggs Casey

Correct. And the world's sustainability has decreased the more we've had to lean upon these heavier grades. We've maintained growth via accounting tricks as we've slowly exhausted our WTI.

It will get worse, and is with each passing day we pretend oil baked from clay and rock is viable.

Again, please explain how 600 million barrels in Afghanistan is a important?

West Texas Intermediate hasn't been a major source since the 1950s..

Originally Posted by Margot

West Texas Intermediate hasn't been a major source since the 1950s..

Learn some nuance. I'm talking about our conventional oil production, which is still priced as WTI. It's the conventional oil that has returned 20:1 return on investment (or much more) and allowed enormous growth, and built our country to what it is today. Bitumen and kerogen synthetics return about 2.5:1. Yawn.

Again, please explain how 600 million barrels in Afghanistan is a big deal.

Crude oil production from the United States averaged approximately 5.48 million barrels per day in January 2011, much less than the country consumes.

In January 2011, crude oil production in Texas averaged 962,338 barrels a day. Like other areas of the United States, this production peaked a generation ago and then entered a long-term decline.

Since 2004, however, production leveled out and has been stable since that time. The oil industry is currently focused on increasing Texas oil development from the Eagle Ford Shale, the northern part of the Barnett Shale, and the Permian Basin.

Read more: http://www.investopedia.com/financia...#ixzz1ox8ATdxx

Originally Posted by Margot

Crude oil production from the United States averaged approximately 5.48 million barrels per day in January 2011, much less than the country consumes.

Yes, which supports my argument entirely.

Originally Posted by Margot

In January 2011, crude oil production in Texas averaged 962,338 barrels a day. Like other areas of the United States, this production peaked a generation ago and then entered a long-term decline.

And we've had to import more and more since. Your point?

Originally Posted by Margot

Since 2004, however, production leveled out and has been stable since that time. The oil industry is currently focused on increasing Texas oil development from the Eagle Ford Shale, the northern part of the Barnett Shale, and the Permian Basin.

Unfortunately, consumption hasn't leveled out. Are you truly aware of what peak oil refers to? Because it increasingly seems you don't.

Originally Posted by Margot

Read more: http://www.investopedia.com/financia...#ixzz1ox8ATdxx

Watch more:

[ame="http://www.youtube.com/watch?v=-zIbOBgDChA"]Colin Campbell predicts financial crisis - YouTube[/ame]

One last time: Afghanistan? 600 million barrels? So?

Originally Posted by Jiggs Casey

Learn some nuance. I'm talking about our conventional oil production, which is still priced as WTI. It's the conventional oil that has returned 20:1 return on investment (or much more) and allowed enormous growth, and built our country to what it is today. Bitumen and kerogen synthetics return about 2.5:1. Yawn.

Again, please explain how 600 million barrels in Afghanistan is a big deal.

Afghanistan just means more oill on the international market at some point.

Our country wasn't built on Texas oil.. It was built on cheap oil from the ME..

Originally Posted by Margot

Afghanistan just means more oill on the international market at some point.

Our country wasn't built on Texas oil.. It was built on cheap oil from the ME..

You just don't get it, and you're being intellectually dishonest and purposefully obtuse for a global geological certainty that somehow damages your sensibilities.

So, I'll save my energy for other posters who do get it, or at least can be honest when applying critical analysis.

Originally Posted by ptif219

We have been hearing this for years yet every year there are new oil deposits found

This falls under estimated world's oil reserves. The new oil deposits are usually found nowadays offshore, hard to get to and expensive to extract. In the future, there will be more reliance on methods like fracking and offshore deep water oil drilling to obtain fossil fuels. These are both energy intensive and hazardous.