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

Discussion in 'Environment & Conservation' started by Jiggs Casey, Mar 11, 2012.

  1. PeakProphet

    PeakProphet Active Member

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    Quite true. Also, there appears to be information suggesting we are still producing more. I wonder why people are claiming peak oil has happened when it hasn't?

    [​IMG]
     
  2. PeakProphet

    PeakProphet Active Member

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    Why does that matter? Canada is producing more oil from non-oil sources in the form of tar sands, and they have a trillion barrels of the stuff. We put it in our gas tanks just like gasoline derived from light sweet crude. You appear to be making a distinction without a difference. Why?
     
  3. Margot

    Margot Account closed, not banned

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    The Import Export Bank.. all Bush appointees.. gave Brazil a line of credit that can only be spent in the US with US companies that provide services, equipment and systems for the oil business.

    Its good for US companies and US jobs.

    You know what Line of Credit means??
     
  4. Jiggs Casey

    Jiggs Casey New Member

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    This long-debunked RW myth that developed from internet chain mail is your response? Wow. Do you vet any of your talking points before you pontificate on them?
     
  5. Jiggs Casey

    Jiggs Casey New Member

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    so now we're morphing the argument from sweet light crude to rare earth minerals... cool.

    Still no links to support your claims.
     
  6. Margot

    Margot Account closed, not banned

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    Gad.. I have linked so much to both natural resources in Afghanistan and Balochistan, I guess I just assume most people know after all these years.

    I'll find the info for you..

    Meanwhile,

    Rig counts seem to be up world wide.

    In the first quarter of 2011, worldwide and U.S. rig counts were up 20.5 percent and 27.6 percent, respectively, over first quarter 2010 levels.

    The U.S. Energy Information Administration (EIA) expects oil markets to continue to tighten over the next two years given expected robust growth in world oil demand and slow growth in supply from non-OPEC countries.

    Total world oil consumption is forecast to grow by an annual average of 1.5 million barrels per day in 2011 and 2012. World consumption of crude oil and liquid fuels grew by approximately 2.7 percent in 2010 to a record high of 86.7 million barrels per day.

    continued............


    http://www.upstreampumping.com/artic...ide-rig-counts
     
  7. PeakProphet

    PeakProphet Active Member

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    Why the fascination with only light sweet crude? That is like saying that only gold nuggets 16 ounces in size and larger matter and anything smaller is insignificant, yet we know this is not true?
     
  8. Margot

    Margot Account closed, not banned

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    Afghanistan will start accepting investor offers next week to explore for at least 600 million barrels of crude oil in the western half of the Afghan-Tajik Basin, the country’s mining minister said.

    http://www.bloomberg.com/news/2012-...auction-for-possible-600-million-barrels.html

    Balochistan province is a mineral rich area having substantial mineral, oil and gas reserves which have not been exploited to their full capacity or fully explored, recent government policies have begun to develop this region of the country and to tap into the immense resources found there. The province has significant quantities of copper, chromite and iron, and pockets of antimony and zinc in the south and gold in the far west. Natural gas was discovered near Sui in 1952, and the province has been gradually developing its oil and gas projects over the past fifty years.[3]

    Major reserves of copper and gold in Balochistan's Reko Diq area have been discovered in early 2006. The Reko Diq mining area has proven estimated reserves of 2 billion tons of copper and 20 million ounces of gold. According to the current market price, the value of the deposits has been estimated at about $65 billion, which would generate thousands of jobs.

    The discovery has ranked Rekodiq among the world's top seven copper reserves. The Rekodiq project is estimated to produce 200,000 tons of copper and 400,000 ounces of gold per year, at an estimated value of $1.25 billion at current market prices. The copper and gold are currently traded at about $5,000 per ton and $600 per ounce respectively in the international market

    http://en.wikipedia.org/wiki/Industry_of_Pakistan
     
  9. Taxcutter

    Taxcutter New Member

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    Who in their right mind would invest a dime in Afghanistan or Balochistan?
     
  10. Margot

    Margot Account closed, not banned

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    Their neighbors.. the Chinese.
     
  11. Taxcutter

    Taxcutter New Member

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    And how would the Chinese protect their investment in land of thieves?
     
  12. Margot

    Margot Account closed, not banned

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    The Chinese have used a completely different approach.

    They have set up a mining operation.. They are building a power plant and a railroad... and they have signed up to develop four oil concessions.

    In short they are creating jobs in a country that hasn't known any sort of stability since 1980.

    And, by all reports.. its working.. in the north and has generated a whole new cottage industry of small merchants and traders.
     
  13. Jiggs Casey

    Jiggs Casey New Member

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    Because light sweet crude is what our empire is built upon. Heavy unconventionals that return about 30% of light crude's EROEI will NOT sustain growth.

    Please research the term "net energy," and the Laws of Thermodynamics.

    Your analogy is painfully poor, as gold doesn't produce energy.
     
  14. Margot

    Margot Account closed, not banned

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    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.

    In Saudi Arabia they sell all the junk that they refine out of the lower grades.. and sell it..

    They are probably the largest exporter of fertilizers made from Urea to Southeast Asia.

    And they sell sulfur and some other stuff as well..

    The company that I am most familiar with is Agrifert.
     
  15. Jiggs Casey

    Jiggs Casey New Member

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    So, this is your evidence? Six days of energy at current consumption rates? This is what supports your claim that Afghanistan is awash in oil and that peak is some 'red herring?'

    The world consumes 89 million barrels per day, and you're fanning your feathers over contracts for 600 million barrels of crude.

    Do better.

    That's great... But again, this discussion is about energy. Not minerals. Please stay on topic.
     
  16. Jiggs Casey

    Jiggs Casey New Member

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    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.
     
  17. Margot

    Margot Account closed, not banned

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    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.
     
  18. Jiggs Casey

    Jiggs Casey New Member

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    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?
     
  19. Margot

    Margot Account closed, not banned

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

    Jiggs Casey New Member

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    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.
     
  21. Margot

    Margot Account closed, not banned

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    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/financial-edge/0511/Top-6-Oil-Producing-States.aspx#ixzz1ox8ATdxx
     
  22. Jiggs Casey

    Jiggs Casey New Member

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    Yes, which supports my argument entirely.

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

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

    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?
     
  23. Margot

    Margot Account closed, not banned

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    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..
     
  24. Jiggs Casey

    Jiggs Casey New Member

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    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.
     
  25. Peter Szarycz

    Peter Szarycz New Member

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    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.
     

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