The 'Peak Oil' Myth: New Oil Is Plentiful

[RWSchilz]

Correct me if I am wrong here.

Even though there are large quantities of untapped oil out there, isn't it of the type that is not easily refined? The Saudis have lots of oil that they can pump cheap at 20-50 per barrel, this is the type of oil that is running out. The larger fields that have recently been discoved are of a poorer quality oil that requires substantially more refining as well as being more expensive to pump from the ground.

Its the cheap easy to get at oil that we are running out of.

The Saudis cost is less than $5.00 a barrel Bill O'Reilly talked about it on his show. The United States consumes about 18 million barrels of oil each day 58% of that is imported, so roughly 10.4 million at a cost of $138.00 per barrel = $14,352,000,000,000 per day! Someone tell me were is all this money? The number just looks ridiculous.:hehee :)

[robinhoooood]

The Saudis cost is less than $5.00 a barrel Bill O'Reilly talked about it on his show. The United States consumes about 18 million barrels of oil each day 58% of that is imported, so roughly 10.4 million at a cost of $138.00 per barrel = $14,352,000,000,000 per day! Someone tell me were is all this money? The number just looks ridiculous.:hehee :)

A couple quick things....

Our consumption is actually between 20-21 mbpd... I think the EIA is saying around 19.7...

According to the EIA we are getting about 1.5 million barrels a day from Saudi... 3rd behind Canada at 2.4 and Mexico about even at 1.57 or so...

So since we are using a cost in Saudi Arabia... ( $5 ) per barrel... They get 138 * 1.5 million = 207,000,000 per day... from us...

Anyway, you are right that is a lot of money... Makes you wonder why all of these oil companies both national and private are not spending more on discoveries, or drilling, or new rigs for deep water oil.... etc etc... they know that their industry is in its twilight... their goal is to maximize profits... so to do this they only invest what is necessary to get the oil out... they are not worried about the future development.. because they know that the investment required will never be gained back.... so everyone waiting for this massive effort for drilling to start... I wouldn't hold my breath...

And and another thing... I would be careful about quoting Bill for facts on the oil industry... I would not consider him an expert in the field by any means... and I am sure one of his flunkies pulled that off the Google on either the first or second link down....

Also... you cannot apply $5 per barrel of oil to all fields in the world... AND I am almost positive this is not taking into account shipping costs to transport that fuel....

[saint-in-training]

Here's my take on the thing...take it for what it's worth, but I don't think this has anything to do with supply and demand. If that's the case demand went up just about overnight...how is that possible?? As someone said before...is it a myth/secret about the oil?

Watch this again...takes a while, but it's worth it. You'll learn a few things.
http://youtube.com/watch?v=NbakN7SLdbk (Just part one, watch all eight)
Lindsey Williams-The Energy Non-Crisis

There's oil alright, and I'm sure conservationists etc. have had SOME to do with the country's abstaining from drilling, BUT here's my two cents.

Okay, there's your oil up there in the middle of a bunch of caribou or something and the conservationists are claiming we should stop using so much oil. Okay, how do you suppose we just "overnight" stop relying on what we've come to rely upon?? And the answer is...alternative energy, right? Well, that stuff takes time. And you can't go from point A to point C. There has to be a somewhere in between. Should that in between throw our economy into a tailspin? That's what they're suggesting. But you're not seeing the bigger picture. If it's not supply/demand, what is it then?

Speculators?? Somewhat, maybe. Oil Company?? Not really, check out their 4% profit. We're blaming the wrong people. And it's not a secret that there is oil up there. They know, but you have two groups of people then. The A Group: They know, they also know how it came about that we're relying on foreign oil now. And they also know WHY we won't do anything to become self-reliant. A couple words: national debt. These are the people who remain afraid of the mideasterners pulling their $$ out of our pockets which is paying off our debt. And they're going to make us just keep on paying what we are to keep their promise. They will make anything up to keep us from drilling.

Then you have Group B: People who also know there is oil up there and know that if (even though it would take a little time, just as alt. energy also would) we could become self reliant for our own energy that would be best. They want to drill, they even have cleaner ways of doing it, they covered that base. But you're also going to have to understand what this means. If you back out of the promise Kissinger made to the mideasterners you're gonna make 'em mad. And they're not going to keep paying off your debt. So, that means it'll have to come from somewhere else...where??? You. You'll then have that pinned to your price of oil. But we'd then be self reliant, and paying off our own debt.
Wouldn't God tell us to pay our own debts? And not fund terrorists who don't like us or especially Israel. How much of our money goes over there to update their arsenals and where is it trickelling down to? They're arabs.... They believe a certain way, and the grand majority believes Palestine should be a state. Which in turn means dividing Jerusalem, and you know how God feels about that! (Cup of trembling, those who burden themselves...cut in pieces??) So, if you heard Lindsey, you'll know there are bigger forces here. And if we're going to fight a war on terror, we first need to stop funding it.

So, if ya didn't get it, here's the synopsis:
Mideasterners-want our money(get rich[promise to them]/possibly fund terror), paying off our debt with our money(promise to us), charge an amount.
World Bank-setting the amount of a barrel of oil (check out their donation list)
Group A:knows of oil, will not drill, afraid of no more debt pay off(economy collapse)
Group B:knows of oil, want to drill, want to be self reliant

But in all this WHY do they keep saying Supply/Demand? Because buddy we're not supposed to know about that deal that went down in the ME and the $$ coming back to the US to pay down the debt. And they're scared! Scared of economy collapse. So, this must be the "pet name" for their little secret. No secret about the oil, secret about the deal. And that's my two cents...maybe more.

[saint-in-training]

One more little thing.
If they pay farmers not to farm, what makes ya think they won't pay drillers not to drill? I'm sure they know where the oil is in this country and how much. The government is much more slimier than ya think.

[robinhoooood]

One more little thing.
If they pay farmers not to farm, what makes ya think they won't pay drillers not to drill? I'm sure they know where the oil is in this country and how much. The government is much more slimier than ya think.

I would recommend you read a few articles about the myth of America being able to be self reliant. Here is a great one.




Everyone should read this report... this was requested by the Department of Defense in 2005

http://www.nyswda.org/LegPosition/HirschReport.htm

The link is on there...

As far as supply and demand.... It is the fundamental cause for high prices... you would not be able to manipulate the market prices with simple scare tactics... Iran war/ Hurricane season etc etc unless there was no excess supply... Since it is a tight market.. the littlest things can move up the price... this is supply and demand at the core.

Also... the OPEC nations pump oil for money yes... but if you think America would sit by if they didn't want to hand over that oil you are wrong...

[Mulligan]

Okay, there's your oil up there in the middle of a bunch of caribou or something and the conservationists are claiming we should stop using so much oil. Okay, how do you suppose we just "overnight" stop relying on what we've come to rely upon?? And the answer is...alternative energy, right? Well, that stuff takes time.

And, one thing everyone forgets. Sure we need a lot of oil for fuel. However, look around your house and property. Just about everything that is manufactured (not grown) uses some sort of petroleum product. Face it....we've been had.

[saint-in-training]

And, one thing everyone forgets. Sure we need a lot of oil for fuel. However, look around your house and property. Just about everything that is manufactured (not grown) uses some sort of petroleum product. Face it....we've been had.

Yup, next time you're near it, pick up your lotion bottle...petroleum. Plastic bags...petroleum....the list goes on and on.

[RWSchilz]

A couple quick things....

Our consumption is actually between 20-21 mbpd... I think the EIA is saying around 19.7...

According to the EIA we are getting about 1.5 million barrels a day from Saudi... 3rd behind Canada at 2.4 and Mexico about even at 1.57 or so...

So since we are using a cost in Saudi Arabia... ( $5 ) per barrel... They get 138 * 1.5 million = 207,000,000 per day... from us...

Anyway, you are right that is a lot of money... Makes you wonder why all of these oil companies both national and private are not spending more on discoveries, or drilling, or new rigs for deep water oil.... etc etc... they know that their industry is in its twilight... their goal is to maximize profits... so to do this they only invest what is necessary to get the oil out... they are not worried about the future development.. because they know that the investment required will never be gained back.... so everyone waiting for this massive effort for drilling to start... I wouldn't hold my breath...

And and another thing... I would be careful about quoting Bill for facts on the oil industry... I would not consider him an expert in the field by any means... and I am sure one of his flunkies pulled that off the Google on either the first or second link down....

Also... you cannot apply $5 per barrel of oil to all fields in the world... AND I am almost positive this is not taking into account shipping costs to transport that fuel....

Thank you for the clarification, even at 207,000,000 per day is still staggering amount of money.:panic This morning I heard a so called expert say that we would possibly hit "$7.00 a gallon for gas by 2010 paying more for gasoline then we do for food." That has got to be the most ridiculous statement I have ever heard. Gas goes up our food and everything else we need to live on goes up as well. Even at $4.00 & $5.00 a gallon that cost hasn't completely been passed on to the consumer yet, we will all be in for some serious sticker shock in the weeks and months ahead. I do not believe people really understand impact rising energy cost are going have on our every day lives just in the next six months if fuel cost do not begin to stabilize.:scratch:idunno:)