Skip to comments.Peak Oil Bites the Dust
Posted on 01/29/2013 5:05:25 AM PST by Renfield
$20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia' ... Coober Pedy has between 3.5 billion and 233 billion barrels of oil Australia could change from oil importer to exporter ... South Australia is sitting on oil potentially worth more than $20 trillion, independent reports claim - enough to turn Australia into a self-sufficient fuel producer. Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil. At the higher end, this would be "several times bigger than all of the oil in Australia", Linc managing director Peter Bond said. This has the potential to turn Australia from an oil importer to an oil exporter. – Advertiser
Dominant Social Theme: We are running out of oil and fracking is just a ruse to keep us believing in a consumer society for a while longer.
Free-Market Analysis: For years, so many years, we've launched article after article pointing out the insanity of beliefs in elite "scarcity memes."
And Peak Oil has been one of the most stubborn and longest-lasting. We've argued that the market itself (the Invisible Hand) would find a way to generate energy – via more oil or with other energy sources – if oil was actually running out. But we didn't really think oil WAS running out. We believed it was just another manipulation.
We've traced that manipulation many times. Just search for Peak Oil and Daily Bell. It's laid out in detail, and to give credit where credit is due, we are not the only alternative mainstream journos to have made the case. There are plenty of others who've delved into the Peak Oil scam and exposed it.
Memes like Peak Oil and global warming are, in fact, propaganda ... launched by a power elite that wants to control the world and needs to frighten people about the availability of basic resources in order to do it.
The memes are carefully constructed and come out of such places as Tavistock. They are then propounded in scientific journals, elaborated on by elite-controlled think tanks, reporter on in mainstream media and finally "acted upon" by the United Nations and various legislatures.
It has been estimated that the top elites can create any paradigm they wish with less than 6,000 allies emplaced at critical junctures around the world. You don't need to have a lot of people "in the know" – only a few in the right spots.
This is how the conspiracy works. This is how it is kept secret (at least to a degree). Of course, in the 21st century none of this matters very much. Thanks to available 'Net information many have pretty much figured out what's going on. And as a result, the elites are having a harder and harder time spreading their scarcity memes.
Many of these memes are collapsing now. Peak Oil would seem to be one of them. Here's more from the article excerpted above:
State Mineral Resources Development Minister Tom Koutsantonis said there were exciting times ahead for SA's resources industry. "Shale gas and shale oil will be a key part to securing Australia's energy security now and into the future," he said ...
Mr Bond said there was the potential for a US-style "shale oil" boom in SA.
The Wall Street Journal reported last week the US could pass Saudi Arabia as the world's largest oil producer this year, thanks to the shale oil explosion.
Shale oil extraction involves using new technologies to drill vertically and then horizontally for distances of more than one kilometre through shale rocks that contain oil.
The process was once prohibitively expensive but advances have created a new oil boom in the US.
Mr Koutsantonis said: "We have seen the hugely positive impact shale projects like Bakken and Eagle Ford have had on the US economy.
"There is still a long way to go, but investment in unconventional liquid projects in South Australia will accelerate as more and more companies such as Linc Energy and Altona prove up their resources."
Mr Bond said the potential in SA was "massive", but even at the lower end of estimates - about 3.5 billion barrels - it was still very large.
"If you look at the upper target, which is 103-233 billion barrels of oil, that's massive," he said.
"The opportunity of turning this into the next shale boom is very real."
So now there are two countries where oil resources may suddenly exceed that of Saudi Arabia! In fact, it never made sense that the Middle East was the repository of the world's oil. It was just too ... coincidental. The Saudis had all the world's oil and they were willing to cooperate with the US to sell for dollars and nothing else.
Oil scarcity and Saudi cooperation made the dollar reserve system possible.
But now the dollar reserve system is failing and the powers-that-be don't need the old system. "They" want to move toward a global currency.
And thus it would seem all over the world oil is suddenly blooming ... and the means to remove it from places that hitherto were seen to be parched of petrochemicals entirely is becoming available and practical.
Oil is probably abiotic, at least in part. Scarcity is man-made. You know, it is brought to us courtesy of the same elites who are now conspiring to inform us that there is plenty of oil, though it must be "fracked."
Our thought is that with all the talk of Tesla's hidden breakthroughs regarding the reality of telluric energy, the elites realize that the reality of energy is going to emerge.
We live, after all, in a universe of energy plenty not energy scarcity.
Make oil more available and maybe you can stave off Tesla's insights and their implementation a bit longer (if indeed they are viable).
Conclusion: Here's another thought: The Internet Reformation is a process not an episode.
Is Obama going to make Australia the 52nd State?
Poor Guam and Puerto Rico :(
This news alone should be enough to lower the cost of crude, thereby lowering the cost of a gallon of gas. So why isn’t it?
The people who really run things (Rockefellers, Rothschilds, etc) operate on a “resource scarcity” paradigm. They want us to think that resources are scarce and dwindling, even if they aren’t....thus the continued inflated prices.
This tiny group does everything it can to order the world’s economic system in such a way as to funnel all of the world’s wealth to it. It’s time we stopped cooperating.
Well, 3.5B barrels is only about 6 months worth for the U.S.
100B would be about ~16 years worth though.
We currently use between 6 and 7 billion barrels a year, and that has been declining.
The author's point, however, is absolutely correct. Here are some recent oil deposit estimates:
Canada 3 Trillion Barrels
USA 2 Trillion Barrels
Saudi Arabia 250 million Barrels
??? Earth batteries? Really?
The scarcity meme seems more appropriate to those who want to control us; it’s easier to mandate rationing and limits if it is in the name of fair distribution of goods and prevent it from running out.
In”1984”, artificial scarcity was induced to enable fascism / communism.
In a world of plenty, the government has a hard time using plentiful material goods to manipulate people.
I’ve always said that if you simply allow the free-flow of oil, things will work out, even if the lefties are right for once as in Peak Oil.
So if they were right, what would happen? The price of oil would GRADUALLY go up, as extraction gets more expensive. People would move away from it, gradually. Maybe smaller cars, smaller houses, more efficiency, other fuels - who knows, and why care about it. Unlike what Jimmy Carter said, we WOULD NOT run out of oil (overnight). We would NEVER run out of oil...it would just be more and more expensive. That’s called the FREE MARKET (for you public school graduates).
What IS NOT needed is “government action” to FIX this.
I remember having countless arguments on this forum about this issue when I was a regular participant. There are/were some die hard peak oil adherents that could not be swayed with facts or logic. I win. :)
What happens when you rotate a magnet in an electric field? you generate electricity! The earth is a giant magnet (we do have magnetic poles....the mantle is iron), and the Earth travels through the sun’s electrical field as it moves through space. The earth itself is a giant generator. We just need to find the most efficient way to utilize the Earth’s energy.
Cool, thanks for the link.
I wonder how many watts can be generated over 1/2 mile.
:-) Their logic is flawed. We don't need to have a limitless supply of oil, forever. We only need an adequate supply of oil, until a cheaper and/or better and/or more plentiful replacement is found.
IF the former were true, then Peak Oil adherents would be spot on...sooner or later, we'd run out. But it's not true, so they're incorrect.
I've no idea why people would subscribe to an idea championed by Jimmy Carter. Just his support alone would be enough to convince me that it was foolishness. :-)
The current price of gas is determined by the current price of crude oil. The repeated use of the word “current” is intentional. There is a considerable delay between exploration that identifies a crude oil source and actual pumping of the oil. That delay can turn into years or decades when the “powers that be” prefer to have the US fully dependent on foreign sources made fragile by constant warfare.
LOL, the Peak Oil people were horribly, embarrassingly wrong. I notice they've mostly gone away these days.
I've got your back.
Seriously, I had never heard of these Earth Batteries. The sea water generators is even more intriguing. I wonder how much energy they could produce seeing as how we have the Gulf Stream right off the Southeastern coast moving a lot of salt water in a fairly tight band, 24/7.
I'm just sayin'.
Of course it does, just like “Peak Food” did in 1968(?) when the liberals were all proclaiming we’d all be dead of starvation by 1990, that the world couldn’t possibly support more than 5 billion people. Liberals suck as science.
Doubt it. It is becoming apparent that we have abundant oil and natural gas to keep us going for generations upon generations to come. As the technology improves to go get it and competition increases, prices will fall.
Peak Oil was a bunch of crap. There is no refuge for the peak oilers who predicted doom and gloom. Better they just admit they were completely wrong as even environmental alarmists like George Monbiot did.
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