haha yes, it’s climbing.
Like US new home sales. Celebrating and hyping 2 and 3% rises when it’s down something like 60% from 2005.
Oklahoma oil production was 780K bpd in about 1928. That was the peak. Now it’s at 260K. That’s down what, about 67%? And that’s with 85 years of technology improvements applied. So it was down 75%, has risen a smidgeon, and now it’s down 67%. Hallelujah!
Good call thackney on the whole easy vs not easy oil. I don’t measure easy in dollars. I measure in joules. How many joules did it take to build a 25 foot wooden tower on site, drill a hole and then stick a pipe over the gusher . . . . vs build a 30 story tall marine rig, stick a ten thousand horsepower engine on it, helicopter a crew to it, drive it for several months several thousand miles to the drill site and then drill in 2 miles of water to the sea floor and down another 10 miles below it?
Folks want to yell about liberalism and printing money . . . sorry, the reason civilization is disintegrating is because of that joules ratio. It is HUGELY more expensive joules-wise to get the 5.6 million BTUs of energy in 1 barrel of oil out of the ground than it used to be. The net joules coming out of the ground have been smashed by the end of easy oil — and this is forever.
Editing myself . . . hate hyperbole.
Not 10 miles under the sea floor. 4 miles. Typical deep water drill depths are 25,000 feet (which is so deep most of these “discoveries” of “BOE” is mostly E . . . Equivalent, i.e., natgas. Too hot that deep for oil to remain oil).