Posted on 12/03/2014 9:49:35 AM PST by Hojczyk
“The price is still right but it might not be for long.”
Oh it won’t be for long for sure. The Saud’s will make certain the prices shoot right back up to provide them their financing of World terror along with other Islamist countries.
Right now they are just putting down the competition long enough to make them think twice about investing in competing with them again.
Well, that saves dinosaur in my back yard. I was going to kill the darn thing to create oil for the next generation.
Now I have to feed it.
This from the functional retard that told us the internet would have no bigger impact on the economy than the fax machine.
Referring to Krugman, not the author of the article. Should have been more clear.
$2.769/gal here in southern DE.
Should be at least 20 cents cheaper based on the RBOB of gasoline the past ten days.
Did you name it Dino after the Sinclair dinosaur?
It is my belief that oil is being constantly created by natural processes in the earth.
So ... in a way, one could say we will never run out of oil.
However. I do believe oil will become harder and more expensive to extract over time. Unless a system similar to crop rotation is employed.
>>Did you name it Dino after the Sinclair dinosaur?<<
Well, yes but it was after the Flintstones... Don’t tell him about the Sinlcair dino — it will give him a swollen head.
>>However. I do believe oil will become harder and more expensive to extract over time. Unless a system similar to crop rotation is employed.<<
They seem to have that fracking thing down pretty well.
yes, that has helped release oil from otherwise hard to extract areas, but eventually that will also be played out (at least for awhile)
I do believe that if left alone nearly any old oil field will in time replenish itself.
If Krugman declared that the sky was blue, I'd have to step outside and look just to be sure.
Yes and a few years ago I read a science report affirming the same. Can't remember the report or where I got it but it seem that the hot center of the earth somehow is like a furnace and decomposition will continue on earth for an unlimited time. I might have misunderstood it since science is not my bag.
http://en.wikipedia.org/wiki/Abiogenic_petroleum_origin
Not everyone accepts the theory, but it sure is interesting.
There is an assumption in any attempt to quantify the amount of oil that we can get to.
That assumption includes constant technology and current prices.
Yes, there is a limit as to how much oil can/will be extracted at current prices and technology.
But it’s impossible to determine how much total oil is available with changing technologies and higher profit motives.
I was interested in what it said about the amount of natural gas we have. With all that gas,I have to wonder why so many home heating bills are so high. From what I can see,the gas price for what is used is cheap enough,but then they add on every little item to the itemized bill,such as the CEO’s 2nd wife’s nephew’s 401K.
Oil is a b-product of the natural decomposition of organic material. Put under intense pressure and heat, oil is created from the slurry. As long as life exists on the planet, we will have oil.
We have not found even 10% of what is in the crust alone. We are constantly finding more. "Peak oil" is just another liberal (Krugman) canard. We will move on to other energy sources long before we run out of fossil fuels... so it makes ZERO sense to leave it in the ground when it is at its most valuable.
>>I do believe that if left alone nearly any old oil field will in time replenish itself.<<
It worked for my ex-wife...
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