Originally posted by Andrew HamiltonThe United States is the only industrialized country with domestic oil reserves that untapped. In the meantime, China/Cuba oil rigs are sitting 45 miles off the coast of Florida sipping our milk shake!
I agree with everything that article says. It basically says that the US public are generally deluding themselves to believe the totally absurd and delusional belief that we can all just keep on running our cars as often as we do now despite the fact the oil is running ever scarcer because economical alternatives will be found in time (there is curre ...[text shortened]... id it is not just the US public that have these dilutions for I see it in the UK public as well.
2 edits
Originally posted by uzlessIt's the opposite. GS benefits the most (regarding the current futures contracts) if the actual spot prices in the future are low.
GS has the largest oil futures fund in the world. Guess who benefits if oil goes up?
But I agree that one should be very skeptical about their figures, as they have an interest in pushing expectations of future spot prices up.
Originally posted by flexmoreIf we can find the water required in the coal cracking process.
The cheapest oil that simply gets pumped up from underground caverns is likely to not last for all that long.
There is also oil in sands and other places ... with some very dirty processing it can yield oil for your car; there are lots of places with this stuff. New ways are also being investigated to convert coal into oil; and there is lots and lots ...[text shortened]... ty for our planet yet we used it all up, then will we simply start using the even dirtier stuff?
Just a thought to all those who say peak oil is just a marketing scam or a supply side contraction to boost the price, or a speculative frenzy that will burst when the market finally corrects itself, there is one simple part of this equation, and that is pure demand for more and more and more!
Because we are right in the middle of oil reaching its peak we are possibly not able to recognize its appearance. The truth is whatever the excuse that gets offered to suggest that we are a long way off, it seems that no matter how production increases their are consumers willing to soak up that supply.
The supposed drivers of the downward spiral are that the Chinese will allow their prices to go up in order to slow their demand, and apparently they have been stockpiling oil like crazy so that they can buffer the price downwards. But the other side of things are that the big equity funds are using oil to hedge against a weak dollar, and you have the twister hurricane season about to hit the states and with Iran getting off a couple of showcase ballistic tests in the past 48 hrs, you have all the preconditions for even more instability in oil supply.
Peak oil as a concept may have nothing to do with actual recoverable oil deposits. The truth is known reserves are always an estimate of exploration surveys already conducted and bear no direct relationship with what is actually out there. This has always been done to protect the commodity price of oil. If however you see Peak Oil as a paradigm that explains prevailing supply and demand mechanisms, then I think the embeddedness between the Cartels, the World economy, supply disruptions, actual increasing demand, and the speed at which the financial community can exploit infinitesimal and incremental deviations in the oil/dollar exchange parity, and we are right there,smack bang in the middle of a scenario where going forward it is now in everyones interest to keep pumping up the price of crude.
Originally posted by kmax87Hammer on the nail
If we can find the water required in the coal cracking process.
Just a thought to all those who say peak oil is just a marketing scam or a supply side contraction to boost the price, or a speculative frenzy that will burst when the market finally corrects itself, there is one simple part of this equation, and that is pure demand for more and more and more! ...[text shortened]... nario where going forward it is now in everyones interest to keep pumping up the price of crude.