When their old infrastructure is dangerous and continues to fail and they’ve been told that by their managers and employees for years because it would cut into their profits, yes that is greed. Just keep kicking the can down the road for someone else to fix the problem. As long as the books look good this fiscal year, I get my bonus.

Kind of like our IT system. Thanks SWA. But hey, that’s another VP’s problem to fix down the line.

You can only throw duct tape on the problem for so long.

 

those high school students would be the "smart" ones in the discussion.

You have to shake your head and then laugh at the gullibility however when the largest supplier in China is the one making the claim that oil is becoming more scarce and anytime is taking it for more than what it is. Kind of like a company that produces experimental vaccines screaming about... oh nevermind.

 

Peak oil is a myth and simply a concept created to push propaganda.

 

Peak oil was of concern when I was a kid (in oil country). It was a thing when al gore was pleasuring himself with glossy magazines and before global cooling.

The idea that oil is produced by geologic process and not from biomass is chemically speaking within the realm of the possible.

But chemically speaking, it would take a very long time, so it's not going to help anybody in this millennia.

Personally I suspect that the oil we access is of the biogenic variety, with possible trace amounts being abiogenic.

The idea that we can readily and practically access an infinite supply of crude is wingnut hogwash... big oil wouldn't bother with the expense and hassle of fracking and ultra deep-sea drilling if that was the case. Or is big oil in on the davos program as well

I pay attention to this because mineral rights in MT. No interest for decades due to the nature of the geology and access, but a few years ago they bought exploratory rights. Wonder why now?

 

What infrastructure are you talking about? To increase/refill depleted oil reserves production companies have to invest in Oil rigs/fleets. That requires capital investment. An investor delegates corporate management to get a sufficient return on capital or return the money to shareholders. With 1st world Gov'ts around the globe doing everything in their power to suppress the price of Oil for the past several years, Managements have been reducing rig counts and returning money to shareholders.

Not a political statement, but Biden campaigned on no more Oil/drilling, then when the price of Oil spiked due to Ukraine/Russia drama he commanded the Oil companies to drill drill drill not knowing that it would have no effect on supply for several years. The Biden Administration even went running to Maduro in Venezuela pleading for help even though for years they publicly recognized Juan Guaido as President. Then came the SPR release. Energy crisis makes politicians do funny things. And you haven't seen anything yet because we are in the early innings of a commodities Supercycle.

Supply and Demand. Energy is the New Tech. Remember those two phrases

 

I can tell you went to college and memorized all the talking points.

 

I don't pretend to know, but I agree that it's quite possible that the rate of use could of course exceed the rate of creation.

If it's a natural process from deep within the earth's core, that seeps its way up to the mantle, then it is indeed also quite possible that it is essentially infinite for our purposes. Meaning we may have possibly only just scratched the surface of the petroleum inside the earth (pun intended) and have centuries worth of petroleum available.

But the truth is no one knows for sure.

 

Again, I’m talking refining capacity. Not rigs, not oil reserves, refineries.

Take a look how all the big oil companies have or are getting the refineries off their books.


Like ESG isn’t a talking point? Another boogeyman to be scared of.

Sorry, I went to college 25 years ago and was an engineer.

 

Tim Robbins on Corporations

 

Of course Biden knew. He's not stupid, no matter how much Republicans want him to be. He also knew that voters as a whole are, in fact, stupid, and want to see him "do something." So he "did something."