Peak Oil--A Myth?
05-22-2008 | 11:57 AM
#12
Gets Weekends Off
Joined: Jan 2008
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Here, I'll jumpstart it again, just noticed this thread. I posted this article earlier today on another thread but here goes again, just because it's interesting and it's pertinent:
Wall Street Journal article on materializing potential peak oil situation
Wall Street Journal article on materializing potential peak oil situation
05-22-2008 | 12:42 PM
#14
Line Holder
Joined: Aug 2007
Posts: 78
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From: A319/321 F/O
Not a new theory.....
This is not a new theory. I wouldn't get my hopes up for vast new reserves of crude bubbling up from the abyss......
The idea of abiogenic petroleum origin was championed in the Western world by astronomer Thomas Gold based on thoughts from Russia, mainly on studies of Nikolai Kudryavtsev in the 1800s. Gold's hypothesis was that hydrocarbons of purely inorganic origin exist in the planet Earth. Since most petroleum hydrocarbons are less dense than aqueous pore fluids, Gold proposed that they migrate upward into oil reservoirs through deep fracture networks. Although biomarkers are found in petroleum that most petroleum geologists interpret as indicating biological origin, Gold proposed that Thermophilic, rock-dwelling microbial life-forms are responsible for their presence.
This hypothesis is accepted by only a small minority of geologists and petroleum engineers, and to date has not been particularly successful in predicting petroleum deposits on earth,[11] so it is considered a fringe theory. Methods of making hydrocarbons from inorganic material have been known for some time, but no substantial proof exists that this is happening on any significant scale in the earth's crust for any hydrocarbon other than methane (natural gas). Abundant liquid methane (though not any form of petroleum) has been inferred to be present on Titan, a moon of Saturn, by research data from NASA's Cassini probe. However, Titan has completely different geology from Earth, and is 1,200 gigametres (750,000,000 mi) or 8.0 AU away.
-copied from wikipedia.
-maybe true, maybe not.
The idea of abiogenic petroleum origin was championed in the Western world by astronomer Thomas Gold based on thoughts from Russia, mainly on studies of Nikolai Kudryavtsev in the 1800s. Gold's hypothesis was that hydrocarbons of purely inorganic origin exist in the planet Earth. Since most petroleum hydrocarbons are less dense than aqueous pore fluids, Gold proposed that they migrate upward into oil reservoirs through deep fracture networks. Although biomarkers are found in petroleum that most petroleum geologists interpret as indicating biological origin, Gold proposed that Thermophilic, rock-dwelling microbial life-forms are responsible for their presence.
This hypothesis is accepted by only a small minority of geologists and petroleum engineers, and to date has not been particularly successful in predicting petroleum deposits on earth,[11] so it is considered a fringe theory. Methods of making hydrocarbons from inorganic material have been known for some time, but no substantial proof exists that this is happening on any significant scale in the earth's crust for any hydrocarbon other than methane (natural gas). Abundant liquid methane (though not any form of petroleum) has been inferred to be present on Titan, a moon of Saturn, by research data from NASA's Cassini probe. However, Titan has completely different geology from Earth, and is 1,200 gigametres (750,000,000 mi) or 8.0 AU away.
-copied from wikipedia.
-maybe true, maybe not.
05-22-2008 | 05:50 PM
#15
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If we dumped 100,000-150.000 barrels from the SPR onto the market then perhaps the bubble that we are in would bust in regards to oil prices
But then again I,m just a pilot
But then again I,m just a pilot
Daily worldwide oil demand is in the range of 84 MILLION barrels a day right now. Your 150,000 extra per day would not even be a drop in the bucket. Not only that, but now you've depleted the SPR and you have to start building it up again at some point.
President Bush is close to signing legislation that will divert oil from the SPR to the market for the rest of the year. This is about an extra 70,000 barrels per day. Watch what happens to gas prices in this country. You will see you're theory doesn't work.
05-22-2008 | 05:54 PM
#16
HOSED BY PBS AGAIN
Joined: Mar 2005
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05-22-2008 | 07:00 PM
#17
First Rule of Fight Club
Joined: Jan 2007
Posts: 1,536
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From: My seat smells like cat pee
Yes, you are just a pilot and you just proved it with the above statement.
President Bush is close to signing legislation that will divert oil from the SPR to the market for the rest of the year. This is about an extra 70,000 barrels per day. Watch what happens to gas prices in this country. You will see you're theory doesn't work.
President Bush is close to signing legislation that will divert oil from the SPR to the market for the rest of the year. This is about an extra 70,000 barrels per day. Watch what happens to gas prices in this country. You will see you're theory doesn't work.
05-25-2008 | 06:36 PM
#18
Gets Weekends Off
Joined: Jan 2007
Posts: 109
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From: Sidelined
eventually at some point the price will prohibit use, thats the only way to lower the price,,it's a supply and demand thing. Demand is high and supply is at close to max since with the lower prices until a few years ago it was not viably smart to explore the more costly ways of getting up oil.
There is no lack of oil, just lack of current ability to produce and refine the stuff. And with no real urge from oil producers and oil companies to see the price/profits decline by increasing the production we are stuck with the situation as is.
Are we running out of oil? NO, are we limited at bringing up enough to meet current demands with the fields currently in service? YES, will it change? that is the question that will determine our future as we know it.
There is no lack of oil, just lack of current ability to produce and refine the stuff. And with no real urge from oil producers and oil companies to see the price/profits decline by increasing the production we are stuck with the situation as is.
Are we running out of oil? NO, are we limited at bringing up enough to meet current demands with the fields currently in service? YES, will it change? that is the question that will determine our future as we know it.
05-26-2008 | 06:24 AM
#20
Gets Weekends Off
Joined: Jun 2006
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another source of oil in the US !
The Bakken Oil Field
The Oil Find That Trumps Saudi's Biggest Oil Field
By Ian Cooper
Tuesday, April 8th, 2008
Comfortable with $100+ oil prices, OPEC oil exporters refused to increase output, a move that quickly sent oil above $108 a barrel.
"At the moment there is enough oil in the market and no need to change OPEC's output," said OPEC general secretary Abdullah al-Badri, opting to blame the "US economic recession, lack of refining capacity and depreciation of the dollar's value" for higher oil prices.
While true, what if the U.S. could tell OPEC oil exports where they could stick their oil? What if we could significantly reduce our dependency on foreign oil, and sit back as the Middle East lost billions in oil revenue?
Well... if all goes according to plan, we may be able to do just that.
The Next Oil Boom Is Upon Us... in the Bakken Oil Field
U.S. consumers paid out $340 billion to import 14 million barrels a day... just for 2007. And it's only likely to get worse. We're already paying more $3.30 for a gallon of gas on gushing pre-summer driving season oil prices.
Sure, U.S. oil production has been spiraling downward for the last 40 years. But there's one area that's just starting to heat up, one that could boost our oil reserves 10 times over.
We're talking about the opportunity to meet all U.S. oil needs for the next two decades. That's huge.
Think about that. What if we could reduce our dependency on foreign oil? The Middle East would lose its marbles.
Locals call it "The Bakken." It's a behemoth oil reserve stretching across North Dakota, Montana and southeastern Saskatchewan... a reserve so massive it contains 10 times more barrels of oil than Alaska's North Slope. It's something my colleague Keith Kohl has been telling you about for months in his Bakken Oil Formation report.
While the U.S. Geological Survey has reported the Bakken field could hold more than 400 billion barrels of recoverable oil, a new report offering an accurate assessment of the Bakken Formation will be released over the next 30 days, finishing the work started by scientist Leigh Price.
Price had estimated that the Bakken field held as many as 900 billion barrels of oil, but died before the work could be published or reviewed. Some pegged it at close to 200 billion to 300 billion, with others calling for more than 400 billion.
Until recent years, the technology simply wasn't available to economically extract the oil from the Bakken shales, making product efforts overwhelming. But with breakthrough techniques such as horizontal drilling, the full potential of the Bakken play can now be developed. And it's well worth it given high oil prices and technological advancements.
Bakken's Black Gold... Right Here in America
Thar's black gold in them thar hills... This time in North Dakota. And as we mentioned above, the discovery could be significant. Unlike Northern Canada's oil sands, the Bakken's oil can be extracted relatively cheap, without the use of energy intensive processes.
That news alone means North Dakota could be headed for a boom oil year.
In January 2008 alone, the North Dakota Oil and Gas Division issued 90 permits to drill. At that pace, the number of permits could double those of last year, and "be near the record 1,098 issued in 1981," according to reports.
Truth told, with oil prices likely to remain well above $100, these are exciting times. The time for oil sticker shock is over.
You can stand by with your jaw on the floor over $100+ oil, or you can profit from a possible solution, like editors of "The $20 Trillion Report" are about to.
Take care,
Ian L. Cooper
http://www.wealthdaily.com
The Oil Find That Trumps Saudi's Biggest Oil Field
By Ian Cooper
Tuesday, April 8th, 2008
Comfortable with $100+ oil prices, OPEC oil exporters refused to increase output, a move that quickly sent oil above $108 a barrel.
"At the moment there is enough oil in the market and no need to change OPEC's output," said OPEC general secretary Abdullah al-Badri, opting to blame the "US economic recession, lack of refining capacity and depreciation of the dollar's value" for higher oil prices.
While true, what if the U.S. could tell OPEC oil exports where they could stick their oil? What if we could significantly reduce our dependency on foreign oil, and sit back as the Middle East lost billions in oil revenue?
Well... if all goes according to plan, we may be able to do just that.
The Next Oil Boom Is Upon Us... in the Bakken Oil Field
U.S. consumers paid out $340 billion to import 14 million barrels a day... just for 2007. And it's only likely to get worse. We're already paying more $3.30 for a gallon of gas on gushing pre-summer driving season oil prices.
Sure, U.S. oil production has been spiraling downward for the last 40 years. But there's one area that's just starting to heat up, one that could boost our oil reserves 10 times over.
We're talking about the opportunity to meet all U.S. oil needs for the next two decades. That's huge.
Think about that. What if we could reduce our dependency on foreign oil? The Middle East would lose its marbles.
Locals call it "The Bakken." It's a behemoth oil reserve stretching across North Dakota, Montana and southeastern Saskatchewan... a reserve so massive it contains 10 times more barrels of oil than Alaska's North Slope. It's something my colleague Keith Kohl has been telling you about for months in his Bakken Oil Formation report.
While the U.S. Geological Survey has reported the Bakken field could hold more than 400 billion barrels of recoverable oil, a new report offering an accurate assessment of the Bakken Formation will be released over the next 30 days, finishing the work started by scientist Leigh Price.
Price had estimated that the Bakken field held as many as 900 billion barrels of oil, but died before the work could be published or reviewed. Some pegged it at close to 200 billion to 300 billion, with others calling for more than 400 billion.
Until recent years, the technology simply wasn't available to economically extract the oil from the Bakken shales, making product efforts overwhelming. But with breakthrough techniques such as horizontal drilling, the full potential of the Bakken play can now be developed. And it's well worth it given high oil prices and technological advancements.
Bakken's Black Gold... Right Here in America
Thar's black gold in them thar hills... This time in North Dakota. And as we mentioned above, the discovery could be significant. Unlike Northern Canada's oil sands, the Bakken's oil can be extracted relatively cheap, without the use of energy intensive processes.
That news alone means North Dakota could be headed for a boom oil year.
In January 2008 alone, the North Dakota Oil and Gas Division issued 90 permits to drill. At that pace, the number of permits could double those of last year, and "be near the record 1,098 issued in 1981," according to reports.
Truth told, with oil prices likely to remain well above $100, these are exciting times. The time for oil sticker shock is over.
You can stand by with your jaw on the floor over $100+ oil, or you can profit from a possible solution, like editors of "The $20 Trillion Report" are about to.
Take care,
Ian L. Cooper
http://www.wealthdaily.com
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