I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Joined: Aug 03, 2006 Posts: 4330 Location: Graceland
Posted: Sat Sep 06, 2008 8:00 pm Post subject: Re: PEAK OIL?
I thought those wells got capped because the price of oil collapsed and they were no longer profitable.
I don't mean to pile on, but that post didn't make any sense. Tankers driving in circles in the ocean to simulate a shortage of oil?
To me, greed is something that is usually reliable, and I can't believe that everyone all over the world isn't producing as much as they possibly can at current prices.
OPEC couldn't enforce production discipline at $40 a barrel. What makes anyone think it could at $140 a barrel? _________________
Posted: Sat Sep 06, 2008 10:33 pm Post subject: Re: PEAK OIL?
Can anyone confirm the capped wells story? I have heard many stories like this now & in different parts of the country & I really don't know WTF to think anymore.
Joined: Aug 03, 2006 Posts: 4330 Location: Graceland
Posted: Sun Sep 07, 2008 8:15 am Post subject: Re: PEAK OIL?
JustaGirl wrote:
Can anyone confirm the capped wells story? I have heard many stories like this now & in different parts of the country & I really don't know WTF to think anymore.
Wells were capped, the question is why.
To me, the obvious answer is because they were no longer profitable because the price of oil collapsed. _________________
Posted: Sun Sep 07, 2008 9:33 am Post subject: Re: PEAK OIL?
BigTex wrote:
JustaGirl wrote:
Can anyone confirm the capped wells story? I have heard many stories like this now & in different parts of the country & I really don't know WTF to think anymore.
Wells were capped, the question is why. To me, the obvious answer is because they were no longer profitable because the price of oil collapsed.
Correct. Nobody "caps" a well that's making a profit unless they are just plain stupid.
Wonder where all this crisis talk is going to go now that the prices of oil and gas are dropping like a rock. Some are saying oil might drop as low as $60/barrel which seems a bit low to me, but who knows? Memories about this kind of stuff in the past have proven to be short to say the least.
Posted: Mon Sep 08, 2008 6:06 am Post subject: Re: PEAK OIL?
Y'all are so mean beating up that poor conspiracy theorist. Now he knows we're all part of the plot too.
Well, he is right about the well plugging. Virtually every well ever plugged is making some oil/gas at the time. As mentioned, it wasn't making a profit but let's not spoil a good consiracy with facts. Actually, under most leases, as long as the well is netting $1 a month you can perpetuate the lease. Even if the well isn't making any money it is holding the lease. Eventually the operator, or someone else, may come up with another well to drill on it. It also costs $3000 to $10,000 to plug a well so if an operator can put it off for a while he's happy.
I always love the "tankers circling in the ocean" story. Ignore the fact that those tankers cost a lot to just have them run idle, if the oil companies want to hold crude off the market to run prices up all that have to do is reduce production at the well head or not buy as much imported oil. Despite some general misconceptions, the oil comapnies are not public utilities. They are free to produce or buy as little oil as they want. The worse penalty they could suffer would be to hurt their public image. I'm sure that fear would keep them awake at night.
Let me have a guess at what Coyote meant. False = Where are the Hydrogen wells?
I'll give you that 'False' is an exceedingly obscure answer to anybody not familiar with the arguments!
Hydrogen, unlike oil, is not an energy resource.
Let me have a guess at what Coyote meant. False = Where are the Hydrogen wells? I'll give you that 'False' is an exceedingly obscure answer to anybody not familiar with the arguments! Hydrogen, unlike oil, is not an energy resource.
The nice thing about Hydrogen is that the "wells" can be anything from wind turbines to nuclear power plants, not to say that it's better than alternatives. Energy is not created or destroyed, the only thing we can do is change it's form and the amount available for useful work given some application. _________________
Posted: Tue Sep 09, 2008 2:19 am Post subject: Re: PEAK OIL?
One of the most frightening aspects (apart from the maths) of PO is that those in denial almost always point to some kind of conspiracy theory to explain events. I've seen a lot of bad situations in business and life, and over 90% of the time they come down to cock-up rather than conspiracy.
I believe conspiracy is often simply used as a smokescreen to hide holes in the argument. _________________ Live, Love, Learn, Leave Legacy.....oh and have a Laugh while you're doing it!
Joined: May 26, 2008 Posts: 1150 Location: Chicago, IL
Posted: Tue Sep 09, 2008 7:06 am Post subject: Re: PEAK OIL?
skeptik wrote:
Hydrogen, unlike oil, is not an energy resource.
Alas, oil is not a form of energy either. An energy resource is the sun, the Earth magnetic field, the Earth core, etc. Oil is a storage of energy. Trillions of trillions of algae (aka the dinosaurs) have been trapped and decomposed during millions of years of solar, thermal, etc, resources, and become oil.
Joined: Feb 23, 2005 Posts: 511 Location: Winnipeg
Posted: Tue Sep 09, 2008 7:52 am Post subject: Re: PEAK OIL?
VMarcHart wrote:
skeptik wrote:
Hydrogen, unlike oil, is not an energy resource.
Alas, oil is not a form of energy either. An energy resource is the sun, the Earth magnetic field, the Earth core, etc. Oil is a storage of energy. Trillions of trillions of algae (aka the dinosaurs) have been trapped and decomposed during millions of years of solar, thermal, etc, resources, and become oil.
hehe dinosaurs.
It is an energy resource in that we gain a profit in energy from collecting it, in the same way we gain an energy profit in using a windmill to generate electricity. The ultimate source of the energy is the sun of course, but energy resource merely refers to the fact that its a resource we can gain energy from as opposed to manufacturing hydrogen.
Joined: May 26, 2008 Posts: 1150 Location: Chicago, IL
Posted: Tue Sep 09, 2008 8:32 am Post subject: Re: PEAK OIL?
zoidberg wrote:
hehe dinosaurs.
Sense of humor is me.
zoidberg wrote:
...energy resource merely refers to the fact it's a resource we can gain energy from as opposed to manufacturing hydrogen.
True, but we don't look at the energy involved to create the ore that it's ultimately transformed in a wind tower. Just like oil, we take it for granted the energy involved in its manufacturing. Actually, technically we can manufacture oil, it just will take "a little" time.
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