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PeakOil is You

PeakOil is You

Moron Economics

Discussions about the economic and financial ramifications of PEAK OIL

Moron Economics

Unread postby UncoveringTruths » Fri 10 Dec 2004, 12:01:50

WASHINGTON - While the recent flurry of record oil prices may be temporary, government analysts said Thursday that $30-a-barrel oil should be expected for decades to come.

Crude is likely to cost about $35 a barrel in 2025, an increase that is nearly a third higher than predicted a few years ago, according to a long-term energy outlook report issued by the federal Energy Information Administration.

Guy Caruso, the agency's director, acknowledged that long-term predictions for energy prices 20 years into the future are difficult and subject to change should there be unexpected global events that might affect oil supply or demand.

The agency's forecast is largely dependent on current assumptions about future oil production and expected economic growth which will determine the intensity of demand for oil and other energy sources.

The forecasts estimate that world oil production will grow from about 80 million barrels a day to 120 million barrels a day in 2025.


Let's see whats wrong with this. In 2025 he estimates a barrel will be $35 when in the last 4 months it has been $40+. I tell you things just don't add up. [smilie=icon_scratch.gif]

Report Expects High Oil Prices for Decades
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Unread postby Madpaddy » Fri 10 Dec 2004, 12:14:48

Of course it adds up.

Oil is created far below the earth's surface and all we have to do is dig deep enough.

Once we have enough drilling rigs to core 100 miles or more we have access to all the oil we could ever want. It will take until 2020 to have 120 million bpd output but with more investment we can hope to have production of 1 billion bpd by 2050. :roll:

WHAT A JOKE

With articles like that you have to rate our chances of a non-catastrophic transfer to a post oil world as nil.
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Unread postby DomusAlbion » Fri 10 Dec 2004, 12:19:53

MadPaddy wrote:

"Oil is created far below the earth's surface and all we have to do is dig deep enough.

Once we have enough drilling rigs to core 100 miles or more we have access to all the oil we could ever want."

You are kidding, of course. Aren't you? :?
"Modern Agriculture is the use of land to convert petroleum into food."
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Unread postby UncoveringTruths » Fri 10 Dec 2004, 12:23:52

Some Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor. [smilie=laughing9.gif]
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Unread postby Madpaddy » Fri 10 Dec 2004, 12:26:29

I am joking but of course I always joke.

It will become a hazard one of these days. Drill bits appearing everywhere at random - a bit like the worms in Dune.

Beware dppearing drill bit signs everywhere.

:P :P :P
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Unread postby Permanently_Baffled » Fri 10 Dec 2004, 12:27:10

UncoveringTruths wrote:Some Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor. [smilie=laughing9.gif]


LOL :lol:
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Unread postby UncoveringTruths » Fri 10 Dec 2004, 13:02:32

Here's something 26 minutes ago.

PARIS (AFP) - The International Energy Agency trimmed its forecast for growth in global oil demand next year but warned that prices were likely to remain high and dismissed producer fears of a sharp fall as "overstated."

The IEA's monthly market report appeared as ministers from the Organization of Petroleum Exporting Countries, meeting in Cairo, were poised to approve a cut in production to prevent further price erosion.

But the IEA insisted that while prices may have eased a bit of late, "the market is not out of the woods yet."

"Producer concern over a precipitous fall is prices is somewhat overstated," the report said.

"Plus 40-dollar oil is still high and capacity constraints, geopolitical uncertainty and demand growth will not disappear overnight and will continue to provide price support over the medium term."


IEA trims 2005 world oil demand growth forecast
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Unread postby Kingcoal » Fri 10 Dec 2004, 13:36:13

I think I know how they came up with that figure, the dollar is going to do a reverse split! Say, one for one hundred. Overnight, a hundred years worth of currency depreciation wiped out!
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Unread postby shortonoil » Fri 10 Dec 2004, 22:54:24

What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.
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Unread postby UncoveringTruths » Fri 10 Dec 2004, 23:06:40

So it will sale for $400 a barrel but inflation will make it worth $35. How long will we have smoke blown up our asses. [smilie=5badair.gif]
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Unread postby savethehumans » Sat 11 Dec 2004, 00:57:55

Until the oil and gas needed to run the machine that produces the smoke to be blown into our asses isn't there anymore--THAT'S how long! :lol:
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Unread postby lotrfan55345 » Sat 11 Dec 2004, 02:04:52

UncoveringTruths wrote:Some Chinese farmer one day will be suprised when the bit from one of drilling rigs comes throught the bottom of his floor. [smilie=laughing9.gif]


Or an outsourced IT worker in one of the supertall skyscrapers their building like crazy even in cities of only 500,000.
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Re:

Unread postby AdamB » Sat 01 Jul 2017, 14:44:26

shortonoil wrote:What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.


Interesting that now you link to EIA information nearly every other post, and your entire spurious relationship depends on them. Would you care to inform the group as to why your opinion has changed in such a substantial manner? Or is it just because you were able to maneuver their numbers into your spurious relationship easier than just making up your own?
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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Re: Re:

Unread postby asg70 » Mon 03 Jul 2017, 12:25:38

AdamB wrote:
shortonoil wrote:What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.


Interesting that now you link to EIA information nearly every other post, and your entire spurious relationship depends on them. Would you care to inform the group as to why your opinion has changed in such a substantial manner? Or is it just because you were able to maneuver their numbers into your spurious relationship easier than just making up your own?


It's the difference between true intellectual inquiry and propaganda.

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Re: Moron Economics

Unread postby ROCKMAN » Mon 03 Jul 2017, 16:31:24

"What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some." The EIA isn't "running" anything. It simply collects data and distributes it. If anyone has a more credible source please share it.
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Re: Re:

Unread postby AdamB » Mon 03 Jul 2017, 18:31:26

asg70 wrote:
AdamB wrote:
shortonoil wrote:What are those folks at the EIA smoking! With idiots like this running the helm, we had better all find some.


Interesting that now you link to EIA information nearly every other post, and your entire spurious relationship depends on them. Would you care to inform the group as to why your opinion has changed in such a substantial manner? Or is it just because you were able to maneuver their numbers into your spurious relationship easier than just making up your own?


It's the difference between true intellectual inquiry and propaganda.


I know that. You know that. Maybe one of two of the acolytes out of hundreds will someday learn? Something?
Plant Thu 27 Jul 2023 "Personally I think the IEA is exactly right when they predict peak oil in the 2020s, especially because it matches my own predictions."

Plant Wed 11 Apr 2007 "I think Deffeyes might have nailed it, and we are just past the overall peak in oil production. (Thanksgiving 2005)"
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