dorlomin wrote:Some as of yet unidentified sudden technological boom happened to allow fracking and tar sand development. But the insinuation (as once more there is no honesty about the position) is that in some way the price is not a big factor.
Your entire mention of price has been a red herring, diverting attention from new production records (the actual topic of this thread!), thus you've been worthy of mockery (not even counting your pompous and vacuous verbiage). I've never denied these new technologies are more expensive than the old ones. In fact, just about a month ago here
OilFinder2 wrote:The only thing that will stop this [tight oil] phenomenon is if the price of oil crashes below about $60, and stays there for an extended period of time.
I also said something similar back in October
OilFinder2 wrote:Yes there can, because the great majority of that bong scraping is profitable at $60 and even $50 a barrel.
Notice in neither of those cases did I say they were profitable at $10 or $20.
But, big friggin deal. Drilling oil out from rocks hundreds or thousands of feet beneath the ground is a hellauva lot more expensive than scraping oil out from pools seeped onto the surface. So I repeat, same thing as has been going on for 150 years. But guess what? You get access to a bigger resource when you do that. There's a lot more oil trapped in porous sandstone formations thousands of feet beneath the ground than there is in seeps located on the earth's surface, and there's a lot more oil trapped in source rocks and other tight rock formations than there are trapped in porous sandstone formations.
OilFinder2 wrote:Step up to the plate and be frank. The price change of the 2000s is a huge factor. While technological developments were merely incremental. We have seen in the gas industry that when the price support for the new methods of extraction drops, the 'technology' becomes unaffordable.
Funny you should mention shale gas. Why did the price crash? Because they got too good at producing shale gas, they glutted the market, and thus crashed the price. Same thing could happen to oil. When it happens, they'll cut down drilling, reducing supplies, and the price will go back up. Has already started happening to natural gas. Classic boom-bust cycle, and hardly unique to the energy industry.
OilFinder2 wrote:Drilling holes into the ground was hardly a new technology in the mid-1800's, but using it to extract a liquid energy source certainly was.
Yet people were extracting energy from the tarsands in the 70s. And using hydrofracking to extract energy in the 1980s. So another failed analogy.
God you are an idiot. I already said ...
OilFinder2 wrote:As for digging tar sands and hydrofracking rock, 20 or 30 years ago the technology existed, but back then it was primitive and was not widely used.
Got proof tar sands and fracking produced large quantities of oil and gas in the 70's and 80's? No you don't, because it didn't. As I said, it's like the internet in the 90's, which was "new" even though it was really 20 years old.
Give it up, you're digging yourself into ever-deeper holes. Maybe if you dig deep enough you'll hit one of those sandstone reservoirs.