Yay! It's that time of the month again! The time when anyone interested in oil supply goes to the IEA website, and anyone whose a peaker blocks out reality - i.e. they insist only yesterday's method for oil extraction is valid. A Quadrilllion barrels found in some rock formation? Peakers insist it doesn't count, because we'll use at least todays tech to extract it.
Anyway, lets pretend there's some yet undiscovered reason why a barrel of oil doesn't count if we extract it with todays bucket and spade, rather than a bucket and spade bought last week.
Let's have a separate thread to celebrate the new long and golden age of oil of the 21st century. Also, its hard to keep track of all the new oil production records that are being set, its happening every other month!
peakers say all liquids is not at all like C&C, even those A.L.s is an excellent proxy to C&C, to within about 6%. http://omrpublic.iea.org/omrarchive/11may12full.pdf
According to the IEA, the world set a new all time monthly oil production record in April 2012
this beats the previous record set just 2 months prior in February of 90.82Mbpd. ( The intial figure for Feb wasn't a record but has been revised UPWARDS, making it the high record, except now April is higher )
This evidences what I say about the IEA making 2 contradictory statements, their figures say peak oil hasn't happened yet, yet they will publish assertions of peak oil being 4 years ago. Still waiting for Pops to get back to me on that one.
next, have to dump this in response to the popular protests from peakers...List of Preemptive peplys to tired old PO religion objections about new oil production record set1.- The new oil is from filthy dirty dried up tar.
Nope, most is high quality conventional crude.2. - It's record high oil prices that will cause society to collapse
Nope. For most of history, oil prices have been increasing, forcing the market to adjust. Never been a problem before. The world economy has grown fast during the history of oil.3. - New oil sources are unconventional, so dont count
1st, wrong, most of the current oil supply is conventional, 2nd why shouldn't the small fraction of unconventional supply count? It's oil. Aren't we allowed to identify new sources of oil and exploit them? Who says? Was it written in the 12 commandments? If new sources aren't allowed, then peak oil happened 150 years ago when bucket and spade from the surface seep oil supply peaked and was being superceded by this new fangled 'dig down thru rock with a pick axe' oil.4. -Oil demand is meeting supply, so that invalidates any new record oil prodcution, meaning peak oil has happened.
By that logic, peak oil happened 8000 years ago, when babylonian oil demand met supply. Also, anyone who tries this protest insinuates that demand meeting supply is some new thing that hasn't effectively happened before. By that logic, after over 8000 years of oil supply being higher than demand, we'd have a strategic petroleum reserve the size of a small sea by now. Dumb.
So what you peakers think to that eh?
My predictions - plenty of oil records will be broken in the next few months, next couple of years. The only cloud on the oil horizon is that in a few years TPTB might decide to crash the oil boom by contracting world money supply and crashing oil prices, like they did last time in late 1970s and early 1980s, then peakers will have something to hype about, at least on paper. In reality it would just be another man-made peak rather than the geological limit.