Peak Oil News and Message Boards

In remarks that raised some eyebrows in the audience, the nation’s top transportation official said this week that there is an “unlimited supply of oil” in parts of the world.

U.S. Transportation Secretary Ray LaHood made that statement Wednesday at Virginia Commonwealth University at the end of a town hall meeting attended by about 75 students, staff, and faculty members.

In the last question of the hour-long meeting, Vicente Gonzalez, a junior majoring in social justice at VCU, asked LaHood about a previous statement he made regarding future standards for automobile efficiency.

“I was wondering,” Gonzalez said, “you said that by 2025, the deal is to have 50 mile-per-gallon [vehicles]?”

“Fifty-four, yeah,” LaHood said.

“Well,” Gonzalez asked, “if we’re expected to exhaust all the world’s oil reserves within the next 25, 30-ish years, then why is gasoline being discussed in these negotiations at all?”

LaHood responded, “There’s an unlimited supply of oil in many countries around the world.”

Gonzalez questioned that, saying, “Unlimited?”

“Absolutely. Absolutely,” LaHood replied. “Now, some of these countries aren’t our friends, others are.”

As the audience chuckled, Gonzalez said, “So you’re saying the supply of gasoline will never end? That it’s unlimited?”

LaHood pointed at Gonzalez and said: “Not in your lifetime. Not in my lifetime. How else do you want me to say it? … We’re not going to run out of gas, we’re not going to run out of oil for a long, long, long time. Many countries have an unlimited supply.”

radon wrote:Recognition of PO -> Perception of higher risks -> greater volatility -> wider spreads -> retail investors kicked out from the markets

Why The Market Is Slowly Dying

... "what happens in a world where the very core of the capital markets system is gradually deleveraging to a point where maintaining a liquid and orderly market becomes impossible: large swings on low volume, massive bid-offer spreads, huge trading costs, inability to clear and numerous failed trades?"
...
as retail investors retrench more and more, which they will due to previously discussed secular themes as well as demographics, and HFT becomes and ever more dominant force, which it has no choice but to, liquidity and investment horizons will get ever shorter and shorter and shorter, until eventually by simple limit expansion, they hit zero, or some investing singularity, for those who are thought experiment inclined.

pstarr wrote:What a tragedy to have a fool such as him in a position of power

Pablo2079 wrote:I'm not sure there will ever be full recognition of "Peak Oil" by the MSM.

The news will continually be cluttered up with symptoms of peak oil. The general public will associate things like "war in Iran" for the reason gas is now $7 a gallon rather than the root cause being Peak Oil. At the same time, the economy will continue to be ravaged. All Joe public will know is that they don't have a job, can't afford groceries and their house is being foreclosed on. I don't think the majority of people will take the time to research the root cause of the economic melt down or necessarily care at that point.

dissident wrote:Intellectual laziness which translates into wanting to believe any dogma or cult teaching instead of dealing with reality.

pstarr wrote:

Plantagenet wrote:

dissident wrote:Intellectual laziness which translates into wanting to believe any dogma or cult teaching instead of dealing with reality.

Obama just gave a major energy speech today.

Once again he blamed high gasoline prices on evil speculators and promised to enact new government regulations to fix the problem and bring gasoline prices down again.

Better than the last. As I remember Bush blamed the Axis of Evil and invaded Iraq. Which one is goofier?

Lore wrote:I still find it amazing that we spent around two trillion in actual and hidden costs on the war with Iraq and we in return got zip! ... upset with Obama for not bringing the criminals to a speedy trial for the waste of blood and treasury on false pretenses.

Plantagenet wrote:

Lore wrote:I still find it amazing that we spent around two trillion in actual and hidden costs on the war with Iraq and we in return got zip! ... upset with Obama for not bringing the criminals to a speedy trial for the waste of blood and treasury on false pretenses.

Hi Lorey:

Its naive of you to expect Obama to bring the "criminals to a speedy trial" for the war in Iraq when Obama is still waging a war in Afghanistan, recently concluded an unconstitutional war in Libya, is funding the rebels in the civil war in Syria, and threatens war with Iran.