meemoe_uk wrote:2. Discovery of new oil fields peaked 40 years ago and very large fields earlier still (?)
No, discovery is too ambiguous to be sure of the numbers. 1st, Most middle east supergiants discovered before 1970, the ones that make up the peak of discovery in doomer charts, would have run dry long ago if it wasn't for later much more oil being 'discovered' in those same reserviors.
meemoe_uk wrote:4. As oil exporting nations deplete reserves and consume more oil internally, their exports fall.[/i]
Ok. But we're still waiting for the US to significantly deplete it's oil reserves. The US is today pulling just below 1970\1 record amounts of crude.
I did a double take when I read this one too. Meemoe, I hope you correct your error here because this statement is clearly false.meemoe_uk wrote:The US is today pulling just below 1970\1 record amounts of crude.
pstarr wrote:So his inclusion of futures trading in the same sentence as spot selling (as part of the new free-market mechanism) does not verify your speculation explanation.
Oh I see what happened. Meemoe just made an apples to oranges error. I though he was trolling us. He took the US total oil supply numbers from Dec 2010(~10 Mbpd) and compared them to the crude only numbers from 1970(~9.5 Mbpd). Then he thought we were all blind ignorant doomers who ignore facts when we did not agree that 10 Mbpd was bigger than 9.5 Mbpd.TheDude wrote:I locked horns with Meemoe here: Re: EIA reports a new peak in crude oil at 75.282 million bp
Pops wrote:5. Scaling up substitutes will take considerable time, once the need becomes generally accepted.
sparky wrote:.
Pops , great curve for the oil fields
On the physical market and future market relationship for crude
The declining liquidity of the physical base of the reference crude oil and the narrowness of the spot market have caused many oil-exporting and oil-consuming countries to look for an alternative market to derive the price of the reference crude.
The alternative was found in the futures market. When formula pricing was first used in the mid-1980s, the WTI and Brent futures contracts were in their infancy. Since then, the futures market has grown to become not only a market that allows producers and refiners to hedge their risks and speculators to take positions, but is also at the heart of the current oil-pricing regime. Thus, instead of using dated Brent as the basis of pricing crude exports to Europe, several major oil-producing countries such as Saudi Arabia, Kuwait and Iran rely on the IPE Brent Weighted Average (BWAVE).
The shift to the futures market has been justified by a number of factors. Unlike the spot market, the futures market is highly liquid which makes it less vulnerable to distortions. Another reason is that a futures price is determined by actual transactions in the futures exchange and not on the basis of assessed prices by oil reporting agencies. Furthermore, the timely availability of futures prices, which are continuously updated and disseminated to the public, enhances price transparency.
Expatriot wrote:Pops wrote:5. Scaling up substitutes will take considerable time, once the need becomes generally accepted.
There are no substitutes - the word "substitute" implies some sort of equality.
Belief that there are "alternatives" and/or "substitutes" is a major part of the problem.
dolanbaker wrote:I would slightly amend point one, to reflect the availability of oil to individual consumers.Top 10 peak oil facts:
1. "Peak Oil" is the point of maximum availability per consumer followed by long term decline.
Pops wrote:We've also neglected Mr. Jevons...
Anyone pay attention to him any more?
An interesting article...
"2. Modern society depends on plentiful, cheap oil. In America, when oil costs exceed 4% of real GDP the economy goes into recession."
My point was that what an oil-importer sees as a problem, an oil-exporter may view as a bounty, and the other way round. And the oil pricing at a specific point in time does not have to be necessarily peak-oil related.
Pops wrote:Hmm, still, there are substitutes even if they aren't perfect replacements - like it says in my sig... What do you suggest?
Expatriot wrote:
The second type see the PO problem, but like the cornucopians who don't want to understand PO, they suffer from a tremendous normalcy bias. These POers go on and on about substitutes, alternatives, electric cars, high speed rail, battery technology, and so on. They use words like "soft landing" and discuss how people, gee whiz, will come together when, finally, after all of our waiting, Peak Oil is understood by the masses. They will come together and "work on solutions" and so on.
dolanbaker wrote:You're making the classic mistake in thinking that oil is the only fossil fuel currently available, in the near term 30-50 years other fuels can indeed fill the gap left by declining oil supplies.
Of course these substitutes are inferior and will cost consumers more, but they will be available to those who can afford them.
Expatriot wrote:The first type understand that, given human propensity for war and aggression and resource monopolization, carnage must result from PO.
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