Peak Oil News and Message Boards

Selling $600 million in oil production in depressed market: a sign of desperation that doesn't match his proclaimed optimism of future oil prices.

pstarr wrote:

onlooker wrote:I heard the term stagflation. Describing a combination of inflation with a stagnant or depressed Economy

Sure. Stagflation was invented, occurred in the United States (and perhaps worldwide) during the 1970's. Not coincidentally just after the peak oil US oil production. Not quite the same as now, we have covered up the deflation (and prevented the inflation) with incredible debt everywhere. Perhaps we will see one final hyper-inflation before the House of Cards (accounting books) collapses for the last time.

In 1846, the US was the behemoth of the whaling industry, with Nantucket Island and New Bedford, Massachusetts its twin capitals. Demand for whale oil, as industrial lubricants or as fuel for heating and lighting, had driven the growth of the whaling industry by a factor of fourteen since 1816. New Bedford had the highest per capita GDP in the world. Yet within two decades, the industry that had contributed over $227 million per year to the GDP of the US (when adjusted for inflation) was dying. Growing demand from Europe first for coal oil and then kerosene replaced demand for whale oil. New Bedford diversified to textiles and light industrial manufacturing thanks to its easier access to railroads, while Nantucket collapsed as its population moved ashore as whaling expeditions declined. Over a century later, the global energy and transportation industries are

onlooker wrote:The Oil Industry is also dying From its own growing inadequacy and the need and desire of our species to stop poisoning itself with FF and not delay longer preparing for it's inevitable demise

Between 2010 and 2015, annual oil production in the U.S. grew by four million barrels per day (BPD). Production dipped in 2016, but then U.S. crude oil production again rose by 1.2 million BPD between January and December 2017, to levels that haven't been seen since the early 1970s. The surge in production is a result of growth in tight oil (more commonly known as shale oil). Many, including myself, never imagined that oil production could grow enough to threaten the U.S. oil production peak from 1970. But that looks inevitable at this point. This production increase raises the question: Just how much will U.S. tight oil production increase before it peaks and begins to decline? Another million BPD? Three million BPD? The Energy Information Administration's latest Annual Energy Outlook (with projections to 2050) attempts to answer this question, modeling several scenarios for future oil

Darian S wrote:What caused the shale revolution, why didn't it start earlier?

Darian S wrote:Was there some revolutionary technological advance that allowed it?