"Peak Oil" or Lots More Oil?

To the author of this I say, "Bravo!" :applause: ​

"Peak Oil" or Lots More Oil?​

[FONT=Times New Roman, Times, serif]In May 2006 I wrote, "I know about the "Peak Oil" theory that says we either have or are about the reach the point of diminishing returns regarding the world’s oil supply, but these recent discoveries suggest there is still plenty of oil to be found." In that commentary I documented nearly a dozen new fields of oil and natural gas discovered since 1995.[/FONT]

[FONT=Times New Roman, Times, serif]So I wasn’t surprised when, on September 5, Chevron Corporation announced it had discovered new, huge reserves of oil some five miles below the surface of the Gulf of Mexico. The initial estimates were that these reserves "could boost U.S. oil reserves by 50 percent." [/FONT]

[FONT=Times New Roman, Times, serif]Good news for Americans and good news as well for other oil companies such as BP, Anadarko Petroleum, and Exxon Mobil that have their own projects in progress. Indeed, two days later, Exxon Mobil announced that its Sakhalin-1 project offshore Russia had begun to export crude oil, the eighth startup within the past year.[/FONT]

[FONT=Times New Roman, Times, serif]Suffice it to say that the new Gulf of Mexico discovery rivals that of Alaska’s giant Prudhoe Bay oil field in 1968. President Bush may think we’re "addicted" to oil and, along with other politicians, call for oil "independency", but the fact is we, like every other modern nation require oil for transportation, plastics, heating homes, and the countless other uses to which we put petroleum. [/FONT]




- rest at www.anxietycenter.com/warning/main.htm#topstory​

 

Unless there is an event that affects the price of gasoline historically gasoline prices don't start rising until about March.

Anyway, the article is talking about the long term, not the next six months.

 

I believe that "peak oil", if we ever reach it, is a long, long way off.

By the way, do you consider human beings "addicted" to food, water, and oxygen? :smilewinkgrin:

 

If you check the past few years, one will see that the price of gasoline has started rising about March and starting falling about Labor Day(later in 2005 because of the two hurricanes). The prices of oil and gasoline on the NYMEX determine what we pay at the pump.

Anyone who thinks that the price of gasoline is going to start rising on November 8 because the election is over is "stuck on stupid" or at least "stuck on ignorance", IMHO.

Now if the Congress goes back to the policies of the 1970s that created shortages of gasoline they can mess things up.

As long as the free market is allowed to work there will be no gasoline shortages.

 

I have worked in the industry for 28 years and my dad worked in it for over thirty years before me. The data that I have seen says that peak oil is a long ways off - if we ever reach that point at all. The pro-peak oil side, to a very large extent, has a socialist-driven agenda that simply wants the government to control people's lives even more than it already does.

Tommy, I would encourage you to read some honest data - such as a book entitled The Age of Oil - The Mythology, History, and Future of the World's Most Controversial Resource, by Leonardo Maugeri. Reading it would help you to get the facts straight.

 

The free market will handle the situation just like it always has. Whenever a cheaper, more fuel efficient, and equal to or greater than power generating fuel can supplant gasoline as our chief transportation fuel then it will.