I will believe the Saudis don't see any upcoming problems with Ghawar when they cancel one of their projects due to low oil prices. If they continue to be full steam ahead with increasing their capacity then I think they are aware that Ghawar may not be as robust in 5 years time as they would like us to believe.
Joined: Mar 26, 2005 Posts: 3879 Location: over here
Posted: Tue Jun 17, 2008 12:05 pm Post subject: Pickens: World oil production has peaked
Quote:
WASHINGTON (Reuters) - World crude oil production has topped out at 85 million barrels per day even as demand keeps climbing, helping to drive a stunning surge in prices, billionaire oil investor T. Boone Pickens said on Tuesday.
"I do believe you have peaked out at 85 million barrels a day globally," Pickens, who heads BP Capital hedge fund with more than $4 billion under management, said during testimony to the Senate Energy and Natural Resources Committee.
The United States alone has been using "21 million barrels of the 85 million and producing about 7 of the 21, so if I could take just a minute on this point, the demand is about 86.4 million barrels a day, and when the demand is greater than the supply, the price has to go up until it kills demand," Pickens told lawmakers.
NYTimes/Reuters _________________ "The best thing about the future is that it comes only one day at a time."
Joined: Aug 03, 2007 Posts: 4376 Location: Boston Suburbs
Posted: Tue Jun 17, 2008 12:23 pm Post subject: Re: Pickens: World oil production has peaked
Bas wrote:
Quote:
WASHINGTON (Reuters) - World crude oil production has topped out at 85 million barrels per day even as demand keeps climbing, helping to drive a stunning surge in prices, billionaire oil investor T. Boone Pickens said on Tuesday.
"I do believe you have peaked out at 85 million barrels a day globally," Pickens, who heads BP Capital hedge fund with more than $4 billion under management, said during testimony to the Senate Energy and Natural Resources Committee.
The United States alone has been using "21 million barrels of the 85 million and producing about 7 of the 21, so if I could take just a minute on this point, the demand is about 86.4 million barrels a day, and when the demand is greater than the supply, the price has to go up until it kills demand," Pickens told lawmakers.
Posted: Tue Jun 17, 2008 2:21 pm Post subject: Pickens to Senate Energy Committee - ''[We've] peaked''
Quote:
WASHINGTON (Reuters) - World crude oil production has topped out at 85 million barrels per day even as demand keeps climbing, helping to drive a stunning surge in prices, billionaire oil investor T. Boone Pickens said on Tuesday.
"I do believe you have peaked out at 85 million barrels a day globally," Pickens, who heads BP Capital hedge fund with more than $4 billion under management, said during testimony to the Senate Energy and Natural Resources Committee.
The United States alone has been using "21 million barrels of the 85 million and producing about 7 of the 21, so if I could take just a minute on this point, the demand is about 86.4 million barrels a day, and when the demand is greater than the supply, the price has to go up until it kills demand," Pickens told lawmakers.
U.S. crude futures have risen by a third since the start of the year and more than six-fold since 2002 as surging demand from China and other developing nations outpaces new production.
Oil slipped on Tuesday, a day after touching a record high near $140 a barrel, but remained above $133 a barrel.
Pickens, who announced a $2 billion investment in wind energy earlier this year, told lawmakers during a hearing on renewable electricity that he expected "the price of oil will go up further." Without alternatives, the cost of foreign oil will drain the United States of more resources, he said.
"In 10 years, we will have exported close to $10 trillion out of the country if we continue on the same basis we're going now. It is the greatest transfer of wealth in the history of mankind," he said.
...
Reuters _________________ "It's called the American Dream because you'd have to be asleep to believe it."
George Carlin
Last edited by emersonbiggins on Tue Jun 17, 2008 2:26 pm; edited 1 time in total
Posted: Tue Jun 17, 2008 2:23 pm Post subject: Re: Pickens: World oil production has peaked
I heard him say this in October 2007 during half time of a televised Oklahoma State football game. It made me sit up in my chair and start frantically searching the internet and reading studies. I was still under the impression that Peak Oil would not hit until 2030-2050, which is what my Economic Geology professor at UT told us.
Posted: Tue Jun 17, 2008 2:26 pm Post subject: Re: Pickens to Senate Energy Committee - ''[We've] peaked''
Nice work Boone. But they will pick the opinion they like and i am sure they will take testimony from some chump who thinks North Slope is the asnwer because whoever gets the contract stands to make a few billion in profits in the next five years. Turn it into money is the mantra. Which is really a lesser level of grandeur. At the top we have the reserve bankers who can create money by a few well placed satanic incantations. Under that are the dark visiers who have to get their money by destroying the world, you know resource depletion with externalities, wars, mass marketing manipulations, 'give us your money' and we will give you PLASTIC. Of a lower order still are the clever fat men who just want to keep a lid on the truth so their cut does'nt get wasted. It is a racket. That is the proper term.
Anyone ever seen the album cover for the Iron Maiden cut 'Powerslave'? I'm not praising it to young minds, because music has been part of the seduction as well. I'm just saying the game that is being played is understood.
Last edited by Peleg on Tue Jun 17, 2008 2:41 pm; edited 2 times in total
Joined: Dec 02, 2005 Posts: 6660 Location: Oil-addicted Southern Californucopia
Posted: Tue Jun 17, 2008 2:33 pm Post subject: Re: Pickens: World oil production has peaked
The IEA disagrees:
Yeah, I know, it's the old story: What is the IEA actually including in that 87.2 number?
And, of course, what really matters is that light sweet peaked a long time ago. _________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Joined: Jun 18, 2005 Posts: 3964 Location: In a van down by the river
Posted: Tue Jun 17, 2008 2:35 pm Post subject: Re: Pickens: World oil production has peaked
Yup saw that game.
It was weird watching Brent Musburger ask him about it, it was kind of out of the blue. You could tell T. Boone was caught off guard when the question came up.
Joined: May 02, 2005 Posts: 3524 Location: Oh really?
Posted: Tue Jun 17, 2008 2:42 pm Post subject: Re: Pickens: World oil production has peaked
Zardoz wrote:
Yeah, I know, it's the old story: What is the IEA actually including in that 87.2 number?
And, of course, what really matters is that light sweet peaked a long time ago.
And, of course of course; how much of the previous 85 had to be consumed in order to produce the additional 2.2? The energy sector has been soaking up boat loads of capital and all we're getting is 2.2? And that's not even net to consumers?
I know it's slow to get from investment to production in the energy biz but c'mon folks, we've had ever increasing prices for a number of years now...where's our return? Huh? Can someone please explain?
...cricket...cricket....cricket... _________________ "It's still all about energy!"
Posted: Tue Jun 17, 2008 2:43 pm Post subject: Re: Pickens: World oil production has peaked
Zardoz wrote:
The IEA disagrees:
Yeah, I know, it's the old story: What is the IEA actually including in that 87.2 number?
And, of course, what really matters is that light sweet peaked a long time ago.
Don't tell me you're going soft on us Doz. The IEA has as much to gain as anyone in including anything that will burn in that number. Nobody in the upper levels has anything to gain right now by telling the truth and most of them are not the types that frequently feel compelled to tell the truth, the whole truth, and nothing but the truth. So, they will continue to tell their own version of the truth until depletion forces them to do otherwise.
Posted: Tue Jun 17, 2008 5:11 pm Post subject: Re: Pickens to Senate Energy Committee - ''[We've] peaked''
Eli wrote:
T. Boone is going to be ignored.
The Senators we're probably thinking to themselves, "Geesh, that's some serious stuff. I need to call my broker and go long oil. I'm sure as hell not going to be the next Jimmy Carter on this though. I have a golf game in 45 minutes. I wish this guy would hurry up."
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Tue Jun 17, 2008 5:18 pm Post subject: Re: Pickens to Senate Energy Committee - ''[We've] peaked''
Eli wrote:
T. Boone is going to be ignored.
The Senate is going to look for scape goats not answers. Because the true answers are frightening.
Yep, they already had the previously unknown M Masters appear before Congress to blame everything on speculators - as well as Soros. But really does it matter in the long run if the price is $100, $130, or $160 - if the result is we have less oil to go around? Oil/product imports have already dropped a pretty fast 900,000 bpd this year to date. Let's wake up here and smell the coffee. What's the real issue? Is a depression where we can't buy oil at $100 really going to better than a depression where we can't buy oil for $130 - except maybe for some rich folks?
Quote:
6/17/08 Oster Dow Jones 16:17:32
June 17, 2008
= T. Boone Pickens Says Oil Prices Reflect Increased Demand
By Siobhan Hughes
WASHINGTON, Jun 17, 2008 (Dow Jones Commodities News via Comtex) -- Of DOW JONES NEWSWIRES
T. Boone Pickens, the Texas oilman who has begun to invest in wind power, Tuesday said that rising oil prices reflected increased demand rather than forces such as the flow of money from big institutional investors into commodities markets.
"I don't agree that that has anything to do with the oil price," Pickens told reporters after testifying before the U.S. Senate Energy and Natural Resources Committee. "The demand is greater than the supply, so the price has to go up."
Saudi Arabia plans to host a summit of oil producers and consumers on Sunday as oil prices reach ever-higher records. U.N. Secretary-General Ban Ki-moon said after meeting with the country's oil minister this past Sunday that the kingdom will raise production by 200,000 barrels a day in July.
"There wont' be anything that will come out of it except conversation," Pickens said about the meeting. "200,000 barrels a day ain't going to do much."
Pickens also came out in support of federally mandated requirements that utilities generate a certain share of power from renewable energy, such as solar or wind power. He said that he hasn't talked to either Sen. Barack Obama, D-Ill., or Sen. John McCain, R-Ariz., the two main presidential contenders, about a so-called renewable electricity standard.
[no link] _________________ It's already over, now it's just a matter of adjusting.
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