pstarr wrote:SA is drilling like crazy now also but going essentially nowhere.
pstarr wrote:you insulted Stuart Staniford's impressive research at the Oil Drum
So not only is the global reserve base declining about 300 BILLION BBLS every decade the expense of replacing those reserves has increased to the point that oil had to rise more the 300% above it historic average. And that was primarily in just the US which had the capital access and infrastructure to take advantage of the higher price. But now we've returned to the historic price level. How long will the price hold here? No one can predict. But one can easily predict that the rate of new reserves that we've seen added to the global base won't be seen again until the price of oil increases dramatically. In the mean that decline continues to reduce the reserve base about 30 BILLION BBLS PER YEAR. By comparison the 3.5 BILLION BBL decline per year by the KSA doesn't seem very significant IMHO.
When is the final dip, rock? Didn't you once predict 2015? Do you stand by that? Has world oil production entered into its final decline? How about you RM?
rockdoc123 wrote: Predicting a final decline I believe is a mugs game until we understand how the whole shale piece will play out.
americandream wrote:
I am going to meet you guys here and say, Bah, I told you so and I expect an apology from you fellows.
dohboi wrote:Newf, good to hear that you're getting better sleep hours in--very important!
As to Minnesota, while most of rural Minnesota continues to be white, the cities and many suburbs have considerable populations not only of African Americans, but also Native Americans, Asians (we have one of the largest Hmong populations in the country), and East Africans (my neighborhood is sometimes called the Mogadishu of the Midwest. I hear Somali spoken pretty much everyday here.
There are certainly many here that feel threatened by and even quite hostile toward Muslims here, so I was actually surprised at how poorly the Drumpf did here.
Anyway, happy sailing, whenever you get away. May the risings seas always lift you closer to the heavens! :)
americandream wrote:rockdoc123 wrote: Predicting a final decline I believe is a mugs game until we understand how the whole shale piece will play out.
I dont agree with this fellah much but here, he is correct.
Hawkcreek wrote:americandream wrote:rockdoc123 wrote: Predicting a final decline I believe is a mugs game until we understand how the whole shale piece will play out.
I dont agree with this fellah much but here, he is correct.
Rockdoc (and Rockman) alway seem to have much better facts and figures to back up their arguments than most on this site. I always enjoy reading their posts.
It seems that many here want to use only the facts that might support their rather narrow points of view.
GASMON wrote:Don't argue with engineers AD - you will loose. Engineers (not money) RUN the modern world.
Gas
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