[tedbohne]

Having lived in Odessa Texas in the eighties, I can say that there was no peak oil there. It was an example of the proverbial "BOOM TOWN." People coming from all over the states and elsewhere were living in tents whilst the home building industry there broke their backs to build housing for them. In '84, or 85, from one day to the next, the price of gasoline plummeted some twenty or so cents. This would indicate a sudden glut of petroleum. Suspiciously, though, producing wells were CAPPED. They remain that way today. Odessa died a painful death as rigs were stacked and people laid off from jobs associated with oil.

Further, in the early seventies, the Major Oil Companies had oil tankers turning doughnuts in the Atlantic to create an artificial shortage, because there hasn't been and isn't now a NATURAL shortage.

Every price hike in the US and world wide is the result of The Petroleum industry shutting and removing the "spigots" to the oil. During the nineties, 50 refineries were shut down and destroyed with the exception to the one Barbara Boxer saved. Each takes two to four years to build and bring into operation. None have been built since that time.

M. King Hubbard's "bell curve" guesswork was done for the American Petroleum Institute in 1956. This organization sees petroleum as the republicans do. They have no interest in the people of this nation, only the amount of money to made by controlling the supply. This a perverted mutation of the "Law of supply and demand," where the supply is controlling demand rather than the reverse. Furthermore, Hubbard's guess of the world's supply of petroleum was MUCH less that that which lies under Venezuela alone which is some one point three thousand BILLION barrels. Yes, it's hard crude, and will take the tortures of the damned to wash it up.

Finally, I am submitting this post to demonstrate that no one actually knows when "peak" oil will be. Consider that it took the earth four point five thousand million years to produce however much is there. Further, this is not to suggest that we don't need to dramatically reduce our dependence on oil, especially as a motor fuel, and the some 6000 other uses (check it out) for it. It is unbelievable in the extreme what products are made from petroleum.

My hope is that instead of oil, science will find a way, and I suspect they already have, to use hydrogen as a motor fuel. Someone once said, "the two most common things in the universe are hydrogen and stupidity." I think we as humans have demonstrated both to be true.

tedbohne

[coyote]

no one actually knows when "peak" oil will be.

True.

science will find a way, and I suspect they already have, to use hydrogen as a motor fuel.

False.

[MadScientist]

Ted suspects they've found a way to use hydrogen as a motor fuel.

good enough for me. False alarm everyone.

Ted, If you don't mind, would you please clear up the overshoot and collapse issue also.

Oh yeah, and some of us are concerned about the global financial meltdown underway. Any wisdom to share regarding that?

I'm so glad you're here. We really needed someone with a big brain to clear all this up.

[Ludi]

Consider that it took the earth four point five thousand million years to produce however much is there.

Excellent demonstration of your knowledge of geology.

[Cashmere]

I love the 1st post debunkers.

[threadbear]

Oil is a complicated business, and many here are saavy geologically, but don't understand the dynamics of basic marketing policy very well. To take it a step further and try to explain that manipulation operates in tandem with supply problems is doubly difficult.

When you have most of the easily recoverable, cheap oil, controlled by the Opec cartel, where there is limited transparency, regarding actual supply, there is going to be complete confusion. Cause and effect get flipped around. Intuitively, it certainly seems we are seeing depleting supply of cheap stuff, though. Don't you think?

Thanks for the post, Tedbohne and welcome!

[cube]

I love the 1st post debunkers.

I wonder how long this one will last?

[zoidberg]

Hydrogen certainly is abundant. I dont know why we arent mining Jupiter for it

[kpeavey]

the two most common things in the universe are hydrogen and stupidity

Support for that postulation presents itself regularly.

[yesplease]

science will find a way, and I suspect they already have, to use hydrogen as a motor fuel.

False.

False?

[VMarcHart]

science will find a way, and I suspect they already have....

False.

Gee, Coyote, how harsh! I just finished watching a Star Trek episode...

[americandream]

Oil is a complicated business, and many here are saavy geologically, but don't understand the dynamics of basic marketing policy very well. To take it a step further and try to explain that manipulation operates in tandem with supply problems is doubly difficult.

When you have most of the easily recoverable, cheap oil, controlled by the Opec cartel, where there is limited transparency, regarding actual supply, there is going to be complete confusion. Cause and effect get flipped around. Intuitively, it certainly seems we are seeing depleting supply of cheap stuff, though. Don't you think?

Thanks for the post, Tedbohne and welcome!

You show me any business which is meaningfully transparent and I'll show you Santa. Sub-prime fiasco ring a bell?

[americandream]

Oil is a complicated business, and many here are saavy geologically, but don't understand the dynamics of basic marketing policy very well. To take it a step further and try to explain that manipulation operates in tandem with supply problems is doubly difficult.

When you have most of the easily recoverable, cheap oil, controlled by the Opec cartel, where there is limited transparency, regarding actual supply, there is going to be complete confusion. Cause and effect get flipped around. Intuitively, it certainly seems we are seeing depleting supply of cheap stuff, though. Don't you think?

Thanks for the post, Tedbohne and welcome!

Aren't you the same bloke who wants to kick all darkies out of Canada. Man, you're one rogue!

[coyote]

science will find a way, and I suspect they already have, to use hydrogen as a motor fuel.

False.

False?

Yes, I know. That's not what I meant.

[BigTex]

I thought those wells got capped because the price of oil collapsed and they were no longer profitable.

I don't mean to pile on, but that post didn't make any sense. Tankers driving in circles in the ocean to simulate a shortage of oil?

To me, greed is something that is usually reliable, and I can't believe that everyone all over the world isn't producing as much as they possibly can at current prices.

OPEC couldn't enforce production discipline at $40 a barrel. What makes anyone think it could at $140 a barrel?

[yesplease]

science will find a way, and I suspect they already have, to use hydrogen as a motor fuel.

False.

False?

Yes, I know. That's not what I meant.

What did you mean?

[JustaGirl]

Can anyone confirm the capped wells story? I have heard many stories like this now & in different parts of the country & I really don't know WTF to think anymore.

[BigTex]

Can anyone confirm the capped wells story? I have heard many stories like this now & in different parts of the country & I really don't know WTF to think anymore.

Wells were capped, the question is why.

To me, the obvious answer is because they were no longer profitable because the price of oil collapsed.

[Snik]

Can anyone confirm the capped wells story? I have heard many stories like this now & in different parts of the country & I really don't know WTF to think anymore.

Wells were capped, the question is why. To me, the obvious answer is because they were no longer profitable because the price of oil collapsed.

Correct. Nobody "caps" a well that's making a profit unless they are just plain stupid.

Wonder where all this crisis talk is going to go now that the prices of oil and gas are dropping like a rock. Some are saying oil might drop as low as $60/barrel which seems a bit low to me, but who knows? Memories about this kind of stuff in the past have proven to be short to say the least.