[topfuel]

delete

[la2al2tex]

Not necessarily.
If we found a 100 billion barrel field of light sweet crude in the middle of Texas that no one had ever happened to notice before we'd be ok for 20 more years because that could back the printed money.
Otherwise, yeah we're f*cked.

[Eli]

Well it has been debated on here for a long time but the current financial system was only able to exist because of the availability of cheap energy. If kerosene was never discovered and crude oil never found to replace whale oil the world would be a much different place.

I think we are hitting up against PO but it is the current weaker financial system that is truly failing fist.

The other thing to keep in mind however is that oil production and the amount of oil we will still need to be producing in a global economic depression will still be quite substantial. We could quickly end up hitting peak production as the mega projects lose funding. The oil may be there but the money to produce it might not.

[peripato]

Well it has been debated on here for a long time but the current financial system was only able to exist because of the availability of cheap energy.

Shows just how fragile the world system is. We haven't even rolled over in total oil production and the global economy is already taking a swan dive, courtesy of stagnant supply growth and accompanying high prices. Imagine what will happen when we're even just 4 or 5% down from current figures?

Roccman you got any spare room in that bunker?

[Eli]

Yeah, it is not going to be fun.

Global depression, then maybe some global spare capacity for a few years and then an endless grind down. No energy to grow out of a depression more and more pressure weighing down on everyone's daily lives.

[alokin]

There are as well the tar sands, how much money do they need to produce a barrel? Wasn't it around $40? Can this be undertaken when our financial system is down? Same about biofuels? Deep water?

[joeltrout]

There are as well the tar sands, how much money do they need to produce a barrel? Wasn't it around $40? Can this be undertaken when our financial system is down? Same about biofuels? Deep water?

According to the Peak Oil Review Vol. 3 No. 38 September 22, 2008:

New oil sands projects need crude prices to remain over $100 a barrel to turn a decent profit, according to analysts at UBS Securities. Petro-Canada's announced that costs for its planned Fort Hills project had soared by more than half.

joeltrout

[iiioil]

[mos6507]

Well it has been debated on here for a long time but the current financial system was only able to exist because of the availability of cheap energy. If kerosene was never discovered and crude oil never found to replace whale oil the world would be a much different place.

Economic expansion isn't just oil, it's natural resources in general. That's what enabled the US became a superpower, because it had all that virgin territory that hadn't been fully exploited. Now it's quickly catching up with the depleted old world.

[ReverseEngineer]

Well it has been debated on here for a long time but the current financial system was only able to exist because of the availability of cheap energy. If kerosene was never discovered and crude oil never found to replace whale oil the world would be a much different place.

No, the current financial system predated the discovery of oil. It has its roots in the inention of the calculus by Newton and Leibniz.

In the absence of the discovery of vast sources of thermodynaimc energy and the means to utilize it with the steam engine and internal combustion engine, American society would never have enjoyed the BRIEF period of illusory freedom that existed from 1776 to 2008. The wealth and the banking system however were in place long before that, and were what financed the Railroads, on the backs of the labor of the Chinese and Irish slaves imported tot he growing country.

You were never really free though. Always the Ruling Class in control of the Banks has been there waiting to abscond with the wealth. They did it in 1929, they just did it again. Welcome to the Poorhouse. Welcome to Slavery. Its always been there, just you were too deluded by American Idol to notice as much of it was transferred over to the developing world, millions of Chinese and Indian children making trinkets for you to buy, with the bankers taking a piece of the pie on every transaction.

This is how banking and trading WORKS. In the end though, real wealth in the monetary sense and worldly sense is about food and survival, and long as you can store it and control it, you are the DEALER here. Game seems fair until the House closes up the betting table and takes off with your winnings. Its gambling. You lost if you played the game and were not in control of the House Rules. They flipped them on you.

Now its about POWER, and the biggest army holds all the cards. The little armies will fall one by one, and the death toll will be enormous.

Reverse Engineer