Irish Oil Find confirmed

[snow hope]

This looks like great financial news for Ireland.

"Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil. "

http://www.bbc.co.uk/news/uk-northern-ireland-19889948

[emordnilap]

Thanks for that snow. See here too:
http://www.powerswitch.org.uk/forum/vie ... p?p=219105
http://www.powerswitch.org.uk/forum/vie ... p?p=206399

[ziggy12345]

This looks like great financial news for Ireland.

"Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil. "

http://www.bbc.co.uk/news/uk-northern-ireland-19889948

We are saved for another 3 days!

[Mean Mr Mustard]

This looks like great financial news for Ireland.

"Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil. "

http://www.bbc.co.uk/news/uk-northern-ireland-19889948

We are saved for another 3 days!

No... Peak oil is all about flow rates. They won't be able to extract it all in just three days. Unless there's a blowout.

[Yves75]

According to Colin Campbell below, this isn't really a new find, just made valuable from barrel price :
http://cassandralegacy.blogspot.fr/2012 ... k-oil.html

[AnOriginalIdea]

This looks like great financial news for Ireland.

"Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil. "

http://www.bbc.co.uk/news/uk-northern-ireland-19889948

We are saved for another 3 days!

No... Peak oil is all about flow rates. They won't be able to extract it all in just three days. Unless there's a blowout.

Not everyone being quite so pessimistic on the topic.

http://www.guardian.co.uk/commentisfree ... e-we-wrong

[AnOriginalIdea]

No... Peak oil is all about flow rates.

Sorry...just found this one as well.

Peak oil is apparently about price.

TER: Peak oil or peak cheap oil?

BM: Peak oil means we’ve used up all the cheap oil. There’s plenty of oil around. It’s just going to get expensive from here.

http://jutiagroup.com/20120918-bob-mori ... al-market/

Interesting...peak oil about price. So would "peak" solutions be about mitigating price?

[JavaScriptDonkey]

Interesting...peak oil about price. So would "peak" solutions be about mitigating price?

Peak Oil is about supply capacity as well you know RGR. When that is permanently constrained due to the physical limitations on the wells then there will be a concomitant price signal.

[AnOriginalIdea]

Interesting...peak oil about price. So would "peak" solutions be about mitigating price?

Peak Oil is about supply capacity as well you know RGR. When that is permanently constrained due to the physical limitations on the wells then there will be a concomitant price signal.

Well, I can't say I know what your friend would say on the topic, but hasn't the world been waiting around for permanent constraint long enough now for the concomitant price signal to be at least as much as it was, like, 4 years ago now? Or is our currently lower price the signal necessary for enough change to have mitigated use down even farther than the supply constraint would normally require?

[Catweazle]

hasn't the world been waiting around for permanent constraint long enough now for the concomitant price signal to be at least as much as it was, like, 4 years ago now? Or is our currently lower price the signal necessary for enough change to have mitigated use down even farther than the supply constraint would normally require?

What planet do you live on ? Here on Earth we have had a global recession, demand destruction, and some 1st world countries have huge unemployment.

Is your planet far ? I'd consider moving there.

[UndercoverElephant]

Interesting...peak oil about price. So would "peak" solutions be about mitigating price?

Peak Oil is about supply capacity as well you know RGR. When that is permanently constrained due to the physical limitations on the wells then there will be a concomitant price signal.

Well, I can't say I know what your friend would say on the topic, but hasn't the world been waiting around for permanent constraint long enough now for the concomitant price signal to be at least as much as it was, like, 4 years ago now? Or is our currently lower price the signal necessary for enough change to have mitigated use down even farther than the supply constraint would normally require?

RGR, [why is he still posting here?]

Any discussion about oil "price signals" has to take into account far more than supply constraints due to the peak in conventional supplies of crude oil. Several years ago - before 2008 - we had a "all other things being just about equal" situation where the price of oil was mainly being driven by supply and demand in a reasonable "normal" economic/monetary situation. Certainly that is what a lot of peak oil pundits were working on, and they assumed this would continue. This was a big mistake, and as a result those people ended up making incorrect predictions about what the price of oil would do after the effects of peak oil began to make themselves felt.

It was a mistake because it failed to take into account two factors:

1) Very significant "demand destruction" in response to price rises at the petrol pump, especially in the US. In other words, enough Americans actually started using their cars less to significantly moderate price rises.

2) Wild swings in the price of oil being driven by speculators and other investors who are trying to second-guess what the monetary manipulators are going to do next in their attempts to stop the system from collapsing. In other words, oil is such an important commodity and the post-2008 global monetary/economic problems are so serious (and still getting worse) that "money managers" are having at least as much influence on the price as the real-world supply/demand situation. In fact the price of all important commodities is being influenced by this.

The current situation is far too complex to draw simplistic conclusions based on "oil price signals" supposedly being driven by normal supply and demand. We're in the middle of an economic hurricane.

[PS_RalphW]

This thread reminds me of my private thoughts on SUV drivers about a decade back. I used to see SUVs as F** Y*** vehicles - a statement by their owners that they actively did not care for the environment, other road users safety, or the future of industrial society as oil was going to become scarce. It used to raise my blood pressure. After I became aware of imminent peak oil I realised they were simply losers and I stopped being bothered by them.

[AnOriginalIdea]

hasn't the world been waiting around for permanent constraint long enough now for the concomitant price signal to be at least as much as it was, like, 4 years ago now? Or is our currently lower price the signal necessary for enough change to have mitigated use down even farther than the supply constraint would normally require?

What planet do you live on ? Here on Earth we have had a global recession, demand destruction, and some 1st world countries have huge unemployment.

Is your planet far ? I'd consider moving there.

I live on a planet where jobs are going wanting in the North Dakota oil patch because Americans don't have the skills or desire to actually work for a living any more, a planet where my car no longer requires gasoline to get me to work, the price of oil is becoming less relevant as abundant natural gas begins to raise expectations of what can be done with it as a fuel rivaling the ease and certainly beating the cost of oil (even after conversion to synthetic crude) and unemployment isn't even an issue for those with actual skills and desire in an economy where such things matter. Versus punishing companies for laying people off (thereby encouraging them to not hire...see Europe).

I've hired 3 or 4 people just in the past year (some of who only prove to me that Americans are a bunch of babies when it comes to real work nowadays), and have turned down my second job offer of the year in July. Currently considering my third. I recommend the most science and math based education you can get, followed by demonstrating what you can do with such skills in the most public way possible even if you take less money than your peers to do so. 10 years later...suddenly it might actually require a complete collapse to put a dent in your trajectory into the future. Hard work tends to pay off, the problem is that most people seem to define such things as what they do with their muscles, rather than their minds.

[AnOriginalIdea]

The current situation is far too complex to draw simplistic conclusions based on "oil price signals" supposedly being driven by normal supply and demand. We're in the middle of an economic hurricane.

There is money to be made, when there is blood in the streets. Economic hurricane? Take advantage of it, much more productive than whining about it.

[Little John]

Mods, does this forum have a user-ignore function? I'm getting a bit sick of having to wade through this kind of crap.