Coming 'oil glut' may push global economy into deflation

[RenewableCandy]

Oooh! Oooh! It can write in really big letters! I'm really impressed

Still doesn't fecking read what proper people have put up, though

[Ralph]

Oooh! Oooh! It can write in really big letters! I'm really impressed

Still doesn't fecking read what proper people have put up, though

Of course I do. Obviously your definition of "proper people" being different than mine.

But if you insist on only proper people, then I'll go for the professionals most every time.


500+ billion here…

http://www.usgs.gov/blogs/features/usgs ... endowment/

500+ bilion here…

http://www.usgs.gov/newsroom/article.as ... wFyIv3pTlI


300+ billion of shale oil here…

http://www.eia.gov/analysis/studies/worldshalegas/

and obviously these sums are all in addition to this one...

http://www.bp.com/en/global/corporate/a ... eview.html

You have any more proper sources than the geoscientists descendant from Hubbert, arguably one of the two premiere public energy statistics and analytical shops on the globe and your own premiere oil company, feel free to reference them instead of whining because the facts refuse to validate your zealotry.

[adam2]

No one knows how much oil remains but it is clearly finite
No one knows what future production rates will be, but significant increaeses seem unlikely because most of the easy oil has been used. Remaining reserves are largely small or remote or in deep water or otherwise problematic to exploit.

I wont belive any glut exists until oil prices return to the "normal" of about $30.

[Ralph]

No one knows how much oil remains but it is clearly finite

That is what the scientists in the report I referenced said.

No one knows what future production rates will be, but significant increaeses seem unlikely because most of the easy oil has been used.

That is what TOD said in 2008. And then significant increases happened. Again. RS_RalphW also suggested that the world may continue to see ever more peaks. Imagine that. He is well educated and all, said so himself.

Remaining reserves are largely small or remote or in deep water or otherwise problematic to exploit.

Remaining reserves were quantified in the BP reference I provided, and are quantified in the TRILLIONS. Estimated resources were provided in the other links for scientists and those were also quantified in the TRILLIONS of barrels.

Maybe your relative sense of scale is thrown off by all the zeros contained in numbers measured in TRILLIONS. Let me guess, you are one of those kind of guys who thinks the North American/South American landmass is an island?

I wont belive any glut exists until oil prices return to the "normal" of about $30.

Fortunately, peak oil is about rates and whatnot, not prices. Don't take my word for it.

Peak oil, an event based on M. King Hubbert's theory, is the point in time when the maximum rate of petroleum extraction is reached, after which the rate of production is expected to enter terminal decline.

Now you and PS_RalphW can arm wrestle over how many more peaks there might be, because apparently there isn't even required to be one any more!!

[RenewableCandy]

He said "petroleum", not "tarry sand-choked gunk in the middle of nowhere that you have to expend loads of energy on in order to get anything useful". I think you're confusing the two.

[Ralph]

He said "petroleum", not "tarry sand-choked gunk in the middle of nowhere that you have to expend loads of energy on in order to get anything useful". I think you're confusing the two.

I recommend you vet your posts with PS_RalphW first, he is well educated, and can offer you pointers and obvious examples of how the gasoline, diesel and jet fuel used in cars, trucks and planes does not come with a "certified manufactured from good old light sweet conventional crude only" sticker.

If you find these instructions challenging in the intellectual sense, just take yourself down to the local petrol pumping station (they still exist, even all these years after TOD declared peak oil ) and ask the attendant to please sell you some liquid fuel derived only from onshore, shallow, light sweet crude. Versus the other kind.

I'm sure with their vastly superior knowledge of petrol and diesel issues they can clear up your misunderstanding on the topic in a heartbeat.

[vtsnowedin]

I recommend you vet your posts with PS_RalphW first, he is well educated, and can offer you pointers and obvious examples of how the gasoline, diesel and jet fuel used in cars, trucks and planes does not come with a "certified manufactured from good old light sweet conventional crude only" sticker.

If you find these instructions challenging in the intellectual sense, just take yourself down to the local petrol pumping station (they still exist, even all these years after TOD declared peak oil ) and ask the attendant to please sell you some liquid fuel derived only from onshore, shallow, light sweet crude. Versus the other kind.

I'm sure with their vastly superior knowledge of petrol and diesel issues they can clear up your misunderstanding on the topic in a heartbeat.

Ralph I suppose you could make a bigger Ar$$ out of yourself if you put your mind to it but, please!! spare us.
Your factory could make furniture if it's raw material was wood or perhaps plywood but not auto engines or computers. And a refinery that was limited to just tar sands kerogen heavy oil, AKA asphalt could not produce the lighter LPG, gasoline and diesel that the market demands in sufficient quantities to meet that demand. The heavy oils/ syn crude only work up to the point where they can be substituted for crude that was destined for a low tech future as in" burned to boil water".
A world dependent on tar sands crude would have plenty of asphalt to pave their roads but no where near enough gas or diesel fuel to allow average persons to drive a vehicle on them on a regular basis.