More than a little ironic to bump into this one from the way back machine Vortex. The US replacement tally stands at what nowadays, 6-6.5 million a day to replace Cantarell with? I think we also replaced Venezuela, Libya, the Ghawar drop from 5 million a day to 3.8, and Saudi and Russian production cuts to support price as well.Vortex wrote:http://www.bloomberg.com/apps/news?pid= ... fer=energyFalling production is curbing exports to the U.S., which buys about 80 percent of the oil Mexico sells abroad.
No problem ... it only one of the world's key oilfields: the third largest daily producer and the 12th largest in size.
I'm sure the USA can easily replace the 400k barrels a day the decline has cost.
Pretty much. That and drill baby drill!Vortex wrote: No worries 'tho ... the high prices will magic some more oil out of the ground ... at least that's what the economists say.
All irony aside, discounting the ideas of resource economics and ignoring the resources that were waiting in the wings circa 2008 is exactly what ended up shredding peak oil credibility for a generation. The good news being, another couple years and it will about be time for another generation to rinse and repeat the same idea, and those of us who span these generations can watch it unfold all over again. I've got at least 1 more generational jump left in me, although I must admit I might be bored going through it a 3rd time with the younglings.