Big Oil Begins Its Confession

Smithy · Post by **Smithy** » 10 Nov 2007, 22:35

http://www.wealthdaily.com/articles/oil ... energy/975

According to the IEA?s World Energy Outlook for 2007:

?An abrupt escalation of oil prices after 2015 as a result of a global supply crisis cannot be ruled out.?

? . . . it is very uncertain whether new oil production in the period to 2015 will be enough to compensate for the natural falloff in output from existing oil fields and keep pace with the projected increase in demand.?

?The consequences of unfettered growth in world energy demand are alarming.?

Whoa.

Tony Hayward, CEO of British Petroleum

?Every geopolitical event causes a spike in the price [in oil], but these spikes only happen because the underlying market is itself tight. For the medium term, the era of cheap energy is behind us.?

CEO of ConocoPhillips, Jim Mulva:

?Oil and gas production fell at all of the largest publicly traded oil companies in the third quarter, as aging oil fields, declining access and soaring costs for drilling services took their toll on output.

?I don?t think we?re going to see the supply go over 100 million barrels a day. Where is it all going to come from?? --November 8, 2007

George Bush, (CEO USA for a little while longer?

):

Last, but not least, is George Bush.

Here?s an exchange he had with a journalist two days ago:

Question: ?Mr. President, with oil approaching $100 a barrel, are you concerned that your hard words for Iran on its nuclear program are helping drive up oil prices, which can end up hurting the U.S. economy??

Bush: ?No. I believe oil prices are going up because the demand for oil outstrips the supply for oil. Oil is going up because developing countries still use a lot of oil. Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling. That?s why the price of oil is going up.? --November 7, 2007

We've heard "Yes it is" from Shell's CEO recently when we nearly fell off our chair...

How about ExxonMobile aka Esso?

syberberg · Post by **syberberg** » 11 Nov 2007, 00:40

Smithy wrote:How about ExxonMobile aka Esso?

Anymore nails in the coffin lid would just be for decoration.

Andy Hunt · Post by **Andy Hunt** » 11 Nov 2007, 01:05

syberberg wrote:
Smithy wrote:How about ExxonMobile aka Esso?
Anymore nails in the coffin lid would just be for decoration.

I think you just hit the last one right on the head.

syberberg · Post by **syberberg** » 11 Nov 2007, 01:32

Andy Hunt wrote:
syberberg wrote:
Smithy wrote:How about ExxonMobile aka Esso?
Anymore nails in the coffin lid would just be for decoration.
I think you just hit the last one right on the head.

The situation is indeed getting rather grave.

(For some reason, I now have an urge to listen to Chitty Chitty Bang Bang followed by Bela Lugosi's Dead, She's In Parties and Sanity Assassin by Bauhaus and 99 Red Balloons by Nena. In that order.

Can't think why....)

jonny2mad · Post by **jonny2mad** » 11 Nov 2007, 01:56

99 Red Balloons by Nena sounds ominous as a last song

syberberg · Post by **syberberg** » 11 Nov 2007, 16:00

jonny2mad wrote:99 Red Balloons by Nena sounds ominous as a last song

I have a very bad feeling that, as the plateau extends and becomes increasingly bumpy, certain governments of certain countries are going to become increasingly desperate to hold onto the illusion of BAU.

oilslick · Post by **oilslick** » 11 Nov 2007, 18:22

jonny2mad wrote:99 Red Balloons by Nena sounds ominous as a last song

No no, definitely time for REM, It's TEOFTWAWKI

Having just got the greatest hits album I'm a bit dissapointed to see it's not on there...will have to rummage around in the loft, sure I've got it somewhere!

Either, it's getting closer to head for the hills time me thinks...think I'll be filling the coal shed with some baked beans and uzis

RenewableCandy · Post by **RenewableCandy** » 11 Nov 2007, 20:44

oilslick wrote:...think I'll be filling the coal shed with some baked beans and uzis

Not good ol'-fashioned COAL, then?? Or is that in the bath

?

biffvernon · Post by **biffvernon** » 11 Nov 2007, 22:28

Bush wrote:Oil is going up because developing countries still use a lot of oil.

Still use? Did he really say that? Like it's about time the developing countries stopped using it so we can have it?

syberberg · Post by **syberberg** » 11 Nov 2007, 22:50

biffvernon wrote:
Bush wrote:Oil is going up because developing countries still use a lot of oil.
Still use? Did he really say that? Like it's about time the developing countries stopped using it so we can have it?

I know, I mean, how utterly selfish of them. Don't they realise that they're supposed to stay poor and have no aspirations??? How else are we going to remain rich if we have to share our wealth and technology!?!? The very thought. Outrageous! Completely outrageous.

SaturnV · Post by **SaturnV** » 12 Nov 2007, 04:25

jonny2mad wrote:99 Red Balloons by Nena sounds ominous as a last song

Talking Heads, Nothing but Flowers.

SunnyJim · Post by **SunnyJim** » 12 Nov 2007, 08:50

Smithy wrote:http://www.wealthdaily.com/articles/oil ... energy/975
According to the IEA?s World Energy Outlook for 2007:

?An abrupt escalation of oil prices after 2015 as a result of a global supply crisis cannot be ruled out.?

? . . . it is very uncertain whether new oil production in the period to 2015 will be enough to compensate for the natural falloff in output from existing oil fields and keep pace with the projected increase in demand.?

?The consequences of unfettered growth in world energy demand are alarming.?

Whoa.
Tony Hayward, CEO of British Petroleum
?Every geopolitical event causes a spike in the price [in oil], but these spikes only happen because the underlying market is itself tight. For the medium term, the era of cheap energy is behind us.?
CEO of ConocoPhillips, Jim Mulva:
?Oil and gas production fell at all of the largest publicly traded oil companies in the third quarter, as aging oil fields, declining access and soaring costs for drilling services took their toll on output.

?I don?t think we?re going to see the supply go over 100 million barrels a day. Where is it all going to come from?? --November 8, 2007
George Bush, (CEO USA for a little while longer? ):
Last, but not least, is George Bush.

Here?s an exchange he had with a journalist two days ago:

Question: ?Mr. President, with oil approaching $100 a barrel, are you concerned that your hard words for Iran on its nuclear program are helping drive up oil prices, which can end up hurting the U.S. economy??

Bush: ?No. I believe oil prices are going up because the demand for oil outstrips the supply for oil. Oil is going up because developing countries still use a lot of oil. Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling. That?s why the price of oil is going up.? --November 7, 2007
We've heard "Yes it is" from Shell's CEO recently when we nearly fell off our chair...

How about ExxonMobile aka Esso?

Smithy, have you got a reference for that Bush quote??? Can't find it and want to link it to someone.....

Andy Hunt · Post by **Andy Hunt** » 12 Nov 2007, 10:03

syberberg wrote:
biffvernon wrote:
Bush wrote:Oil is going up because developing countries still use a lot of oil.
Still use? Did he really say that? Like it's about time the developing countries stopped using it so we can have it?
I know, I mean, how utterly selfish of them. Don't they realise that they're supposed to stay poor and have no aspirations??? How else are we going to remain rich if we have to share our wealth and technology!?!? The very thought. Outrageous! Completely outrageous.

There is a very bad smell about GW's choice of words there . . .

RenewableCandy · Post by **RenewableCandy** » 12 Nov 2007, 10:52

Bush: ?No. I believe oil prices are going up because the demand for oil outstrips the supply for oil. Oil is going up because developing countries still use a lot of oil. Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling. That?s why the price of oil is going up.? --November 7, 2007

Wh'appen? Did someone turn Bush's remote off??

Smithy · Post by **Smithy** » 12 Nov 2007, 17:59

SunnyJim wrote:
Smithy wrote:http://www.wealthdaily.com/articles/oil ... energy/975

snip

George Bush, (CEO USA for a little while longer? ):
Last, but not least, is George Bush.

Here?s an exchange he had with a journalist two days ago:

Question: ?Mr. President, with oil approaching $100 a barrel, are you concerned that your hard words for Iran on its nuclear program are helping drive up oil prices, which can end up hurting the U.S. economy??

Bush: ?No. I believe oil prices are going up because the demand for oil outstrips the supply for oil. Oil is going up because developing countries still use a lot of oil. Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling. That?s why the price of oil is going up.? --November 7, 2007

Smithy, have you got a reference for that Bush quote??? Can't find it and want to link it to someone.....

It's all the one article. But here too: http://www.energybulletin.net/36976.html

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Big Oil Begins Its Confession

Big Oil Begins Its Confession

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Re: Big Oil Begins Its Confession