Current Oil Price

Totally_Baffled · Post by **Totally_Baffled** » 03 Nov 2008, 20:31

$59.85 for brent.

biffvernon · Post by **biffvernon** » 03 Nov 2008, 21:07

Citing concern over rising costs, Shell last Thursday said it was
postponing a decision on expanding further its Athabasca Oil Sands project, currently in the middle of a first phase expansion that should boost production capacity to 255,000 b/d by 2010.

http://www.platts.com/Oil/News/8142984.xml

The US oil and gas exploration-and-production industry will likely take out of service between 300 and 500 drilling rigs in the coming months, as the industry continues to be wracked by the global credit crisis and soft energy commodity prices, Chesapeake Energy CEO Aubrey McClendon said Friday.

http://www.platts.com/Natural%20Gas/News/6002895.xml

There seem to be more stories about that suggest that oil production will not expand so fast in the light of the financial situation. Was Peak Oil last August?

skeptik · Post by **skeptik** » 03 Nov 2008, 21:26

biffvernon wrote: Was Peak Oil last August?

Well who knows, but it looks like the jolly old Eighty something million barrels a day bumpy plateau is going to be with us for some time...

Totally_Baffled · Post by **Totally_Baffled** » 03 Nov 2008, 21:26

There seem to be more stories about that suggest that oil production will not expand so fast in the light of the financial situation. Was Peak Oil last August?

Question is, will it need to?

1.5mpd has already been taken offline due to soft prices (OPEC), what happens if demand declines 14% like in the late 70's early nineties?

That would be 12 million barrels per day of spare capacity! yikes!

Andy Hunt · Post by **Andy Hunt** » 03 Nov 2008, 21:52

So potentially oil cheap enough to allow the affordable development of renewables, but not expensive enough to allow exploitation of the more environmentally damaging unconventionals.

Sounds like our last chance. I for one am glad that we're getting one. Let's just hope we don't mess it up.

biffvernon · Post by **biffvernon** » 04 Nov 2008, 19:26

Tess, Posted: Wed Sep 12, 2007 2:03 pm wrote:New all-time intra-day high for WTI is $78.93, and we're still pushing higher.

Now that the price is above $70 again shall we just spool back to the start of this thread?

Post by **kenneal - lagger** » 04 Nov 2008, 23:00

Andy Hunt wrote:So potentially oil cheap enough to allow the affordable development of renewables, but not expensive enough to allow exploitation of the more environmentally damaging unconventionals..

But too cheap to make renewables economically viable?

Andy Hunt · Post by **Andy Hunt** » 05 Nov 2008, 09:23

kenneal wrote:
Andy Hunt wrote:So potentially oil cheap enough to allow the affordable development of renewables, but not expensive enough to allow exploitation of the more environmentally damaging unconventionals..
But too cheap to make renewables economically viable?

Which is where carbon markets need to make the difference.

Totally_Baffled · Post by **Totally_Baffled** » 06 Nov 2008, 19:41

brent now at $56.80!

Blimey!

http://www.bloomberg.com/markets/commod ... rices.html

RGR · Post by **RGR** » 07 Nov 2008, 00:28

Totally_Baffled wrote:brent now at $56.80!

Blimey!

http://www.bloomberg.com/markets/commod ... rices.html

I vote we rename the thread, "How Low Can Peak Oil Cause Prices To Go", that way newbies won't wander in and mistake peak oil with anything to do with actual oil price.

biffvernon · Post by **biffvernon** » 07 Nov 2008, 07:20

RGR wrote:How Low Can Peak Oil Cause Prices To Go

Obviously zero. There will be no dollars in Olduvai.

MacG · Post by **MacG** » 07 Nov 2008, 08:53

biffvernon wrote:
RGR wrote:How Low Can Peak Oil Cause Prices To Go
Obviously zero. There will be no dollars in Olduvai.

Hmm, this is an interesting one! When there is no oil and no money, is the price really zero? Or infinity? A zero divided by zero.

SILVERHARP2 · Post by **SILVERHARP2** » 07 Nov 2008, 11:04

MacG wrote:
biffvernon wrote:
RGR wrote:How Low Can Peak Oil Cause Prices To Go
Obviously zero. There will be no dollars in Olduvai.
Hmm, this is an interesting one! When there is no oil and no money, is the price really zero? Or infinity? A zero divided by zero.

This is great I will be infinitely rich , I'll still have my gold so by definition it will have infinate buying power!

RGR · Post by **RGR** » 07 Nov 2008, 13:34

biffvernon wrote:
RGR wrote:How Low Can Peak Oil Cause Prices To Go
Obviously zero. There will be no dollars in Olduvai.

Olduvai is a bad joke already. Lets talk about something meaningful instead, like Santa Claus or the Easter Bunny.

grinu · Post by **grinu** » 07 Nov 2008, 18:02

RGR:

Olduvai is a bad joke already. Lets talk about something meaningful instead, like Santa Claus or the Easter Bunny.

I'll start with Santa Claus.....
Big red hat, furry hem, big fat santa suit. Flys on a magic sleigh.
Easter bunny, jumps around laying chocolate eggs wrapped in foil.

How about we now talk about something more ridiculous than the easter bunny and santa - 'peak oil is nothing to worry about'. Didn't cookie monster say something like that? He was a right Muppet.

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