The Notorious Posted November 4, 2014 Share Posted November 4, 2014 So the price of a barrel of West Texas Intermediate (WTI) crude oil posted its all-time high of $147.27 on Friday, July 11, 2008. This morning, the price dropped to an intra-day low of $75.84 .............. tell us what the hell happened, oh zerohedge lemmings? Link to comment Share on other sites More sharing options...
peterbound Posted November 4, 2014 Share Posted November 4, 2014 Can't you just combine these two? Link to comment Share on other sites More sharing options...
MerenthaClone Posted November 4, 2014 Share Posted November 4, 2014 So the price of a barrel of West Texas Intermediate (WTI) crude oil posted its all-time high of $147.27 on Friday, July 11, 2008. This morning, the price dropped to an intra-day low of $75.84 .............. tell us what the hell happened, oh zerohedge lemmings? Saudi Arabia is currently undercutting their sales in order to curb the growth of alternative oil extraction methods. http://uk.reuters.com/article/2014/10/12/oil-saudi-policy-idUKL2N0S70J720141012 Link to comment Share on other sites More sharing options...
The Notorious Posted November 4, 2014 Author Share Posted November 4, 2014 Can't you just combine these two? no; they are different issues. Saudi Arabia is currently undercutting their sales in order to curb the growth of alternative oil extraction methods. http://uk.reuters.com/article/2014/10/12/oil-saudi-policy-idUKL2N0S70J720141012 so are you saying that peak oil will return once the saudi drove the alternative methods extractors out of business? Link to comment Share on other sites More sharing options...
peterbound Posted November 4, 2014 Share Posted November 4, 2014 Ugh. This seems so needy. We get it. You're putting up the good fight. Why not just make a thread called 'favored economic conspiracy theories destroyed' or some shit. These topics are fucking pointless. Didn't that pullo guy have a peak oil thread that went nowhere? Link to comment Share on other sites More sharing options...
MerenthaClone Posted November 4, 2014 Share Posted November 4, 2014 so are you saying that peak oil will return once the saudi drove the alternative methods extractors out of business? No, I am proposing an alternative explanation for what you're witnessing that has nothing to do with "peak oil". I'm saying you have no evidence to say that "peak oil is gone" (or the opposite) based on your two chosen data points, and that this thread is a pretty pointless attempt to... I really don't know. Remind everyone of your freethinking brilliance? Link to comment Share on other sites More sharing options...
The Notorious Posted November 4, 2014 Author Share Posted November 4, 2014 Why not just make a thread called 'favored economic conspiracy theories destroyed' or some shit. That would be ... unseemly. These topics are fucking pointless. Thanks for posting though. Didn't that pullo guy have a peak oil thread that went nowhere? He could be busy fracking it up and raking it in. Link to comment Share on other sites More sharing options...
The Notorious Posted November 4, 2014 Author Share Posted November 4, 2014 No, I am proposing an alternative explanation for what you're witnessing that has nothing to do with "peak oil". I'm saying you have no evidence to say that "peak oil is gone" (or the opposite) based on your two chosen data points, and that this thread is a pretty pointless attempt to... I really don't know. Remind everyone of your freethinking brilliance? And I'm trying to understand how that alternative explaination will pans out. If peak out is not gone, then I guess it's just lurking around the corner, waiting for the shale extractors and frackers to run out of business .... and then BAM, peak oil is back!? Link to comment Share on other sites More sharing options...
Mudguard Posted November 4, 2014 Share Posted November 4, 2014 Conceptually, if you acknowledge that the quantity of oil in the ground is finite, we will have to hit a peak in oil production sometime, whether it's in 10, 20, 50, 100 or more years. What will happen after that point is speculative and depends on too many unknowns. Maybe we'll have developed suitable oil alternatives, alternative energy sources, and reduced our reliance on oil by then. Or maybe not. Link to comment Share on other sites More sharing options...
davos Posted November 4, 2014 Share Posted November 4, 2014 We still have a limited supply of oil in the ground. Discovery of new reserves combined with increasing ability to extract oil from difficult to reach or marginal sources has significantly increased the amount of total reserves we know about. This has pushed back the point where demand will exceed total production capacity. Given the experience of the last 10 years, discoveries of new resources and technological improvements could continue to push that date back. The point will come, though, when we will no longer have oil supplies to meet our needs. Even if we continue to largely ignore the environmental impact of fossil fuel consumption, there is no way to avoid the need to find ways around using oil at anything close to our current rates. Link to comment Share on other sites More sharing options...
karaddin Posted November 5, 2014 Share Posted November 5, 2014 At some point your country will surely decide that fucking your water tables is a bad idea and attitudes to fracking will change right? Surely there is some percentage of the ground water being flammable that will give people pause? Link to comment Share on other sites More sharing options...
Swordfish Posted November 5, 2014 Share Posted November 5, 2014 At some point your country will surely decide that fucking your water tables is a bad idea and attitudes to fracking will change right? Surely there is some percentage of the ground water being flammable that will give people pause? What's more fun than flammable water, though? I need to be entertained, after all. Link to comment Share on other sites More sharing options...
ThinkerX Posted November 5, 2014 Share Posted November 5, 2014 We still have a limited supply of oil in the ground. Discovery of new reserves combined with increasing ability to extract oil from difficult to reach or marginal sources has significantly increased the amount of total reserves we know about. This has pushed back the point where demand will exceed total production capacity. Given the experience of the last 10 years, discoveries of new resources and technological improvements could continue to push that date back. The point will come, though, when we will no longer have oil supplies to meet our needs. Even if we continue to largely ignore the environmental impact of fossil fuel consumption, there is no way to avoid the need to find ways around using oil at anything close to our current rates. THIS. Plus, our entire civilization is totally dependent on oil at all levels in order to function. Even measures that modestly reduce oil consumption are a threat (improved efficiency, alternative energy). Witness the utility companies getting cranky at the prospect of large numbers of people putting solar panels on their roofs. Still, keeping things going 'as is' is going to get rougher and rougher over the next few years. Another decade, maybe two, the current 'as is' won't be doable. But alternatives will STILL be fought tooth and nail. What's propping things up now is the shale gas boom, but that comes with hell's own water and environmental price tag, and its a short term measure to boot. Link to comment Share on other sites More sharing options...
karaddin Posted November 5, 2014 Share Posted November 5, 2014 What's more fun than flammable water, though? I need to be entertained, after all. I'm just glad water is the environmental issue my country actually cares about, I'd like there to be more but when most of the continent is dessert it's important not to ruin what water you've got! Link to comment Share on other sites More sharing options...
Swordfish Posted November 5, 2014 Share Posted November 5, 2014 I'm just glad water is the environmental issue my country actually cares about, I'd like there to be more but when most of the continent is dessert it's important not to ruin what water you've got! Haha. i live in the Pacific northwest. We can afford to treat our water with a certain amount of largess..... Link to comment Share on other sites More sharing options...
karaddin Posted November 5, 2014 Share Posted November 5, 2014 Haha. i live in the Pacific northwest. We can afford to treat our water with a certain amount of largess..... I was in North Idaho for a year, the attitude towards water there was quite the culture shock. Just leave it running, blast everything with lots of water! Link to comment Share on other sites More sharing options...
Ser Scot A Ellison Posted November 5, 2014 Share Posted November 5, 2014 Karaddin,Areas not in perpetual drought are very different from your stomping grounds. Link to comment Share on other sites More sharing options...
karaddin Posted November 5, 2014 Share Posted November 5, 2014 Sorry I'm leading this a little off topic, but... The fact you don't fucking monitor the water table levels in California is just....utterly jaw dropping to me. It's having this huge severe drought resulting in water levels getting low, and you don't even know how low? I just cannot compute that. Even if you aren't restricting usage or anything, just monitoring how much is there when there is the potential for drought seems pretty fucking important to me. But I grew up through my teenage years and early adult years with moderate to major water restrictions for most of that period. Attitudes towards climate change here actually follow the rain :p we were very concerned before the last one broke, and slowly allowed the skeptic movement to change attitudes since. As soon as the El Nino cycle flips back to El Nino I'm positive we will see concern about it skyrocket here. Link to comment Share on other sites More sharing options...
ThinkerX Posted November 5, 2014 Share Posted November 5, 2014 The fact you don't fucking monitor the water table levels in California is just....utterly jaw dropping to me. It's having this huge severe drought resulting in water levels getting low, and you don't even know how low? I just cannot compute that. People in charge going far, far out of their way to avoid hearing bad news: if no bad news reaches them, then the source of the bad news cannot exist, therefor nothing to worry about. Monitoring could reveal very bad news, no monitoring, therefor no problem. Used to come across multiple accounts of this in regards to Peak Oil - some engineer or business type would run some long range predictions (based on hard data), see things getting real nasty, fire off a memo or report to the nitwits in charge...and nothing, except maybe a statement about how they were being 'alarmist' or some such. bureaucracy at its finest...or is that worst? Link to comment Share on other sites More sharing options...
Falstaff_Stark Posted November 5, 2014 Share Posted November 5, 2014 This one is kudos to the Saudis. Low oil prices hurt their enemy, Iran, and ours Russia. I think they are also concerned about a global depression destroying oil demand. The cost of a unit of GDP is directly related to energy costs. Look at it as FDI into the Western World. One unsettling thing, but related, is that China is importing a large amount of "non-market" oil. That lowers demand on the markets affecting our price. Link to comment Share on other sites More sharing options...
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