Oil peaked in 2006. Production will fall 7% a year study finds.

mammasan
mammasan Posts: 5,655
edited October 2007 in A Moving Train
http://www.guardian.co.uk/oil/story/0,,2196435,00.html
"When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
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  • jlew24asu
    jlew24asu Posts: 10,118
    "The group says official industry estimates put global reserves at about 1.255 gigabarrels - equivalent to 42 years' supply at current consumption rates. But it thinks the figure is only about two thirds of that."

    42 years (or less) is not a long time


    WTF world. lets find an alternative.
  • LikeAnOcean
    LikeAnOcean Posts: 7,718
    Unfortunately people would rather bomb Iran than have to ride a bike to work.
  • even flow?
    even flow? Posts: 8,066
    LikeAnOcean wrote:
    Unfortunately people would rather bomb Iran than have to ride a bike to work.


    You need oil to run the freighters to get the bikes that are made in China over here anyhow. May as well drive a car. ;)

    Not to knock this read but haven't we been hearing the end of peak oil for at least 20 years or so.


    Edit: For those of us old enough to have seen the gas stations locked up in the 70's, that may have been a time for North America's best and brightest to have started on some other substance or other to combat the need for oil. But the greedy know they have a monopoly on it and will bomb and kill whoever to make sure that stays the status quo.
    You've changed your place in this world!
  • LikeAnOcean
    LikeAnOcean Posts: 7,718
    even flow? wrote:
    Not to knock this read but haven't we been hearing the end of peak oil for at least 20 years or so.
    Maybe it did already peak along time ago. I paid 89 cents for gas in 1998. It's 3 something now. How does that make sense?
  • LikeAnOpeningBandForTheSun
    LikeAnOpeningBandForTheSun Posts: 6,097
    LikeAnOcean wrote:
    Unfortunately people would rather bomb Iran than have to ride a bike to work.

    heh most of the small towns and cities here in the south were not built to be bike friendly (lack of sidewalks, urban sprawl). Its a real pain in the ass. A car is a neccessity unfortunately.
  • LikeAnOcean
    LikeAnOcean Posts: 7,718
    MrSmith wrote:
    heh most of the small towns and cities here in the south were not built to be bike friendly (lack of sidewalks, urban sprawl). Its a real pain in the ass. A car is a neccessity unfortunately.
    I guess you've never gone off road mountain biking through the woods. :p
  • Drowned Out
    Drowned Out Posts: 6,056
    jlew24asu wrote:
    "The group says official industry estimates put global reserves at about 1.255 gigabarrels - equivalent to 42 years' supply at current consumption rates. But it thinks the figure is only about two thirds of that."

    42 years (or less) is not a long time


    WTF world. lets find an alternative.

    two thirds of 42 years is much less time (28 years)....and that is assuming that consumption doesn't go up...I can't say for sure, but I'm seriously doubting that China and India's consumption have peaked...not to mention any other developing country. If it IS 2/3 that figure, and demand DOES go up...that puts us closer to what, 20-25 years? yikes.
  • Drowned Out
    Drowned Out Posts: 6,056
    even flow? wrote:
    Not to knock this read but haven't we been hearing the end of peak oil for at least 20 years or so..
    true...could it be fear mongering by those damn Bildebergers, scrambling to make the $100/barrel they promised by 2008? ;)
  • jlew24asu
    jlew24asu Posts: 10,118
    Drowned Out wrote:
    two thirds of 42 years is much less time (28 years)....and that is assuming that consumption doesn't go up...I can't say for sure, but I'm seriously doubting that China and India's consumption have peaked...not to mention any other developing country. If it IS 2/3 that figure, and demand DOES go up...that puts us closer to what, 20-25 years? yikes.

    which is why I said (or less ;) ) who knows, more oil might be discovered. its a big earth.
  • macgyver06
    macgyver06 Posts: 2,500
    mammasan wrote:
    http://www.guardian.co.uk/oil/story/0,,2196435,00.html

    if production falls 7% a year..technically we will have oil forever :)
  • mammasan
    mammasan Posts: 5,655
    macgyver06 wrote:
    if production falls 7% a year..technically we will have oil forever :)

    Not necessarily. If oil production starts declining 7% ever year that doesn't mean that the demand will decrease as well. Demand is on the rise and as someone mentioned the economies of countries like India and China have not even peaked yet so their oil consumption will continue to rise at an incredible rate. At current consumption rates, the study finds that our oil reserve will only last about 42 years.
    "When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
  • macgyver06
    macgyver06 Posts: 2,500
    mammasan wrote:
    Not necessarily. If oil production starts declining 7% ever year that doesn't mean that the demand will decrease as well. Demand is on the rise and as someone mentioned the economies of countries like India and China have not even peaked yet so their oil consumption will continue to rise at an incredible rate. At current consumption rates, the study finds that our oil reserve will only last about 42 years.


    ya i got it..i was joking..
  • Drowned Out
    Drowned Out Posts: 6,056
    jlew24asu wrote:
    which is why I said (or less ;) ) who knows, more oil might be discovered. its a big earth.
    I hear there is a lot up at the north pole if we could just get that damn ice to melt so that we can prove up the supplies.
    Then we get to fight over who has the rights to it....
  • RolandTD20Kdrummer
    RolandTD20Kdrummer Posts: 13,066
    I think the pentagon will start boiling down the Muslim people themselves to extract oil eventually.
    Progress is not made by everyone joining some new fad,
    and reveling in it's loyalty. It's made by forming coalitions
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  • South of Seattle
    South of Seattle West Seattle Posts: 10,724
    LikeAnOcean wrote:
    Maybe it did already peak along time ago. I paid 89 cents for gas in 1998. It's 3 something now. How does that make sense?

    I remember those days. When a $20 would easily fill up your tank. Now I shell out $45 :(
    NERDS!
  • Drowned Out
    Drowned Out Posts: 6,056
    South of Seattle wrote:
    I remember those days. When a $20 would easily fill up your tank. Now I shell out $45 :(
    HA! I've paid $100 + to fill up....
    Right now, my 60L tank costs me close to $60...and you can't even say, "ya but those are canadian dollars" anymore ;)
  • South of Seattle
    South of Seattle West Seattle Posts: 10,724
    Drowned Out wrote:
    HA! I've paid $100 + to fill up....
    Right now, my 60L tank costs me close to $60...and you can't even say, "ya but those are canadian dollars" anymore ;)

    Yeah the whole Liter thing confused me in Canada ;)

    Drive a big truck or something?
    NERDS!
  • Drowned Out
    Drowned Out Posts: 6,056
    nah, just a typical midsize kid-hauler :(....I am getting a more efficient vehicle next month tho.

    1 gallon [US, liquid] = 3.785 litres
    60L = about 16 gallons.
  • jlew24asu
    jlew24asu Posts: 10,118
    LikeAnOcean wrote:
    Maybe it did already peak along time ago. I paid 89 cents for gas in 1998. It's 3 something now. How does that make sense?

    2 reasons. OPEC and china. OPEC controls supply. once demand starting rising (since 98) because of china's economic/industrial boom, prices went up. OPEC noticed the world was able to afford 30 dollars a barrel, then 40.....50....60....70....80 now 90. even at these high prices the world is able to sustain growth. if the world ecconmy started to fall into recession (based on high oil prices) the greedy assholes at opec would increase supply.
  • LikeAnOpeningBandForTheSun
    LikeAnOpeningBandForTheSun Posts: 6,097
    well the rumor is that Saudi Arabia has fucked up its largest oil field by drilling it wrong and now couldnt increase demand if it wanted to.

    we're running out.

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