Another oil crisis on the horizon?

L Gilbert

Winterized
Nov 30, 2006
23,738
107
63
68
50 acres in Kootenays BC
the-brights.net
CHOKE POINT | Should the U.S. bomb Iran, as some say it will, the Straits of Hormuz could be the focus of Iran's response, causing a huge spike in oil prices.
Perhaps someone should just bomb Junior. I'm f'n tired of fuel prices being f'd with unnecessarily like they were over christmas. Oil shortage, my a$$. There's enough proven oil in the planet to last for a long time yet. There's enough in Canada alone to last Canadians 1500 years at the present rate of consumption. Oil companies messing around with prices while they make astronomical profits and people dying in streets and not being able to afford healthcare. I'm all for capitalism, but that is getting f'n ludicrous.

There, rant over. :D
 

tamarin

House Member
Jun 12, 2006
3,197
22
38
Oshawa ON
Few topics inspire more rants than this one. We really are at the mercy of oil markets. With the Gulf controlling two thirds of the flow it's easy to see how things get out of hand so quickly. And speculators love a crisis. It's interesting to see how quickly Europe is developing plans to free itself of the Mid-Eastern quagmire and Russia's increasing strangehold on key supply. We're always told we can't afford decisive steps in a new energy direction. Maybe we'll be forced to consider the options sometime soon.
 

hermanntrude

^^^^^^^^^^^^^^^^^^^
Jun 23, 2006
7,267
118
63
43
Newfoundland!
very similar to the diamond trade. not as rare as people think they are, so people keep them safe to keep the supply low when they want prices to rise.

control the supply, control the prices.

this is why anti-capitalism is a valid viewpoint. although to be fair there seems to be no viable alternative. certainly not with GWB around
 

Toro

Senate Member
very similar to the diamond trade. not as rare as people think they are, so people keep them safe to keep the supply low when they want prices to rise.

control the supply, control the prices.

this is why anti-capitalism is a valid viewpoint. although to be fair there seems to be no viable alternative. certainly not with GWB around

This is incorrect. Its all supply and demand right now. OPEC is neutered. After the last meeting where they all agreed to cut production, the only one who did was Kuwait. Now, Kuwait is saying they won't attend the next meeting because no one else cut like they said they would.

A cartel is an organization of liars. OPEC is no different.

Anti-capitalism may be a valid viewpoint but it certainly isn't a valid socio-economic structure.
 

hermanntrude

^^^^^^^^^^^^^^^^^^^
Jun 23, 2006
7,267
118
63
43
Newfoundland!
OK i admit it. I know nothing.

But i guarantee it's not as simple as supply and demand. If there's a way they can get more money out of you they'll do it
 

BitWhys

what green dots?
Apr 5, 2006
3,157
15
38
world consumption and reserves, sourced from the Energy Information Administration...

29,930,000,000 barrels per year (@82 million barrels per day - 2004 levels)
1,317,447,415,000 barrels in known reserve (2007)

44 years to go
 

hermanntrude

^^^^^^^^^^^^^^^^^^^
Jun 23, 2006
7,267
118
63
43
Newfoundland!
is that accessible reserve? reserves that havent been found yet? how do we know what the consumption levels will be? why do i care anyway cos there's sod all i can do about it. If the oil companies raise the prices, i can't make them lower it, if it runs out, i can't do anything to stop that... basically i'll just adapt to whetever turns out to be the truth, which is probably that we'll all have a bad time with climate change but nowhere near as bad as some of the estimates we see quoted here, we'll all have to change somewhat, prices will rise for ever and ever and we'll all die one day anyway
 

BitWhys

what green dots?
Apr 5, 2006
3,157
15
38
Proved reserves are estimated quantities that analysis of geologic and engineering data demonstrates with reasonable certainty are recoverable under existing economic and operating conditions.

We know what consumption was in 2004. That's what I based it on.
 

Toro

Senate Member
world consumption and reserves, sourced from the Energy Information Administration...

29,930,000,000 barrels per year (@82 million barrels per day - 2004 levels)
1,317,447,415,000 barrels in known reserve (2007)

44 years to go

Its certainly higher than that.

http://www.brazzilmag.com/content/view/2340/54/

Its just a matter of getting at it.

I have read that most believe there are 3-3.5 trillion barrels of oil in the world that we know about. But much of it is trapped in unconventional sources such as heavy crude, tar sands, shale, etc. The Green River shale basin is estimated to have 800 million -1.5 trillion barrels alone.
 

darkbeaver

the universe is electric
Jan 26, 2006
41,035
197
63
RR1 Distopia 666 Discordia
Research has shown conclusively that the best hydro-carbon exploration and expliotation equipment available today is the aircraft-carrier. Some would argue with this analysis, they are mistaken.
p.s: where's my goddamn beaver picture
 

L Gilbert

Winterized
Nov 30, 2006
23,738
107
63
68
50 acres in Kootenays BC
the-brights.net
is that accessible reserve? reserves that havent been found yet? how do we know what the consumption levels will be? why do i care anyway cos there's sod all i can do about it.
I thought that for a short time. Then I sold my oil shares and bought into alternative energy groups. Also, cut back on consumption and rerouted a pretty good sized wheelbarrow fulla money so far, too.
 

BitWhys

what green dots?
Apr 5, 2006
3,157
15
38
Its certainly higher than that.

http://www.brazzilmag.com/content/view/2340/54/

Its just a matter of getting at it.

I have read that most believe there are 3-3.5 trillion barrels of oil in the world that we know about. But much of it is trapped in unconventional sources such as heavy crude, tar sands, shale, etc. The Green River shale basin is estimated to have 800 million -1.5 trillion barrels alone.

please. I'm supposed to prefer the information from some trade rag that suits your purposes over that of the EIA?

forget it.
 

BitWhys

what green dots?
Apr 5, 2006
3,157
15
38
Its certainly higher than that...

squeezing rocks for oil is a level of desparation no doubt many are looking forward to, but it certainly doesn't represent supplies that are "recoverable under existing economic and operating conditions".