Peak Oil Myth Video

truby20

truby20

Fighting like a girl
AK-74me said:
http://abcnews.go.com/Video/playerIndex?id=1946708

In the latest John Stossel special on "Myth, lies, and downright stupidity", he killed several liberal sacred cows.
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I watched the video and I don't see how it kills any "liberal sacred cows". He confirmed that we are running out of cheap oil, I think everyone knew this. Extracting oil from the tar sands of Canada is estimated to cost three times as much as pumping it out of the middle east and the tar sands will be empty in 100 years at current usage rates.

I'm not sure if anyone here goes to fatwallet.com but in their "finance" forums there are a few people who are starting to convert to solar power for their homes given the large increases they are seeing in their power bills. It's comforting to know that at least our electricity prices can only go so high; at some point it becomes cheaper for us to generate it ourselves.
 
vraiblonde

vraiblonde

Board Mommy
PREMO Member
Patron
truby20 said:
the tar sands will be empty in 100 years at current usage rates.
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The cost would be a factor but so what if we deplete it in 100 years? By then the world will be a different place, much like the difference between 1906 and 2006.

The things people worry about almost never actually happen. It's the things you don't even think of that make the biggest impact. Nobody ever thought about terrorism until 9-11 happened. Too busy being kirked about about Mad Cow Disease killing us all. :rolleyes:

I am perfectly content to let the experts take care of it and do what's in our best interest. They haven't failed us yet, while nutty activists have led to ignorant laws and regulations that have just made things worse.
 
itsbob

itsbob

I bowl overhand
truby20 said:
I watched the video and I don't see how it kills any "liberal sacred cows". He confirmed that we are running out of cheap oil, I think everyone knew this. Extracting oil from the tar sands of Canada is estimated to cost three times as much as pumping it out of the middle east and the tar sands will be empty in 100 years at current usage rates.

.
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He also said that it cost less then $5 a barrel to harvest the cheap oil, so it would cost $15 a barrel from the Tar Sands.. still a mighty good profit margin when it's selling for over $70 a barrel.. So if we started to put the Tar Sands to use, and gave them a 100% profit, oil and gas would be half the price it is today.

and the one or tow hundred years would be if it was the ONLY source of oil being used, if the world didn't use any oil from anywhere else, the tar sands would last over 100 years..
 
Larry Gude

Larry Gude

Strung Out
Are you being coy?

truby20 said:
I watched the video and I don't see how it kills any "liberal sacred cows". He confirmed that we are running out of cheap oil, I think everyone knew this. Extracting oil from the tar sands of Canada is estimated to cost three times as much as pumping it out of the middle east and the tar sands will be empty in 100 years at current usage rates.

I'm not sure if anyone here goes to fatwallet.com but in their "finance" forums there are a few people who are starting to convert to solar power for their homes given the large increases they are seeing in their power bills. It's comforting to know that at least our electricity prices can only go so high; at some point it becomes cheaper for us to generate it ourselves.
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He, in no way, confirmed we are running out of cheap oil. What he said, clearly, was we are in ZERO danger of running out of fossil, hydro carbon, fuel; oil, gas, coal and so forth. It is a matter of faith in liberal arguments that we are in danger of running out because it serves the purpose, wrongly, of getting us off oil.

A liberal who actually believed we're running out and understood simple economics would SCREAM; 'MORE SUV'S!!! Burn up oil as fast as possible and it will make environmentally safer options affordable sooner!!!"

So, yes, a sacred, and incorrect, cow is being slaughtered.

I think solar is awesome. The sooner we get to it and other options the better. First, we gotta burn up a bunch of oil...
 
Larry Gude

Larry Gude

Strung Out
See?

itsbob said:
He also said that it cost less then $5 a barrel to harvest the cheap oil, so it would cost $15 a barrel from the Tar Sands.. still a mighty good profit margin when it's selling for over $70 a barrel.. So if we started to put the Tar Sands to use, and gave them a 100% profit, oil and gas would be half the price it is today.

and the one or tow hundred years would be if it was the ONLY source of oil being used, if the world didn't use any oil from anywhere else, the tar sands would last over 100 years..
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...now you're thinking. Thing is, we can't impose a market successfully. If current oil issues are making other options come to market, hurrah!
 
Larry Gude

Larry Gude

Strung Out
Did you see...

truby20 said:
I watched the video and I don't see how it kills any "liberal sacred cows". He confirmed that we are running out of cheap oil, I think everyone knew this. Extracting oil from the tar sands of Canada is estimated to cost three times as much as pumping it out of the middle east and the tar sands will be empty in 100 years at current usage rates.

I'm not sure if anyone here goes to fatwallet.com but in their "finance" forums there are a few people who are starting to convert to solar power for their homes given the large increases they are seeing in their power bills. It's comforting to know that at least our electricity prices can only go so high; at some point it becomes cheaper for us to generate it ourselves.
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...how small an area the Canadien fields are???

Run the whole planet for 100 years on a geological area that size of a pin in comparison? What's that tell us about the reserve of fossil fuel on this globe?


HUGE.


It's comforting to know that at least our electricity prices can only go so high; at some point it becomes cheaper for us to generate it ourselves
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That's how supply and demand works. Ain't it cool?
 
D

dck4shrt

New Member
Larry Gude said:
...how small an area the Canadien fields are???

Run the whole planet for 100 years on a geological area that size of a pin in comparison? What's that tell us about the reserve of fossil fuel on this globe?


HUGE.




That's how supply and demand works. Ain't it cool?
Click to expand...

There are huge reserves on our globe, but the cost of removing the vast majority of it makes no sense for anyone to remove it, at any reasonable price per barrel. Secondly, the vast majority of the oil under our feet is either very poor quality or takes tremendous energetic resources to extract and process. It ain't worth a damn if you have to burn two barrels to get one back...

But there are a lot of other hydrocarbon sources that hold a ton of energy that is cheap to get at, especially coal, and to a lesser extent natural gas. Just have to get over environmental hurdles for the former, and transportation issues for the latter.
 
Larry Gude

Larry Gude

Strung Out
Define...

dck4shrt said:
There are huge reserves on our globe, but the cost of removing the vast majority of it makes no sense for anyone to remove it, at any reasonable price per barrel. Secondly, the vast majority of the oil under our feet is either very poor quality or takes tremendous energetic resources to extract and process. It ain't worth a damn if you have to burn two barrels to get one back...

But there are a lot of other hydrocarbon sources that hold a ton of energy that is cheap to get at, especially coal, and to a lesser extent natural gas. Just have to get over environmental hurdles for the former, and transportation issues for the latter.
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'makes no sense at a reasonable price'

Right now, 'reasonable' is $70 a barrel.

As far as the energy used to get it, gasoline used to be this useless byproduct of distilling oil. So, maybe 'burn 2 to get 1' isn't exactly the way to look at it. If you can burn to barrels of cheap, low quality oil at $15 a barrel to get one barrel out that you can refine and get over $30 for it, the market will seek it, yes?
 
D

dck4shrt

New Member
Larry Gude said:
'makes no sense at a reasonable price'

Right now, 'reasonable' is $70 a barrel.

As far as the energy used to get it, gasoline used to be this useless byproduct of distilling oil. So, maybe 'burn 2 to get 1' isn't exactly the way to look at it. If you can burn to barrels of cheap, low quality oil at $15 a barrel to get one barrel out that you can refine and get over $30 for it, the market will seek it, yes?
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The price that quashes our economy, and in return starts driving oil prices down? My money is that it's at about $120. If people really want to pony up, then $150. As the price goes up more oil (and alternative energy sources) become viable. Small piddly reserves of 50,000,000 barrels (which there are lots of), which equates to $3.5 billion in gross revenues, 2 days of US consumption, and 8 hours of world consumption become reasonable to extract. The market will seek all of the outcomes where profit is potentially there, yes. I'm sure the scenarios of risk/reward (oil in vs. oil out, money in vs. oil out, etc) follow a completely predictable curve.
 
D

dck4shrt

New Member
Larry Gude said:
'makes no sense at a reasonable price'

Right now, 'reasonable' is $70 a barrel.

As far as the energy used to get it, gasoline used to be this useless byproduct of distilling oil. So, maybe 'burn 2 to get 1' isn't exactly the way to look at it. If you can burn to barrels of cheap, low quality oil at $15 a barrel to get one barrel out that you can refine and get over $30 for it, the market will seek it, yes?
Click to expand...

I guess the point here is that as our prices have increased this go-around, new proven reserves have not been found (which is one indication of peak oil). As the price goes up, more people, and more money, will look for it, and more difficult recoveries become 'reasonable'. The new finds haven't kept pace with the increase in price, so that leads to the peak oil conclusion. That, and the nationalist attitudes that we are seeing out of producers.
 
2ndAmendment

2ndAmendment

Just a forgiven sinner
PREMO Member
vraiblonde said:
.... They haven't failed us yet, while nutty activists have led to ignorant laws and regulations that have just made things worse.
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That was why U.S. Senators were supposed to be appointed by the state and not subject to the whims of the populace. They were to be a stabilizing force on the legislature. Oops. Messed that up with the 17th Amendment.
 
AK-74me

AK-74me

"Typical White Person"
vraiblonde said:
The cost would be a factor but so what if we deplete it in 100 years? By then the world will be a different place, much like the difference between 1906 and 2006.
Click to expand...

That is all that needs to be said, so what if we don't have any oil a couple hundred years from now, it is most likely not going to be needed.

And 2ndA, I hate to disagree with you man because I find myself agreeing with you 99% of the time but 100% profit is possible. Ex. I bought ORCL for $3 a share around 1997 and now it is around $14 = about 450% profit.
 
2ndAmendment

2ndAmendment

Just a forgiven sinner
PREMO Member
AK-74me said:
That is all that needs to be said, so what if we don't have any oil a couple hundred years from now, it is most likely not going to be needed.

And 2ndA, I hate to disagree with you man because I find myself agreeing with you 99% of the time but 100% profit is possible. Ex. I bought ORCL for $3 a share around 1997 and now it is around $14 = about 450% profit.
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No. That is a common miss conception. You have made 450% on your investment.
 
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AK-74me

AK-74me

"Typical White Person"
2ndAmendment said:
50%. You have a 100% markup.
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1 dollar is 100% profit, on the orginal dollar.

I don't know but any financial statement, or any of the several online portfolios I have entered my account into report my gains using this method.
 
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