Contrary to what we are told...Oil Isn't Running Out!

[Ezz]

Before you go out there and purchase the next family car...make sure you read this. There are some interesting occurrences in the oil industry that the public are not aware of. So before you decide on a hybrid or full electric car...read this.


Contrary to what we are told, Oil Isn't Running Out!...so don't run out and buy a Prius!
http://theage.drive.com.au/motor-new...813-244i1.html

(There is hope for our petroleum loving cars after all!:woot: )

[Ben73]

Price fall in 2015? Sounds good, it will probably drop to below the $2 a litre. I can see it rising between now and 2015. Mostly due to taxes and all that crap.


I saw a top gear episode where they were going to grow some petrol. What ever happened to that.

[Bossxr8]

Originally Posted by Ben73

Price fall in 2015? Sounds good, it will probably drop to below the $2 a litre. I can see it rising between now and 2015. Mostly due to taxes and all that crap.


I saw a top gear episode where they were going to grow some petrol. What ever happened to that.

It turned out what they were growing could only be used for diesel, so they ended up buying a 330d race car and raced it in a 24 hr race.

[dawsman]

In addition to new drilling and recovery technologies, earlier oil discoveries that were considered to be too small at the time to develop economically have been revisited since the resources boom and resulting higher oil price.

[Agile]

Originally Posted by dawsman

In addition to new drilling and recovery technologies, earlier oil discoveries that were considered to be too small at the time to develop economically have been revisited since the resources boom and resulting higher oil price.

Capped wells all over Aus and have been for years. And a load more gas. Fantastic con job by world market manipulators. Dont get rid of ya Clevo just yet.

[SSD-85]

One way or another, burn it while it lasts.

And most importantly, Enjoy it!

[mik]

would rather hack my own goolies off with a broken beer bottle than drive a no character electric car !!! .......... not happening any time soon !

[strobe]

I have a hybrid xr8. Can't start it without a battery.

[Jim Goose]

The Petroleum Council also suggested that governments shouldn't invest too heavily in alternative fuels, instead suggesting that commercial interests should drive any change.

ahh... and everyone missed this statement?????

Bit like when the oil industry buys up copyrights for fuel efficient engines and electric car designs...

[burnz]

Originally Posted by Jim Goose

ahh... and everyone missed this statement?????

Bit like when the oil industry buys up copyrights for fuel efficient engines and electric car designs...

all written by the oil companys, propaganda much...vested intrests.

don't buy the hybrid you'll send us broke.

[Blue Roo]

SHHH!Don't tell the Greens in Canberra that. They Still believe the Sky is Falling (The Green House Effect) and the World is going to End on the 21st of December 2012.

[2011G6E]

http://www.nuwireinvestor.com/articl...oil-51062.aspx

Eight. Hundred. Billion. Barrels.

Not to mention right here in Australia...I don't know who else remembers, but way back in the very early eighties a French company was asking Sir Joh here in Queensland about permission to conduct further and more intensive testing, including some big explosives seismic testing instead of minor stuff, out on the far side of the Great Barrier Reef on the continental shelf, where all indications were that there could be a simply huge oil reserve out there waiting.
Green groups backed by a hostile federal government knocked it on the head and Joh went off his nut (more than usual) about it.

I wonder what ever happened to the info that company found...?

[burnz]

Originally Posted by 2011G6E

http://www.nuwireinvestor.com/articl...oil-51062.aspx

Eight. Hundred. Billion. Barrels.

Not to mention right here in Australia...I don't know who else remembers, but way back in the very early eighties a French company was asking Sir Joh here in Queensland about permission to conduct further and more intensive testing, including some big explosives seismic testing instead of minor stuff, out on the far side of the Great Barrier Reef on the continental shelf, where all indications were that there could be a simply huge oil reserve out there waiting.
Green groups backed by a hostile federal government knocked it on the head and Joh went off his nut (more than usual) about it.

I wonder what ever happened to the info that company found...?

2005 investment company, no this not a pyramid scheme,, the trapazoid is a revoutionary investmen setup.

[bobthebilda]

Oils not running out????? And to think the world is using over 80 million barrels of it a day. If its not running out, then someone must be pumping more than 80 million barrels (a day) of it into the earth, from the other side of the black hole.

The world is so lucky that due to the vastness of our oil supply, we dont have to go to deep siberia to extract it, or vast amounts of canadian forests are not destroyed each year to dig up sand to try and extract it. You do have to wonder why they go to these extremes when its so easy to get.

Regardless, the article is probably somewhat correct, we never will run out of oil, for two main reasons 1) quite alot of it will never get found, or wont be able to be extracted 2) having oil doesnt mean you can use it. if it takes 1 barrel of oil to extract a barrel of oil, then it would be pointless to use that barrel to extract oil. In the early 1900's it took 1 barrel of oil energy equivalent to extract 100 barrels of oil, now the ratio is down to approx. 1 barrel to get out 15 barrels.

Plus we only get a steady supply of oil thanks to the trading needs of oil exporters. Saudia Arabia may produce 10 million barrels a day, use 5 for domestic use and export 5. But if production drops by 25%, then theres a good chance exports drop by 50%. Plus if the mid east was exporting a decreasing amount of energy, why would they use energy to send it to australia, when they can send it to closer areas like europe.

Not a great deal has to go wrong for someones $35,000 falcon to be a useless piece of metal. On a good day, cities like Adelaide only have 10 days supply of fuel on hand.

[Road_Warrior]

Interesting this comes on the back of an announcement that Iraq's oil production has exceeded that of Iran.

Iraq has proven reserves of 143.1 billion barrels of oil and 3.2 trillion cubic metres of gas, both of which are among the highest such deposits in the world.

[MAD]

Meh oil comes from where? rotten trees, fauna, etc. aka. renewable energy

[atec77]

Originally Posted by MAD

Meh oil comes from where? rotten trees, fauna, etc. aka. renewable energy

Australia is in the midst of a huge lie , we have plenty of oil and hundreds more years of coal into fual and oil conversion , the conversion is grade dependent cheaper than normal petrolium . All of which begs the question why as a people do we suffer the lies of both political parties and allow them to tax us to bits , nothing beats the smell of a stroked windsor accelerating early in the morning or the howl of the blower and who cares if some bloke in the Northern climes objects , next thing is we will be taking the worlds unwanted and useless into our nation....

[chamb0]

I think the phrase "take it with a grain of salt" was coined for this very occasion, considering the report's authorship.

[GCRXR6]

http://oilsands.alberta.ca/about.html ... good read also. Enough to service Canada for 400 years.

[Ezz]

Lol, Karj! You must be bored tonight!

[karj]

Originally Posted by Ezz

Lol, Karj! You must be bored tonight!

I really should go to bed!

Edit: sorry mods, this was off-topic... by all means delete it or ignore.

[jpd80]

Oil price has more to do with speculation on supply levels than reality.

[2011G6E]

I also love the way they complain about coal being a "finite" resource.

Well...technically they're right. The universe is "finite" as well in a large sense.
One mine near us, when you divide their proven reserves by the amount they dig up each year, it works out to 200 more years of production.

The only way oil and coal is "limited" is the willpower of people to want it to be dug up. If you place no limits on where the oil comes from, there is plenty of it left for hundreds more years to come.

[Luke Plaizier]

Originally Posted by 2011G6E

I also love the way they complain about coal being a "finite" resource.

Well...technically they're right. The universe is "finite" as well in a large sense.

Talking about the universe having 'finite' resources, it's about time we went out and started making use of all that's out there right? Platinum group metals will be first - at a cost of $20k per pound to get into orbit, prices for Platinum group metals (used in Hydrogen fuel cells for example) can reach up to $70k per pound. Now, all I need is a few Billion to join up...

http://www.planetaryresources.com/

With all the talk of water on Mars, the recent landing of Curiosity, and the possibility of past life, I wonder where all that life has gone? How far from reality is the idea that Mars may have an untapped supply of crude oil?


Lukeyson

[max_torq]

http://www.theoildrum.com/node/9327

"The bottom line is that Maugeri has made some very optimistic assumptions about global average decline rates, failed to provide adequate justification for them and misrepresented the estimates made by others. Adopting more realistic estimates would significantly change his results."

[MAD]

Oil may take 1000's of year to begin forming, but once going, how much is produced (in the ground) per day/week/year?
Hence my snicker of calling it a renewable energy source.

If oil reserves are constantly being discovered, how can any measurement guesstimate be accurate as to how much inflow of oil there actually is?

[Trump]

Umm, not sure if anyone here has read up on how the oil is extracted from oil shale...

http://en.wikipedia.org/wiki/Oil_shale

[mik]

we will never run out of oil, it will gradually become more expensive to pump out for the greater world population and become unpalatable, people over a period of time will just adapt to something else, but internal combustion engines are very versatile, i`m confident when the time comes that it becomes too costly they will find/use something else to fuel them.

[midnightXR6]

I work offshore on the well side. The amount of new oil discoveries is almost weekly.

Australia would be a major player in oil richness but the barrier reef has put a stop to that with the destruction that could happen if it all went tits up there

[bobthebilda]

Originally Posted by midnightXR6

I work offshore on the well side. The amount of new oil discoveries is almost weekly.

Australia would be a major player in oil richness but the barrier reef has put a stop to that with the destruction that could happen if it all went tits up there

No one doubts new discoveries are happening all the time. But the fact is if 80 million barrels aint discovered everday, then what we do know we have, is getting less and less. Australias current reserves are less than 4 billion barrels. Approx. 10 years of supply (if no imports). Hardly an abundance.