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Jim Rogers: "Saudi Arabia Is Lying About Being Able To Increase Its Oil Production"
Jim Rogers joins Zero Hedge in being highly skeptical about just how credible Saudi's call for a 1MM + boost in its oil supply is: "Saudi Arabia has been lying about the reserves for decades. Saudi Arabia the last two times said they are going to increase production and they couldn't increase production. Don't fall for that. The reason oil is going up is the world is running out of known reserves of oil." Of course, then there is the question of does one trust the Quantum fund creator who retired at 37, or does one go with the sellside lemming brigade of monkeys with typewriters who will groupthink anything and everything to death, just to get paid another completely unwarranted bonus. As to those who are concerned that the commodity "bubble" is about to pop, Rogers says: "It's still years away." And some reinforcement for the gold and silver bulls: "Gold will certainly go over $2,000 by the end of the decade, and silver will pass $50." And as a hedge to his great commodity bull market call, Rogers continues to be short Nasdaq stocks. His thesis: "If the economy gets better I am going to make money in commodities, if it doesn't get better, I am going to make money in commodities cause they are going to print huge amounts of money." Call it the adjusted Tepper call. Rogers is also holding a contrarian all on the dollar: "I own some dollars now because there was a huge drop in the dollar. I do sometimes like to buy things when they collapse, and sometimes I don't. Sometimes I lose money." We assume this is merely a short-term revulsion trade as all the near-record USD shorts get flushed out as we highlighted in the latest Committment of Traders update.
Full interview:
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Perhaps it's lumpenkind? While we're at it, here is another...
THE MADOFF TAPES by Steve Fisher...
"Bernard L. Madoff is in therapy. Each week, he waits for the signal that prisoners are allowed to leave their housing units, then he walks the five minutes from his “room,” as he calls it, to the psychiatric unit at the Federal Correctional Institution in Butner, North Carolina, where he can unburden himself. The sessions are often teary.
“How could I have done this?” he asks. “I was making a lot of money. I didn’t need the money. [Am I] a flawed character?”
http://nymag.com/news/features/berniemadoff-2011-3/
Yes, Bernie, you probably are a flawed character.
If Bernie is of a Flawed Character...
Then what is "The Ber-Nake" Printing Machine and "InfiniTimmy" then?
Quoting JW n FL / GLP ^TrInIty^ / J.L. / J.E.W. (take your pick)
>> If Bernie is of a Flawed Character... Then what is "The Ber-Nake" Printing Machine and "InfiniTimmy" then?
~~~~~~~~~~~~~~~~~~~
The world is full of flawed characters, you and me alike! It is not unusual for people with god complexes to seek positions of influence. But Hubris usually finds Nemesis! Still waiting for you to show up at you know where!
he walked up to Elie Wiesel himself to "make the pitch." What kind of person does that? A good one? Definitely a "New York City" one, i'll agree with that. "I obliterated the Jewish charity elite! You may have survived the Holocaust but you didn't survive me!" There are varying degrees of insanity in my book--Bernie "still get's the full tilt" in my book. Don't look back Bernie! Don't ever look back! Even better..."he never showed a hint of anger either." Such a "kind gentle soul"...I must say I'm fascinated that he keeps talking...because i really do want to know more with this dude.
Lets face it. If Bernie Madoff had simply swindled a bunch of middle class goys in Peoria, instead of the wealthiest Jews in America, he would be out on day parole by now.
i thought he was suppose to be dead by now.
I watched the PBS Frontline on Madoff, and just the other day, Inside Job.
The thing that I always get from these documentaries is the gall of the people closely invovled. After the fact, they sit there on camera and pretend that they had no idea what was happening, or that they did the best they could based on the knowledge, or blah, blah, blah.
Jim brings back memories of his session with Bernie Lo on his old BBG Asia Morning Call program from a couple of years ago... 4WD Lamborghini vs Maserati LOOOOL We all know what's happened to the "value" of the coin you pulled out since then
Cheers
Worst market timer ever... BITCHEZ!
He's admitted many times that his timing sucks.
But he gets it right and has the deep pockets and patience to put everyone else to shame.
***** "patience to put everyone else to shame" *****
That is the Key that the ADHD daily trader severly lacks.
Quoting JW n FL / GLP ^TrInIty^ / J.L. / J.E.W. (take your pick)
>>That is the Key that the ADHD daily trader severly lacks.
That's rich, coming from ZH's chief flip-flop. I'm still looking out for you at you know where ;-)
The world may be running out of oil, but the CIA is out there beating the drums of revolution all over the Middle East. They have been trying without success to get the price of oil over $100 for over a year. They finally decided to go out and force it up by taking producer after producer off line via standard pattern CIA political disruptions.
We should be so lucky. The CIA's not that smart. They don't have a big plan and if they did they couldn't execute it. They're too busy tripping over their own lawyers. As with the Soviet Union, no one in the CIA could tell you that the governments of Tunisia, Egypy, Libya were about to fall and our base in Bahrain is in jeapordy.
It's much simpler. Inflation makes the poor suffer. They are already starving, and they aren't going to take it any more.
Nice, nice. But the uprisings are very located. Following one contributor's article that listed criteria (like pc of revenue spent on food, population average age etc) to explain the moves but only limited to the arabic world, I looked elsewhere. Some other countries are in a worse shape, yet they do not move. I even added one other criterion: inflation rise over the last year.
No luck, did not make Arabic countries special in any kind of way.
How do you explain that? Mostly moves in the arabic countries.
I suggest for example that you look at Nigeria. Nothing there. Yet...
The CIA had people analyzing every minute detail of the USSR and they had no idea it was about to collapse.
Makes no sense, Slart. Why would they want the price of oil higher?
It's the only thing that will make Americans use less.
Sounds like Jimbo is long crude.
He is sought out for interviews and he's a hard get. If he's asked his opinion he tells it. There's not much brain power needed to divine that a man will talk his own book. He touts gold as well. Ya think he's got a little of that as well? If he denigrated oil you'd say he was short -- and you'd be right there as well. So, what you've actually done is state the obvious.
Saudi's have reserves.
USA has the North Slope and the Bakken.
Iraq has billions of proven barrels.
Canada has the Tar Sands.
The reserves are abundant.
The currency in which trades are mostly settled, the USD is a hot potato.
Where do you see the price of oil relative to gold, silver, the S&P, global growth, debt ?
Yes, the reserves are abundant... But, it's the 'cheap to refine and deliver to market reserves' that count.
If OG corps in the USA were allowed to ramp up production in Alaska it would help in delivery. Even the Bakken has sweet light crude reserves.
Usa went into Iraq and did not steal their oil, they capped the wells.
Read into the 1925 agreement to limit production into Iraq.
In my opinon we need to stop OG companies from purchasing and shelving alternative energy sources. I think Wall Street 2 does a decent job of showcasing that.
Manufactured scarcity when there should be an abundance.
+1
Oil that is too expensive to get out of the ground is oil that might as well not exist.
Exactly - we may not be near peak oil but we are near (or have surpassed) cheap peak oil.
I've posted this a few times on ZH in the past but will do so once again because he presents some interesting facts and predictions:
http://www.youtube.com/watch?v=wYuLjGQQ-jg
Note: this is a 45 minute lecture, not a soundbite.
Define "cheap."
There is no such thing as peak "cheap" oil. Speak in terms of EROI or desist.
The amount of energy required to produce/refine a barrel of crude is a significant fraction of the energy that can be extracted. For ethanol, it costs more energy to produce than can be extracted for example (an energy ponzi). So, thats the definition of cheap, priced not in fiat but in energy (joules to extract/joules obtained by combustion of refined product)
I've always found it funny that on a site like that, bashing fiat all the day, so many people still consider money as an absolute and come up with something like peak cheap oil...
It's not about reserve numbers [most of which are highly inflated, if not just outright lies] - it's about flowrate. If production can't meet demand, it doesn't matter how much you have in the ground.
I think we both agree that OG corps are some of the most powerful players in the economy today. What benefit do they receive from over stating their reserves. If I wanted to sell you something for a profit I would make you believe that it is rare, not in abundance.
That logic works for iPads. It does not work for the commodity that makes iPads (and food and medicine and transportation and pretty much everything else) possible.
Which is jack shit
US is 3MMbls/d below Norm, FSU production UP at least that...
It doesn't matter how abundant the reserves are if it starts to cost you more oil to get at it than you receive from it. Unless Ensign Scotty comes along and beams the shit right out of the ground, it's going to be a process of diminishing returns, which is all that is required in the face of ever-rising demand to cause a huge imbalance, eventual global readjustment, and a whole bunch of chaos in the meantime.
That's Chief Engineer Scotty to you.
Yeah, what the hell? Ensign?
+1000000 and dont for get about Russia
Record World OIL drilling rigs would suggest even IF peak oil were "today"
we would at least defer it till tom. lol
Russia does have some potential and they are pin cushioning the country: Here is a world view
http://www.glgroup.com/News/What-statistics-can-tell-us-about-future-world-crude-oil-production-rates-51871.html
and an excerpt:
A number of data qualifiers must be pointed out. In the U.S. alone, over 40,000 new oil wells are completed each year and over 10,000 wells are abandoned. Thus when considering the quality of the statistical data, it must be recognized that from year to year, new wells are steadily replacing old wells. Another point is that today, over half of the wells in the world are horizontal or multilateral wells. Up until about 1990, over 90% of all wells were vertical. Nevertheless, it is still possible to draw conclusions from the data. Consider this:
Year Wells Production (bbl/day) bbl/day/well
2005 807,172 72.361 million bbl/day 89.64
2006 867,750 72.647 " " 83.72
2007 867,853 72.160 " " 83.15
2008 883,691 72.822 " " 82.41
2009 913,978 70.908 " " 77.58
The data suggests that over time, the output per well will continue to decline and at some point will be so low as to be uneconomical. As another point of interest, in the year 2000, the average output from a Saudi Arabian oilwell was 5,125 bbl/day. In 2009, the average was down to 2,817 bbl//day.
"As another point of interest, in the year 2000, the average output from a Saudi Arabian oilwell was 5,125 bbl/day. In 2009, the average was down to 2,817 bbl//day."
Hello.
on Mon, 02/28/2011 - 15:53
#1004858
Saudi's have reserves.
USA has the North Slope and the Bakken.
Iraq has billions of proven barrels.
Canada has the Tar Sands.
The reserves are abundant.
**********************************************************************
I Junked you... and here is why -------> http://www.youtube.com/watch?v=wYuLjGQQ-jg
Wake the FUCK!!!! UP!!!!!!
@ JW n FL / GLP ^TrInIty^ / J.L. / J.E.W.
"Call your Youtube video and raise you this:
http://www.youtube.com/watch?v=F-QA2rkpBSY
The world uses 32 BILLION barrels per year. So a billion barrels is a 12-day supply.
The US, with 5% of the world's population, uses more than any other nation. We use 36% more than the entire European Union.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2174rank.html
We are hopelessly addicted, and we will do ANYTHING our dealer asks of us, to keep the drug coming.
The US HAD the north slope.
Folks, again if some one like this starts talking about "Reserves" stop listening.
Ask him/her about FLOW RATE.
So how many barrels does that HUGE reserve in Bakkens put out?
200,000 per day.
http://www.theoildrum.com/files/Bakken_figure1.png
http://www.theoildrum.com/node/3868
What's the Flow baby?
We're drinking 15 - 20 million a day. And the bakkens gives us how much per day? 200,000?
Hey, Ya got a 100 million dollars in this bank account, but you can never draw out more than 1000 dollars a month.
LIVE IT UP.
It's like living in Argentina only with oil.
Reserves are irrelevant.
ALL that matters is rate of production.
Reserves of hydrocarbons on Titan are effectively infinite. Production rate of those reserves is at the opposite end of the spectrum, 0.
"Reserves of hydrocarbons on Titan" - very nice
Catching up, are we? Trav was in good form on a couple of occasions..
had to go out of town and watch my kid win a full scholarship with a music performance!
Very nice... congrats!
Here is an interesting presentation on the polluting effects of global shipping. Does Europe want to spend more on "carbon credits" when they ship their oil/commodities in and their product out? Does that "carbon credit" revenue get spent to build better ships or does it go to offset sovereign debt?
http://www.slideshare.net/Calion/dkgroup-environment-remake-cha-v14
Really tough to see Rogers getting older and older from interview to interview...
(I know he is old, though).
Is your mirror any kinder? Mine sure as hell isn't.
Ability to raise production is of course a critical question. But, WILLINGNESS to do so, is an even more basic issue. Why would the Kind wish to? He wouldn't.
Simple. He needs as much money as he can lay his hands on right now to fight off the CIA paid "revolutionaries", on tap to take him down on March 11. He's trying to outbid the CIA - which is a little hard to do when The Bernank simply prints more and more as needed.
Rogers is full of shit. Russian deep well drilling has proved beyond doubt that there is no shortage of oil. This clown is long oil, and loves to use the media to talk up his book.
Makes me wonder about ZH, the elite have to tell the public what they are going to do, beforehand.....via their shills. Meanwhile the 70 trillion dollar CTEX gets underway in Australia,
with the taxpayer screaming blue murder. This is by far the biggest fraud of all, being taxed for the air we breathe, paying for something that plants eat.
Fuck the elite love sticking it up us.
+1000
bravissimo!
"Russian deep well drilling has proved beyond doubt that there is no shortage of oil."
This statement confirms the entire premise of Peak Oil. No one is going to spend more to drill deeper unless there's a need. This is the signal that established fields can't keep up with demand.
Why would I accept a lower EROEI if I've got a cheaper alternative? Answer: Because there is no cheaper alternative and the low EROEI supply is decreasing relative to demand.
Any true fuckin trader on this forum, knows how many wells that contain profitable oil columns, get "capped and abandoned". I have been in the market for 30 years, and have seen this time, and time again. The only restriction on supply, is on the refining side.
I guess it takes a bigger disaster than Deepwater Horizon for some people to understand that risks increase and rewards decrease when you have to go farther to get it.
that's what she told me. i should have listened....
Ha! Climbing back onto my chair. LULZ
Oh pray tell... What is this Russian deep drilling? Can you provide a link that least made it past the Reuters threshold?
Fuck me Flakmeister, the sky is falling... your peak oil masters told us it has been this way for 40 years now lol.
Gotta do better than that.... links please...
Here is a Turing test for you:
If you didn't understand the above paragraph, then simply STFU. You are in way over your head.
Don't be a lazy c#nt, do your own googling.
Naw... the ball is in your court. Suprise me.
Couldn't answer the question could you? Thought so.
Ha Ha Troll, you'll have to better then that, tell us, who buys your nappies and pays for someone to change them, Chevron, Exxon, BP? And do you get into trouble if you shit on the logo?
start here stupid... we will see if we can get your dumbass educated yet...
http://www.youtube.com/watch?v=wYuLjGQQ-jg
Drill Baby Drill is not an answer, becuase there is not enough proven reserves to dent our daily needs, if you had the infrastructure in place...
Hey, fuckknuckle BOT, this is the same, tired old bullshit that's been trotted out since 73,
haven't you got anything new to tell us?
on Mon, 02/28/2011 - 19:45
#1005508
The world uses 32 BILLION barrels per year. So a billion barrels is a 12-day supply.
The US, with 5% of the world's population, uses more than any other nation. We use 36% more than the entire European Union.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2174rank.html
We are hopelessly addicted, and we will do ANYTHING our dealer asks of us, to keep the drug coming.
******************************************************************************
Ok, you didnt like the way I said it... I am a prick, fair enough.. so try this guys post maybe the CIA and his nice demeanor will be enough to get you on the right path... if not... shoot yourself.
cuntingtrader got owned.
Several replies and no link forthcoming to reveal the creamy caramel petro center of the earth.
on Mon, 02/28/2011 - 17:33
#1005208
cuntingtrader got owned.
**************************************************************************
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
PWND!
mtomato2 BOT, do you have to clean JW n FL's ass, or do you both change your own nappies?
I know you BOTS aren't allowed to feed yourselves..
Wait. You've been using "BOT" to describe anyone you disagree with. Just so the rest of us know where we stand, what exactly is a BOT in this usage?
if you really think that we can exponentially grow the rate of extraction forevery, you need a better understanding of math:
http://www.youtube.com/watch?v=F-QA2rkpBSY
here's a possibility on old technology, run electricity thru water, seperates hydrogen for oxygen, our gas engines will already burn it. In the past, more energy was put in than what was gotten out, but these guys have figured out using frequency changes, you can get out more than you put in; and have built a pickup truck that runs on water.
http://www.youtube.com/watch?v=Py8QYt54EpE&feature=player_embedded
The second law of thermodynamics tells us that's not so. You can't put water in, get water out and extract energy unless you fill the truck with really hot water.
You're right about extraction. There's a reason for the recent rush to claim rights to deposits under the northern ice-cap. We'll have nuclear-powered submersible drilling rigs before we're done and it won't be cheap oil.
now... now.
you didnt factor in the goobermint subsidies ( http://www.google.com/#sclient=psy&hl=en&q=subsidies+to+oil+companies&aq=0&aqi=g4g-o1&aql=&oq=&pbx=1&bav=on.1,or.&fp=4d1218a42b53f054 ) that will help the oil price stay low at the pump... the idiot sheep will never see the tax bruden as long as what they pay at the retail level looks good!
Moron.
del'd
Only now, at the end, do you understand
cunningtrader? troll maybe?
Troll, hell, yeah. Paid troll? Perhaps, but they aint gettin' their monies worth if he is.
concentrate on educating... let the trolls fuck off and die, alone and lonely for a conversation.
Trav appears to be taking the night off and I thought I would fill in.... You also have to call out the egregious ones...They slowly loose all credibility, then they can be ignored.
you will henceforth be known as Darth...Flakmeister
And oil ain't from dinosaurs, neither.
Russia production- at record...
+10000000000
Rogers knows nothing..
OPEC has record drilling rigs folks... and Russia can produce 40 if they wanted too
What is CTEX? I am fascinated by anything that has an $70 Trillion figure attached, and is not a notional value on an interest rate swap.
warning: bet against rogers at your own risk
Screw SA. America has lots of oil. Just get the liberals out of the way so we can drill and use our own damn oil.
The "liberals", are just paid oil industry shills. The Oil Barrons are saving the US reserves (the only reserves in the world that will never be nationalized by a petty dictator) for when the price is through the roof. They will very slowly develop our reserves in a contrived plan to keep the price up above $200 (or whatever currency they mean to use) a barrel. To make this work they first have to pump out all the oil reserves of the Middle East - which is just about done.
+
That endgame makes sense to me.
And Americans will rip apart their backyard so to drive in circles? The pollution will wreck havoc on nature. Do this at your own peril, America.
The American Way of life is not negotiable.
G.H.W Bush
We will not apologize for our way of life
Obama
Both say the same thing:
We won't make trade offs.
both serve the same masters. funny thing about history, those who really make their mark and are admired do not serve their masters, they overcome them.
If you ask the peak oil aware people, or better yet, follow what they post on other matters, you will find that they are of all political stripes.
The last thing anyone in this country wants is an energy independent US, we have forced OPEC to price and settle oil, arguably the most valuable finite resource on this planet, in US dollars. The US dollar is so overprinted at this point if OPEC changed pricing to another currency we would have overnight hyperinflation as there would be no asset to back our currency. If we hadn't completely debased our currency the setup is genius, the dollar is backed by an asset that isn't even ours.
all other currencies are fiat too, so to gauge one to another is to put a measuring device that floats
It's no more genius than getting your gang of thugs to shakedown and require tribute from all the neighborhood shop owners... it's just on a vastly larger scale...
Exactly....everyday I read the news it feels like I'm watching the Sopranos in real life.
and this is why smart people are leaving the u.s. attitudes like yours
though it is obvious that the house of Saud has distinguished itself ever since its inception with a cruel and archaic despotism marked by uncommon treachery, our friendly bow tie daddy Mr. Rogers, (in whose neighborhood everything must be so wonderful!) who has apparently assumed the status of Delphic Oracle along with so many other pillars of economic rectitude lionized on this site, only seeks to elevate his own questionable moral afflatus with the disingenuous disparagement of such obvious moral degeneracy.
Brother, you said...huh? What the hell did you say?
He said Rogers is a blow-hard poseur.
And in one of the longest sentences I've seen on ZH that is grammatically correct. And I also had to look up afflatus:
http://www.google.com/search?sourceid=chrome&ie=UTF-8&q=define%3A+afflatus
I agree, probably a roving master of polysyllabic ennunciation. He must be lost. Ask him if he needs a roadmap. He did, however, forget to capitalize his first word.
Jim Rogers is a true capitalist.
He is a legend.
Perhaps its time we took a closer "peak" at the economic policy of the Founding Fathers...
http://en.wikipedia.org/wiki/American_School_%28economics%29
"Saudi Arabia Is Lying About Being Able To Increase Its Oil Production"
This is corroborated by WikiLeaks:
http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks
US diplomat convinced by Saudi expert that reserves of world's biggest oil exporter have been overstated by nearly 40%
You can't put paper oil in your gas tank...
True. However you can make a ton of money trading oil futures for oil that does not exist, so the house of mirrors remains the game in play.
They don't give a shit about anything except playing it out to the end and taking their winnings. Of course when the world erupts in riotous flames with the abrupt end of oil production those winnings will lose some (er...all) value, but we're clearly still dealing with greed here and not with fear.
Yeah, they do the same thing with the diamond market, too.
Gem quality stones are a created demand item, it is about the abrasive quality stones. Does not apply to oil, buy it and burn it.
I am talking about this supposed "shortage" of oil (as in diamonds...) to keep the price inflated. They already know where all this oil is and it's deep. Doesn't take much to get there with the new technology and when they get there, there's rivers of the stuff- all over the world.
Proof? Sorry, none here. But you already know in your heart what I say is true.
Don't know what's down there. But oil that's too deep becomes natgas. Yes you can get it but perhaps you can't do much with it. It's not oil anymore that's for certain, and not nearly as easy to move around.
cougar didn't junk you, but MRO has a nice little LNG thing going for all that NG out of
EG in W Africa..we got lots of NG infrastructure (elpaso as example)..so NG could be doable for the East Coast and West Coast where the most drivers are..I know you know this stuff but just saying can't agree with you on NG not being a big part of solving the oil issue..cost lot less as we have found and drilled so much right here in ol USA.
Nat solves some problems, but at greater energy expense; it takes energy to make nat a liquid and energy to lay pipes, whereas oil starts out as a liquid and can be moved in trailers or on open-hold ships. The liquefication process is so expensive that up until recently the cost of LNG probably didn't even compete. You ran LNG to solve other problems besides cost. Like, for improved emissions (it is popular in inner city buses, and when running ICE indoors.) Qatar is now crowing that they can ship their nat all over the world. But you should see the ships they have, and I wonder what the cost is to liquefy.
When you get into marginal energy realms you hit the death spiral; it takes a lot of energy to get at these energy resources, and it can even take more energy to get them than you get back out. Oil is knocking on that door already in some fields, and LNG was never far from it. They'll be burning natural gas to create the electricity to liquefy natural gas to put on ships that burn LNG to move LNG to America to burn in our SUVs to go to WalMart, and that's when you realize you've crossed the energy Rubicon.
nice post
yeah, proof, evidence...that sort of shit is for scientists or people who want to be taken seriously.
Here's a nice one, supposing we don't hit peak oil, let's go back to the compounding growth problem. Those bacteria in the bottle that double every minute; if they find a new resource base 1024 times as large as their original, how many extra minutes does this buy them before they again have a problem?
Math is very cruel to the unenlightened.
even more cruel to the enlightened, as far as nightmares are concerned
Mother Nature , physics , math all have one thing in common. They dont care whats in your heart.
peak oil maintains there will be no abrubt end to oil production, we're at the top of a bell curve, so in 100 years, they'll be pumbing oil at a rate similiar to 100 years ago
Not even close to true. The fall off in production is often much much steeper than the ramp up, especially in modern fields where they keep forcing using all kinds of technology until every effort finally fails. The drop off in Mexican production post-peak there has been stunning and instructive. The reasons for rapid failure are simple and well documented. We are on the global production plateau, beyond here the abyss beckons.
on Mon, 02/28/2011 - 17:22
#1005174
peak oil maintains there will be no abrubt end to oil production, we're at the top of a bell curve, so in 100 years, they'll be pumbing oil at a rate similiar to 100 years ago
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IT IS NOT PEAK OIL!!!!!!!!
it is Peak Conventional Oil, Peak Affordable Oil and / or Peak Sweet Lite Crude Production...
watch this.. all of it, you are not stupid enough to ignore it. http://www.youtube.com/watch?v=wYuLjGQQ-jg
uh...there is no such thing as cheap oil. Cheap is nonquantifiable. There is no such thing as peak affordable oil.
The others do have peaks, yes. And so will heavy sour, syncrude, and every other fucking resource.
The oil barrels do not know how much we pay for them, ok?
Wells peaked LONG before oil crossed $10. The US hit peak irrespective of the "affordability" of the shit.
Like I told the other guy, talk in terms of Boe or EROI or STFU already.
Fraud like economies and markets are now predicated upon words and bullshit. When the day arrives that Mr. Market says, "Show em" to all involved 2008 will be remembered as the good days.
Diminishing returns does not just apply to QE but rhetoric is well.
i agree that "political speak" is best used sparingly if at all. "better to give the appearance of doing something rather than the appearance of merely saying things."
In 1973, the world was running out of oil. Idiots like Rogers told us it was so. Meanwhile, Saudi's pay 12cents a litre, and laugh at the fuckin' stupidity of american and other western consumers paying a fortune for oil. Big oil trolls will junk the shit out of my posts, because their copying of the De beers diamond business model is working so very well, but requires consumers to continue to enjoy being anally raped.
Hyper-inflation then?
For the record, from a strict logical perspective, we started running out of oil when the first hole was drilled.
No credible analyst of the oil industry has ever said that the world peaked in 1973. Even at the time. Get your facts straight.
I think he was talking about how the world has consumed more than the worlds known reserves 33 times since 1976. And at every crisis point or peak (by miracle) we find more oil. Crisis averted.
Could you please back up your assertion about 33 times? I call bullshit. You are not allowed to make stuff up on the fly.
"There is no truth. There is only opinion"
(Dr. Barclay, oil guru).
the truth in my research: USA peaked in oil production in the 1970's, and USA will never hit those #s again, down side of bell curve.
World conventional oil peaked in 1996, sourced on zerohedge just weeks ago, again, now we are on downside of bell curve.
World oil production still growing now cause of unconventional, ie tar sands. I don't care what's in the ground, only rate of extraction; the days of zero growth are coming fast.
http://www.youtube.com/watch?v=wYuLjGQQ-jg
how dense can all of these idiots be?????
you're playing loose with the phrase "more oil" or you clearly do not understand the concept. .
+1000
I was just about to post referencing de beers as well.
The strategy works.
BTW, it is their oil, if they want to sell it to their own people for that price, it is their right. Do you have a problem with that?
$120 oil by summer 2011 and no market crash
QE3 in April takes oil, gold, silver higher
the world will get used to it
if ME tensions get worse, oil goes to $150. end of story.
Genau "Siegfried", so isses! Und wir werden eine Tonne Kohle machen, hehehe!:)))
It does not matter what was said in 1973 by whoever the hell you were listening to. You are building strawman arguements and chasing windmills.
Ha Ha the BOTS (big oil troll shills) are junking the shit out of my first post, so fucking predictable.....
I don't think you will find many big oil trolls here... Peak oil scares the living shit out of Big oil because they don't know how to keep their hegemony. BTW, "Big Oil" controls a small fraction of world supply...
i agree with that. "nothing an oil man loves better than floods of money."
how many $$ per barrel does the World Bank get these days?
used to be about $5 per barrel several years back.
hey they make a lot of money with high prices. and demands still up. why would they lower it to help america out?
P*Q=TR
the US is a net exporter of petroleum products.
You're talking about plastics and food/pharma products based from petroleum? I agree, but the raw material is still shipped in. For the time being.