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BP's Latest Estimate Says World's Oil Will Last 53.3 Years
Submitted by Andy Tully via OilPrice.com,
According to BP, drivers whose vehicles rely on burning oil have a little more than a half-century to find alternate sources of energy. Or walk.
BP’s annual report on proved global oil reserves says that as of the end of 2013, Earth has nearly 1.688 trillion barrels of crude, which will last 53.3 years at current rates of extraction. This figure is 1.1 percent higher than that of the previous year. In fact, during the past 10 years proven reserves have risen by 27 percent, or more than 350 billion barrels.
The increased amount of oil in the report include 900 million barrels detected in Russia and 800 million barrels in Venezuela. OPEC nations continue to lead the world by having a large majority of the planet’s reserves, or 71.9 percent.
As for the United States, which lately has been ramping up oil extraction through horizontal drilling and hydraulic fracturing, or fracking, BP says its proven oil reserves are 44.2 billion barrels, 26 percent higher than in BP’s previous report. This is more than reported most recently by the U.S. Energy Information Administration, which had raised its own estimate by 15 percent to 33.4 billion barrels.
That means shale-oil extraction enterprises in the United States have more to offer than many first believed. The sources include the Bakken formation spanning Canadian and U.S. territory in the West, the Eagle Ford formation in East Texas and the super-rich Permian Basin in West Texas, which alon holds 75 billion barrels of recoverable fossil fuels.
And though Eagle Ford and Bakken seem to hold far less oil, EOG Resources, which has been working Eagle Ford, has increased its estimates of the site’s reserves. The Motley Fool reports that its latest estimate of recoverable fuel is 3.2 billion barrels, more than the nearly 1 billion barrels expected in 2010.
Nevertheless, BP is cautious in defining oil reserves. At the top of an introductory web page on the subject, the company states baldly: “Nobody knows or can know how much oil exists under the earth's surface or how much it will be possible to produce in the future.”
And while the amount of proven oil reserves, and their extraction, are rising each year, so is concern about how their recovery. Not only do new extraction methods use huge amounts of energy to get even more energy, particularly from shale, they also use chemicals and metals that many fear poison nearby soil and groundwater, and generate huge amounts of toxic wastewater.
Such methods are helping the United States, for example, to achieve energy independence. But that won’t apply to China, a huge customer for fossil fuels. BP says Asia-Pacific oil reserves will last only 14 years at current rates. That means China will have to keep importing oil, putting further strain on global reserves.
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Fuck it. I say let'em walk.
We can only hope that CYNK reopens by then
Ya'know, all the Progressives out here in Never My Fault Land especially in the Inner Area of We Need to Pass a Law and Raise Taxes About It are all in favor of public transport. But not a single fucking one of 'em takes it. And I'm especially referring to the governmental employees whose transportation dreams run right past handy dandy parking lots as gathering points and drop offs right in front of municipal and county buildings, but Oh Fucking No, not me, it's inconvenience and as a matter of fact, they (meaning the taxpayer should pay for it) get us all those energy efficient Teslas so we can save Fucking Gas and The Planet at the Same Fucking Time while we drive about smugly on Other People's Fucking Money.
I am long the PlowMulesAndOuthouses index. I am also getting in on the ground floor of the hard cob market. Gonna make me a bundle!
Want some shares?
Regards,
Cooter
EDIT: Knuckles, you should qualify your PSA as being sponsored by the letter "F". :-)
"F" was the letter of the day on today's Sesame St. rerun.
(I have a broad range of interest)
Thank Goodness We Have Plenty Of Dinasours To Convert To Oil...
"At current rates of extraction." = brutally flawed analysis!
So zero economic growth?
Because you can't have economic growth without additional oil!
Turn that around.
It will tell you how the world needs to change.
And how many trillions of cubic meters of natural gas left on the planet? So the paradigm shifts, yawn...
Peak, bitchez.
...keeps moving dog!
Re: dinosaurs
I know you're being facetious, dredging up that old saw, but it seems very hard to shake among young people. Forbearance is a virtue.
Jokes abound -
a 300% increase in price ($38 to $109) from '04 til '13 produced a 5% increase in global production. And available net exports are falling...this game is up.
53 yrs...what a joke. When the last 10yrs show a price of something triples but net supply barely changes while total demand continues rising...ummm, that may indicate there is a problem.
Stop.
Yep. And all because we must have growth, growth, growth, growth, growth...
That's the real joke
Along with Chrysler just coming out with a 700 HP Challenger RT !!
Oh yeah! Gotta have seven hundred fucking horsepower to go nowhere!!
Thorium bitchez!!
But moar likely we'll have plutonium used big time for a few hours to end the whole fucking joke.
is plutonium really that bad? chernobyl is the largest wildlife sanctuary in europe. really, human encroachment is a far greater threat to the furry animals than a total nuclear meltdown
And the biodiversity around Chernobyl is what in comparison to pre-melt down? And how about the life-span of species in that "sanctuary" ? ? Birth defect rate pre- and post- melt down ? ? ?
Your lack of understanding in this coupled with your screen name is ironic.
answer: prior to meltdown there were lots of people and no furry creatures. after meltdown, all the peeps left and the furry creatures BOOMED with no known genetic defects. current density of wolves is the exact same as other wolf sanctuaries.
oh yea, hiroshima and nagasaki have no excess radiation over background levels.
GFG NO RE
Quote:
furry creatures BOOMED with no known genetic defects????
Animals living in contaminated areas in and around Chernobyl have suffered from a variety of side effects caused by radiation. Oxidative stress and low levels of antioxidants have had severe consequences on the development of the nervous system, including reduced brain size and impaired cognitive abilities. It has been found that birds living in areas with high levels of radiation have statistically significantly smaller brains, which has shown to be a deficit to viability in the wild.[17] Barn swallows (Hirundo rustica) that live in or around Chernobyl have displayed an increased rate of physical abnormalities compared to swallows from uncontaminated areas. Abnormalities included partially albinistic plumage, deformed toes, tumors, deformed tail feathers, deformed beaks, and deformed air sacks. Birds with these abnormalities have a reduced viability in the wild and a decrease in fitness. These effects are likely due to radiation exposure and elevated teratogenic effects of radioactive isotopes in the environment.[18]
Invertebrate populations (including bumblebees, butterflies, grasshoppers, dragonflies, and spiders) has significantly decreased. Currently, most radioactivity around Chernobyl is located in the top layer of soil, where many invertebrates live or lay their eggs. The reduced abundance of invertebrates can have negative implications for the entire ecosystem surrounding Chernobyl
I guess you don't read much.
i hate reading. but i meant today, and serious defects. the birds are thriving out there today. i repeat myself, but radioactive isotopes seem to be a wee bit overrated
No chance, ms, ZH-readers seem to be mainly anti-nuclear...
Why 700hp? Actually they are quoting 485 hp for the 2015, but the question is why the fuck not 700hp? The old musclecars had power but no handling or brakes. The new stuff has it all. What do you do on the weekends, play with your bullion? Fuck a herd of Priusii, Priuses, or whatever they call them.
Fuck oil. For those trying to be independent, just grow an acre or two of bio diesel.
Quite clever from a government funding perspective.
If I was sitting in one of those every day, one day I'd just have to let 'er rip.
Large contribution to local government coffers occurs.
I assume you are referring to the cretin that goes by "knukles".
knukles
That's because what's good for the goose (us) is not good enough for the gander (.gov employees).
Ya know, DoChen, here we are worrying about 53 years of oil. I mean who gives a fuck, 53, 23, 103, whatever, when the world is totally being engulfed in war, pestilence, famine, disease, bio-chemical exterminaiton events, racial enmity, religious crusades of murder, debauchery, pillage and burning. Indeed the whole fucking edifice of society's thin veneer of civilization is gone, peeled off and blown away and we're fucking around worrying about 53.3 years of oil.
Jesus God, man, the world is coming to an end and we're extrapolating shit out past our lives, behaving as if we can even control what's going to happen this evening when we pale into p[ure insignificance in the cosmic perspectives... when we should be considering the very nature of consciousness and time, but Oh Fucking No.....
Buy gold? Head for the hills? Watch Netflix all day? Hmm, inquiring minds want to know!
(moi? steps...)
But a better class of claret, is my recommendation.
knucks...they're prepping your room at the detention center as we speak
A nice rant. Another example for my journal of those who got it.
"when we should be considering the very nature of consciousness and time, but Oh Fucking No....."
sounds positively ...luxurious
How about considering the legally binding agreement all Nations are contemplating in Paris 17 months from now?
Too far out? Is that pre-frontal cortex thingy asleep?
Not that there is anything wrong with ranting ; )
You mean the "do as I say, not as I do" crowd? Come on Knuckles, everyone really wants to be an oligarch and you know it.
Long sharecropping, black markets and guillotine manufacturers...
Probably worth noting several things:
1) That's proven reserves. 100% of those won't be recovered. The classification of numbers like this is always difficult. So that's to the downside.
2) To the upside, there are undiscovered reserves out there.
3) OilPrice.com is the most worthless source of ZH articles and 2nd place is a distant second in worthelessness (The Diplomat). Here, in classic oilprice.com fashion we have this:
"In fact, during the past 10 years proven reserves have risen by 27 percent, or more than 350 billion barrels.
The increased amount of oil in the report include 900 million barrels detected in Russia and 800 million barrels in Venezuela. OPEC nations continue to lead the world by having a large majority of the planet’s reserves, or 71.9 percent."
Which is destroyed by this:
http://www.reuters.com/article/2014/07/10/oil-explorers-idUSL6N0PL2VD201...
"Oil discoveries peaked in the 1960s . . .
In a measure of the success of drilling projects, the number of new oilfield developments is set to drop below 50 per year in 2014 and 2015, compared with an average of 75 per year over the past decade, according to Nicholas Green, analyst at London-based Bernstein Research.
"This represents the lowest level of activity since 1999, lower even than the oil price crash of 2008-09," he said."
The thing about these worthless oilprice.com articles is the data they quote is just so obviously undone if they simply read the damn newswire. Reuters had that days ago.
Fuck it. I am buying a monster truck.
Cross country shipping ain't as expensive as you might think. This guy has amazing inventory if you keep an eye on his site over time.
http://www.rustfreeclassics.com/
I was going to buy from him, but ended up with a deal I just couldn't pass up (ten year old, but extrememly low mileage ford with a v8 diesel).
Regards,
Cooter
I will probably be dead in 53 years, so why not?
Year: 1989
Make: Chevrolet
Model: S-10
Color: Blue over Gray
Price: $39,900
http://www.classiccarstudio.com/1489/1989-Chevrolet-S-10-Blazer.html
City: 5 MPG
Highway: 3 MPG
Is that because running over cars as your parking downtown INCREASES fuel mileage ? LOL !!!
It takes a certain amount of room to use all 400 ponies...
LOL !! Gotcha !
It's the energy transfer from all the shifting back and forth from reverse to drive back to reverse again.
definately no fat chicks allowed
They're too busy riding bicycles.
https://www.youtube.com/watch?v=xt0V0_1MS0Q
I like the MadMax version built on the 4x4 Expedition.
Alas, no linky.
https://www.youtube.com/watch?v=ZdQ4odD2Nxc
Why not? Well for one thing it would make you look stupid. If you need another reason; about five years from now people situated on hilltops will be taking sniper shots at monsters like that, to general public approval.
I won't look any more stupid than if I would have bought a Chevy Volt a few years ago.
Besides, I can paint an American flag on it, and maybe a bald eagle, and then it will make me look patriotic.
Don't buy either one, put the money in your pocket (or buy gold) and you get to feel very quietly superior. And for all practical purposes, would be.
Plus nobody is sighting in on you with a .308 from 500 yards out.
.300 Win Mag for the win at 2000 yards.
Not being familiar with that cartridge I checked the charts. That thing drops about 20 feet at 1000 yards (zero at 100).
pods
<sigh> My bad.....meant .300 WSM.
2000 yards would be difficult for sure....was joshing a bit on that one.
But 1000 yards. well...check this out.
http://bulletin.accurateshooter.com/2010/09/matt-kline-shoots-2-815-reco...
Well being a shotgunner for the most part seeing drop at 1000 yards is kinda foreign. I could possibly shoot 1000 yards if a slug were to lodge into the ass of an elephant running away.
Insane yardages they can shoot though. Saw a video of the Chey-tac (sp?) system and they warmed up at 900 yards and topped out over 2k. Eek.
(web blocker stops me for checking out your link Jumbo)
pods
Sorry....here's the text.
September 12th at the Original Pennsylvania 1000 Yard Benchrest Club (Williamsport) range Matt Kline set a new 10-shot Heavy Gun World Record with a 2.815?, 100-4X.
Breaking the 3? mark (for 10 shots) is big news in the 1K benchrest game. The existing IBS 10-shot, 1000-yard record is 3.044? set by Joel Pendergraft in 2009, while the NBRSA 10-Shot, 1000-yard record is 4.322? set by Dave Tooley in 2006. Counting this 100-4X target, Matt also set a new 6-Match Heavy Gun Score Aggregate of 99.000. With Williamsport Match 10 still to shoot, Matt could push the HG Score Agg even higher.
That was with a .300 WSM with a 210 grain bullet. There were 4 in the bullseye circle with one on the X. Two on the left of the square in which the bullseye resided in. And the other 4 well within the ten ring on the left.
But what do you expect from a shoe-horning a .308 bullet into a fat stubby cartridge almost full of as much powder as in the longer .300 Win Mag that much closer to the primer hole. It kicks though. But it sure will scoot a boot downrange.
LOL !! Ditto on the elephant running away. I'm more of a shotgunner myself. I can't think of a better overall weapon for most uses than a 12 gauge. From #9 shot to sabots....very versatile.
stop playing DAYZ & go find a job kiddo.
You be big pimpin' dawg, but you gots to get some NOS set up on that rig to be a true playa. I just slammed some on the Escalade and it makes the pigs disappear in the rear view mirror when they get too nosy about whatz in the packages I be deliverin'. The ride's a bit stiff when you gots 50 inch rims though, any less rubber and I'd be a locomotive engineer.
It sure is amazin' what you can get with EBT.
Only a V6..whats that all about...is this a greenie Monster truck..????
I think the whole point behind a monster truck is to make something small appear bigger, so a V6 makes sense from that perspective.
Does it have a rear view mirror?
"I will probably be dead in 53 years, so why not?"
All of the most important economic decisions appear to be made on that basis. The driving mechanisms are not merely the horizon of care that individual have, but moreover, the ways that the real world is controlled by lies backed by violence. Economic decisions depend upon the outcome of military conflicts. In the context of fighting, the short-term concerns tend to become all that matters.
One battle after another, the future of the world was directed in ways whereby the production of destruction controlled production. Cars with ridiculous amounts of horse power and gas consumption exist due to the importance of oil resources to war. It was the outcome of the wars that set up the culture the worshiped cars. The natural resources of the Planet Earth have been strip-mined, and mostly wasted, because it was primarily warfare that determined what civilization actually did, and therefore, the kind of culture which became dominate inside that context.
The attitudes that people had when they killed each other tended to become the attitudes that they had towards the natural world, and future generations. There was nothing that could actually stop people from burning through the world's natural resources as fast as possible, since the decisions to do so were primarily made in the military context, where the maximum power delivery was the main concern.
>> (ten year old, but extrememly low mileage ford with a v8 diesel).
Sounds like a 6.0 Powserstroke. I hope for your sake it isn't. The Powerstroke was a horrible and expremely problematic engine for Ford. There's a reason there are a huge number of low milage Ford 6.0 Powerstroke trucks available at a low price. They are low milage 'cause they won't run and they are low priced because there's no market for them.
It is possible that we (like so many others in the past) have underestimated the ability of ingenuity and technology to once again save our bacon from the Malthusian nightmares.
I do not know this, but, it must be recognized as possible that Kuntsler is wrong, and that technology might be able to help save us after all.
And such technology would likely help more if .gov (Obama) stays out of our business.
Fine!
Let His Highness fucking walk, too.
Be an example, lead from the front.
Why's he always riding a golf cart?
Get with Mooch's exercise program, cut out the burgers and pizza (Where he goes to cut in lines)
Walk!
Wha...? Force His Highness and Her Wookieness have to do what we have to do? Ack! The horror!
But, if I have to, I can take my bike all 1.5 miles to work...
Managed 50 miles Saturday - Last 10 miles with a broken rib and bruised spleen.
First 40 were fun.
The ground jumped up and hit me.
Coal powered golf cart, odds are, and if they say no, they are lying.
Edit: oh and the big O is lance armstrong on a bike, so says the press cabal.
Outside chance. Worth holding out some hope. Generally, I think it will be a YMMV thing depending on where you are. Some places are just going to get wiped out - others might do well actually.
My opinion (guess really) is that we will have to do it all to work our way out of this. Some conservation, so alternative energy (but we have now seen beyond doubt that wind won't yield squat), more drilling, etc.
Higher prices for oil & gasoline seem to be certain, probably MUCH higher.
1.5×1022J total energy from the Sun that strikes the face of the Earth EACH DAY
2.4×1022 J TOTAL estimated energy contained in the world's coal reserves as of 2010
So the earth receives about 2/3 of all known coal reseves EVERY DAY.
I'd say that gives humanity somethihng to work with, wouldn't you?
no, coz it is free, so not monetizable.
even a 80% solar panel rendering ratio... once sold... remain battery.
the big lie is solar is not a green energy, the shit u have to make to build battery is CO2 consuming more than keep going on oil, this is why war will occur for oil,
reserches proved that a oil car is less poluting than an electrical one, plus you can go 1000 km while electric one only 150.
http://www.dailymail.co.uk/sciencetech/article-2100936/Study-shows-impac...
so... fuck solar.
Nature, not technology, has the fix for exponential population growth.
Regards,
Cooter
The grim reaper, stage left.
http://dieoff.org/page80.htm
And Nature always wins in the end.
A good clue is human life span.
DoChen. How ya doing?
Sorry, It ain't Kunstler.
You are trying to Trick/Fool the first 3 laws of thermodynamics.
You can hope. But the cavlary ain't gonna show up.
samsara, I am well, I hope you (and yours) are as well.
I am not an expert. But, Malthus has not been right so far...
So far...............
On a long enough timeline.......
We're good too thanks.
Malthus, Same could have been said about fiat money in 1970-1980's,
Ya gotta just extend the graph just a little more.....
I'll take any calls regarding peak oil / end of oil from an ICE member with a large block of salt, thanks...
The last year of that 53 will be interesting..pretty long lines at the ole gas station I bet...
Uhh, I doubt any of us plebes will see gas after about 30 years from now. It will likely be too expensive if any of this is accurate in the least, which I doubt it.
Humans really need to stop trying to predct the future, the amount of irrationality and arrogance it developes causes too many problems.
So, we should stop predicting the future to avoid being arrogant and irrational?
Last I checked, physics did a pretty good job of figuring out where a vw bug sized projectile might land when launched from a huge as gun. The breadth of modern technology is based on the ability to acurately predict results in various dimensions, including time.
Baby and bathwater sort of thing my friend.
Regards,
Cooter
Being able to understand how a mass will work under force is one thing, predicting the future by assuming how humans will behave is something entirely different.
The later requires actual information, the former requires a positions in a university or at the Fed.
Maybe not.
In that year someone will publish another estimate saying another 53 years remain, even if they do not.
BP shouldn't be trusted. They're known to be Peak Oil Conspiracy Nuts.... sarc/off
Keep in mind this. This won't be a full, wide open spigot gushing until the very last day. These flow rates will be declining all the way through this 50 year period and beyond.
Now you know why the world is in the state it is in. Now you know why wars are waging all along Muzzie-Land from Africa to Afghanistan. Now you know why the world is awash in Fiat money via Global QEternity.
Peak Cheap Energy bitchezz.
Perfect storm scenerio. From economics to energy, social complexity, etc.
At the lowest level it is all food and water of course. Cheap energy holds it all together. As energy gets less cheap on a relative basis, food and water start getting more expensive. Everything else strains as a result.
I would think that governments fear an internal meltdown worse than anything else. From such a perspective, what is happening in the world makes perfect sense.
Thank god we eat plastic and not real food. Plastic lasts forever, right?
/sarc
Yep Jumbo. They say: no one knows how much.... bla bla. They know. TBTF knows.
And they are positioning. All you have to do is watch the Big Money. Watch China VERY carefully as well. Look how they are taking over Africa. That's the Last Continent.....if you know what I mean.
Environmentalists everywhere cheer as they know Central Bank printing will not let this reality become seen in the market.
The "environmentalist" part aside, that really is the gist of it, isn't it? Every unit of GDP is linked to a unit of energy. You can't create something without energy. So, we use money as a proxy for labor an energy to be spent in the future. We can keep creating money, but how much energy can we create? We've dealt with this the past few centuries by discovering better sources of energy. But will we eventually strike out? I think you are hinting at a serious catch-22 we've created for ourselves. But no one will have seen it coming.
double post :(
double post :(
Such methods are helping the United States, for example, to achieve energy independence.
ROTFL stop it, yer killin' me!
Yeah but my Jeep Wrangler will still be under extended warranty.
How long will the water last? My guess is much less than 53.3 years.
Water is the new oil.
And many wars will be fought for water.
+ 1
Long water treatment investments?
Zerowater
I'm much more afraid we run out of sunlight before.
And take a W.A.G. (wild ass guess) where water shortages and rights are coming to the fore.
It's a place between the Mediterranian and Jordan.
Well, Vegas 5-6 years and then a mass exodus.
It will be interesting to see what environmentally devastating methods will be used for the last few barrels.
Fortunately, I will have left the planet by then.
old geezers may be leaving the planet a lot sooner than they think if they simply plan on leaving this problem to the rest of us.
I contribute to the consumption of the black stuff as little as possibe.
I don't operate a debtmobile and I don't buy shit I don't need.
You've got me on the geezer bit, though.
great, you're welcome to stick around while we purge the parasites
Think butt straws with lots of suction!
WOW....TMI. LOL !
"At current rates of extraction".
There is about a third of the worlds population in just China and India that are demanding more and more oil to keep up with the moderne society.
US Population 320 Million
Indian Popuation 1.1 Billion
Chinese Population 2.1 Billion.
53 years my you know what.
"At current rates of extraction"
That's some serious what-if going on. These guys are whistling past the graveyard. They know full well extraction is going to fall off a cliff in about 5 years when they run out of places to drill and money to drill with.
"when they run out of places to drill and calories to drill with." - FIXED.
Very true. Energy and money have become the same thing. In a few years everyone is going to understand exactly how this works.
I've said for years....based on my own studies.....back of the envelope kinds of stuff.....that the year 2020 give or take a year is when the wheels REALLY fall off to the point that nobody can deny it.
After that.......shelter in place. Before that......learn to grow your own food.....properly manage, service and shoot a firearm.....and make your place as energy efficient as possible. Start with this.....insulate the shit out of it.....from the attic to the windows. Use LED lights EVERYWHERE. Use motion detected lightswitches so if you have kids who like dumbasses leave things on all the time.....wash EVERYTHING in cold water.....and turn that Thermostat up to 80. Yeah....you heard me. I live in Florida so I know what this means. Turn it up to 80. If you live in the cold states......turn the heater down to 55. Don't bitch. You can always put on enough clothes to keep warm. But here in Florida.....you can NEVER get naked enough to stay cool.
First and foremost. Get your mind right. Everybody else is going to be losing theirs. Don't add to the chaos.
Hopefully see you on the other side.
"that the year 2020 give or take a year is when the wheels REALLY fall off"
I am of the same opinion. Maybe sooner. We won't know the exact date except in hind-sight, of course, but yeah that's really close.
People, you've been warned. Make your peace and get your shit wired up tight, it's not going to be pretty and the ugly isn't going to be anything you expected.
Fuck that 80 degree nonsense, I'm going to soak up as much AC as my ass can take until they shut it off.
Dude....it's called increasing your cash flow. If the system is eating away the value of your dollar....and your boss is not giving you a raise.....then stop spending what's left. Keeping your crib like an ice-box is wasting money. Use the savings to better prepare yourself......or buy more gold.
I'm with you Jumbotron.
2016-2020 You had BEST have your plan already implemented, Your beds fully productional, and have bought every (you won't see one of these for sale again) thing that might help you/yours during the transition.
Transition to...?
A MUCH simplier Lifestyle, with a MUCH LOWER overhead.
agreed, except AC, it's just one of those things you hold on to until the very end.
You have x amount of something
you use x/20 per anum
Not exactly complex math.
The whole article might just as well have said 2+2=4
The comments would have been less interesting though.
our consumption growth exceeds chinas and indias. we compete with them for new oil, imagine what immigration enforcement would do for our consumption, and emissions
Please don't post things without researching.
US (assuming you meant US) oil consumption has been declining for about 5 yrs. Despite population gain. But not sharply.
China and India consumption growth . . . behold, doom
http://mazamascience.com/OilExport/
Select China and India in the dropdown for oil (and believe it, only oil matters, only oil feeds you and ships things to create GDP)
Why the world is so fucked.....
only oil feeds you and ships things to create GDP.
Only oil can feed 7 Billion
Current rates do not cut it:
Current rates of extraction have never held steady. That this report would use that as a base line tells us something important-- these fuckers are not trying to be honest about this aspect of the report, why should we trust the rest.
and even at current rates their reserves lifespan is not close to believable
Welcome to oilprice.com, please leave any food or drink at the door.
lol We're Sorry...
If it's coming from the oil industry then you can cut the expectation in half.
These guys are already struggling to survive. Selling hard assets to make dividends, pulling out of fracking plays to cut losses, cutting cap-ex.
They're toast.
Talking up their book out beyond the lifespan of anyone listening is just a last ditch effort to avoid a fund manager stampede for the exits.
They're toast, but oil is a required input in an industrial society, so if the drilling crash happens, supply will fall, price goes up, and the drilling comes back again. As long as oil is needed the price will just rise to meet demand.
The price is in-elastic. Nothing you think you know about markets applies here. We're at the top already, anything more than about $110/bbl pushes the global economy over the edge into resession and then devouring depression. China might have to buy at that price (they are totally screwed up the ass sideways if they don't) but it will bleed them dry quickly, because they cannot pass that on to consumer nations without suffering a catastrophic collpase in trade.
There is no economic solution. Choose a way out, you just hit a different kind of wall later. This is not a maze with an exit you have to find, it's a trap we will not escape from except that our entire economic system and way of life utterly perishes.
"These guys are already struggling to survive. Selling hard assets to make dividends, pulling out of fracking plays to cut losses, cutting cap-ex."
You know one of the best ways to keep up with that? Watch for mergers.
So That's why they've just orchestrated the Israel-Gaza war. Could it have something to do with those offsore Gas fields near Gaza ? You bet !
DETAILS HERE: http://osnetdaily.com/2014/07/british-petroleum-orchestrates-third-israe...
Nobody is going to make an expensive (meaning bullets in the air) move unless there is a high chance of a liquidity event afterwards.
Global Warming (if you believe the silly thing) = FIXED
Tell all your lib friends to stop worrying and just wait a bit....
It's being discussed. The fear though is that attention just moves away from oil and back onto coal as humanity fights tooth and nail against the out flowing tide of energy availability. We'll revert as much industry and transportation as we can to electricity, and fuck anyone doesn't like it or can't cope.
But falling back to coal destroys us outright. Humanity can just throw itself away after that because we will likely never recover.
Recover from what? Too much CO2 in the atmosphere? CO2 is good, so is O2.
plants crave it
uh..."it's got electrolytes"? oh...sorry...Brawndo
Well, as always, we've got to ask the question: what's the most profitable solution? Yup, coal. Cha-ching.
Oh I agree. and BAU, same equation. And keeping the muppets at home watching TV and going to Micky D's for their daily obesity.
It's all about money.
All about extracting the last thin dime from the last hopeless slob making the last trip to Walmart in the last running SUV burning the last gallon of fuel to get his mitts on the last carton of cheesepuffs.
And when the last thin dime drops with a clink into the cash drawer and everything shutters for the last time ever, the bankers will cry real tears but only because they really liked the sound of falling money.
And someone will be watching it happen via a hidden camera and the corks will go a flyin!
BP released this report?????
What do they want? Pardon my skepticism.
Yes, but there are thousands of years of coal and natural gas......
(albeit at a much slower burn rate...)
achieved by population decimation of the masses whilst not inhibiting the lifestyle of TPTB....lets steal/patent/hide technologies that revolutionize energy so a few can access the jet set lifestyle and feed their profitable crony-multi-national corporations while the majority can dream of cake.
bet Branson's tourists space flights will not be terminated due to an imminent end of fuel
No problem as I will be gone west in 53.2 years.
Whatever happened to that there abiotic theory of oil production?
Wasn't much of a theory, more like a narcotic-induced hallucination.
Yes. Where is any credible evidence?
Evidence? Forget evidence. Where is the oil?
Actually a lot of it. But since when is fiat money tied to truth?
They forgot to mention that abiotic production rate is one millionth (or less) of current consumption rate.
Every ultra large corporation has an agitation and propaganda department.
BP has one also.