World will face oil crunch ‘in five years’

Topspin said:
here's a tip, were not running out in your kids lifetime.
We just found 15 billion barrels in the Gulf of Mexico
Click to expand...


I just showed a co-worker whose father is high up at Exxon this thread and he got a kick out of it. I'm not claiming to be an oil expert but there is 48 years of oil reserves right now. And that does not include the new technology that will allow us to dig further down into existing oil holes and who knows how much more we will discover. As you said, oil is not running out in our lifetime or anytime soon.
 
The 48 year thing is figured at current consumption rates. From what I have read, And as spinner is so fond of pointing out demand is still rising.
 
Topspin said:
here's a tip, were not running out in your kids lifetime.
We just found 15 billion barrels in the Gulf of Mexico
Click to expand...

topper, GOM is america's last oil frontier, but even that's not going to save us. It's a drop in the bucket.

BTW: the estimates of the discovery are 3 billion -15 billion barrels. 15 billion would be the absolute, optimistic highside. Lets assume that a mean, or most likely find of 7 billion barrels are actually there. There's also no indication in the article whether this is in-place reserves, or recoverable reserves. If its in-place reserves, were never going to recover and use more than about 4 billion of that 7 billion barrel field. But, lets be optimistic, and assume they're talking about 7 billion barrels recoverable oil from this field:

That's about one year's supply of oil for america. America uses over 20 million barrels of oil a year.

http://www.iht.com/articles/2006/09/06/business/oil.php
 
Absolutely Cypress and in a single digit number of years we will want/need more oil than is being pumped from the ground....
And aside from the raw oil supply issue, refinery capacity worldwide is pretty much maxxed out as well.
Iran is suffering from that now, as well as Iraq.
 
guys you know I'm the biggest bull on the oil companies.
I'm saying it'll spike down low temporarily from some type of negative stimulus.
I'm on record saying 85 in 5 yrs and $100 bbl/ 5gal gas in ten.

:clink:
 
Topspin said:
guys you know I'm the biggest bull on the oil companies.
I'm saying it'll spike down low temporarily from some type of negative stimulus.
I'm on record saying 85 in 5 yrs and $100 bbl/ 5gal gas in ten.

:clink:
Click to expand...

I think the $5/gal gas in 10 might be a bit low though.
 
"I'm on record saying 85 in 5 yrs and $100 bbl/ 5gal gas in ten."

Not a chance. Barring some new alt energy source, with demand rising as it is.... we will hit 85 in less than two years and hundred in three. It will not take ten.
 
please do look at the last ten years UCS and for once you wouldn't be talking out your ass. especiall look at pre 2000:clink:
 
you may be more right than you think, those pictures of Bush holding hands with the saudi prince have always bothered me.
 
Topspin said:
you may be more right than you think, those pictures of Bush holding hands with the saudi prince have always bothered me.
Click to expand...

Yes, for more than one reason I should imagine.

Well, you know, I think I'm just going to vote Democratic next year. Not because the dems do anything to cause things to be better under them. But the way I've got it figured, those guys are on the longest lucky streak in history. It's all just a big coincidence, and only a real moron would ascribe anything other than the luck of the draw to it. But you should never walk away in the middle of a lucky streak.
 
The Saudi's are one of the most oppressive countries for women of all the muslim nations. Far worse than Iran for womens rights.
And most of the 911 bombers came from there....
 
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