CERA Response Thread I
Posted by Prof. Goose on Tuesday November 14, 2006 at 6:28 PM
Obviously, it's quite the buzz in the po-sphere that CERA has released its latest report (which we'd love to give you, but really can't as it is behind a paywall) and press release (original CERA link here). The media coverage is just beginning. [Update by Prof. Goose on 11/14/06 at 7:17 PM EDT] Bartlett and Udall respond to CERA here. energybulletin.net (see next post)
We here at TOD will begin putting together responses over the next couple of days and weeks. However, obviously, from the emails I am getting in the TOD inbox, you all would like to talk about it too. Well, here you go.
theoildrum.com
I would also remind everyone that Yergin, in 2004, predicted that oil prices would fall to $38 by 11/1/05, because rising production would force prices down, in order to equalize supply and demand (note that oil prices were up substantially even before the hurricanes in 2005). In reality, falling production has forced prices up, in order to equalize supply and demand.
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AlanfromBigEasy on Tuesday November 14, 2006 at 8:55 PM EST
In the absence of WesTexas I will point out the situation in Texas in 1972.
A new record oil production that year.
In the next 10 years:
Oil prices increase by x10
A surge of new technology driven by sky high prices
Massive new drilling, a record.
Only 14% more producing oil wells despite massive efforts.
And -30% less oil produced in 1982 than in 1972.
Alan |
