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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: Walkingshadow who wrote (7359)	4/5/2005 12:33:21 PM
From: KLP	Respond to of 8752

Well said, Terry! You are precisely correct, IMO. Pumping more oil is not the answer for several reasons. First, world refining is within 90%+ of peak capacity, probably closer to 100%. Nobody seems to want to build more refining capacity, and certainly in the U.S. there is a very clear "put a refinery anywhere you like, just make sure it's nowhere near my backyard" mentality that is ubiquitous. Second, demand continues to increase, and in less than half a century there will likely be little oil left, and what remains will be prohibitively priced. It is just flat irresponsible to wait 50 years to proceed towards a petroleum-free economy that will be forced upon the world whether we choose to see it coming or not.

To: Walkingshadow who wrote (7359)	4/5/2005 6:44:57 PM
From: Vendit™	Read Replies (1) \| Respond to of 8752

The Future of Oil It is in our best interest to preemptively embark on a revolutionary change that will lead us away from oil dependency rather than drag our feet and suffer the ramifications of becoming growingly dependent on a diminishing resource. Because reserves in non-Middle East countries are being depleted more rapidly than those of Middle East producers, their overall reserves-to-production ratio -- an indicator of how long proven reserves would last at current production rates -- is much lower (about 15 years for non-Middle East and 80 years for Middle East producers). If production continues at today's rate, many of the largest producers in 2002, such as Russia, Mexico, U.S., Norway, China and Brazil will cease to be relevant players in the oil market in less than two decades. At that point, the Middle East will be the only major reservoir of abundant crude oil. In fact, Middle Eastern producers will have a much bigger piece of the pie than ever before. iags.org