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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (1351)	10/22/2005 1:24:59 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 218601

There is no peak oil? Don't tell me you think it is an infinite, abiotically produced resource. If it is finite, we will eventually use it up. When do we reach it, and when is half the oil gone? This year, 2007, 2010, 2015? Depends who you believe. Is there still oil available after peak? Yep, but it costs more to get it, and the price goes up. Right now, SA is pumping water into their fields to keep production up. They extract 7 gals of H2O for every gal of oil. Cost money to get the water out. LSC has peaked; costs more to process heavy sour, like a big, vanadium/sulfur laced field off SA which nobody wants. Will we ever run out of oil, pump the last drop? Not if we are smart; some will prove too expensive, especially in terms of EROEI, to extract. .... What is Peak Oil? Peak Oil is the simplest label for the problem of energy resource depletion, or more specifically, the peak in global oil production. Oil is a finite, non-renewable resource, one that has powered phenomenal economic and population growth over the last century and a half. The rate of oil 'production,' meaning extraction & refining (currently about 83 million barrels/day), has grown in most years over the last century, but once we go through the halfway point of all reserves, production becomes ever more likely to decline, hence 'peak'. Peak Oil means not 'running out of oil', but 'running out of cheap oil'. For societies leveraged on ever increasing amounts of cheap oil, the consequences may be dire. Without significant successful cultural reform, economic and social decline seems inevitable. " energybulletin.net BTW, looks like Syria has peaked... Syria's oil industry faces a serious challenge in reversing the recent trend of declining oil production. From a peak of 590,000 barrels per day (bpd) in 1996, Syria's oil production has fallen to 485,000 bpd last year. With many major oil fields reaching their peak and in the absence of new significant discoveries, most observers predict this decline will likely continue. Message 21805235