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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: CalculatedRisk who wrote (66091)	5/3/2006 4:43:02 PM
From: stockman_scott	Read Replies (2) \| Respond to of 362616

Calc: can we look forward to a Rove indictment this week...? -s2@HopingFitzAndTheGrandJuryWillFollowThru.com

To: CalculatedRisk who wrote (66091)	5/3/2006 4:43:25 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 362616

"Was the oil industry caught off guard by the surge in demand? Or is it a more sinister problem - peak oil - and they simply cannot increase the quantity supplied. We don't really know." Some of the discussion on TOD today is unwilling vs unable. I'm tending towards the unable side. Venezuela is the next country to watch. About a year ago, production from their largest field was falling off. Chavez was thinking sabotage, but the Rat was thinking "Hmmm?". Now, we get this... So is it a decaying infrastructure, or has V peaked, too? Venezuela Buys Oil to Meet Contracts Dr. Joe Duarte Tuesday, May 02, 2006 A Sudden Plunge In Production? Is Venezuela's oil production rapidly waning? One source reports that the world's fifth largest oil producer is showing signs of a rapid decrease in production, one of the key tenets of the peak oil theory. Venezuela is buying oil from Russia in order to avoid defaulting on deliveries to clients. The situation raises serious questions about the country's oil production and the future of PDVSA as a major oil producer, and increases the risk to the U.S. oil supply should the country's oil production suddenly plummet. Message 22412708

To: CalculatedRisk who wrote (66091)	5/3/2006 10:38:12 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 362616

Or is it a more sinister problem - peak oil - and they simply cannot increase the quantity supplied. We don't really know. actually, we do know. peak oil is here. i mean, we've been beating this drum for several years and the picture at this point could not be clearer--it is pretty much just as all the ASPO Cassandras predicted. the global giants are peaking and supply cannot be brought on quickly enough. supply will not save the day--look at XOM, same boe production as in late 90s, i.e., no supply response to higher (MUCH higher) prices. and worse, more and more of XOM production is not even crude, as the lack of opportunities drives them to GTL in Qatar. the only thing that will save us is huge drop in demand, and about that we don't know. certainly it would help matters to have a massive global recession, which is more likely now that Roach has said it's safe to go in the water.