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Politics : The Environmentalist Thread -- Ignore unavailable to you. Want to Upgrade?

To: garrettjax who wrote (17426)	11/16/2007 3:28:16 PM
From: Wharf Rat	Respond to of 36921

So am I "Petrobras, Brazil's national oil company, says it believes the offshore Tupi field has between 5bn and 8bn barrels of recoverable light oil." You need to understand we don't have enuf oil any more. This field will take 10 years to develop. It adds < 100 days of world supply at current usage, if they could get it out of the ground all at once. All it will do is stretch out the tail post peak. === No one has mentioned here that the underlying root cause for high oil prices is the continuous decline of crude oil production since its peak in May 2005. As per latest EIA (International Petroleum Monthly) data published on Nov. 5th and covering the period up to August this year, total global crude production is down now by almost 1.8 mb/d. theoildrum.com And, in the meantime, China's demand is growing like crazy, India's growing half crazed, and we say we want to use more. And, the oil exporting nations are growing rich, their people are getting more prosperous, and internal consumption is beginning to cut into their exports.