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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (10673)	5/28/2010 10:30:58 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24213

Gulf Oil Spill: With so many oil resources, can't we just drill somewhere else? Posted by Gail the Actuary on May 28, 2010 - 8:29am This post is an adaptation of one posted in December 2009, relating to a talk given at that time. A PDF of the talk can be found here. There is a huge amount of oil which theoretically can be extracted. The question isn't whether it is there--the question is whether the cost to extract the oil will be cheap enough for us to be able to afford the oil. If oil is too expensive, the high prices seem to cause a recession, similar to what we recently have been experiencing. In many ways, people who say we have lots of oil are correct. All one has to do is include the oil which is extremely expensive and slow to extract. Much of the cheap, easy-to-extract oil has already been removed. theoildrum.com