Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (13165)	3/1/1998 12:41:00 AM
From: William Nelson	Read Replies (2) \| Respond to of 95453

Anybody read the oil articles in the latest Scientific American? They believe oil production will peak within 10 years...if they are right then this oil cycle could end with a peak as high as the last (1980). A quote from the article: " It is important to realize that spending more money on oil exploration will not change this situation. After the price of crude hit all-time highs in the early 1980's, explorers developed new technology for finding and recovering oil, and they scoured the world for new fields. They found few: the discovery rate continued to decline uninterrupted. There is only so much crude oil in the world, and the industry has found about 90% of it." Another thing they claim is that many producers are inflating their reserve estimates for various reasons. They state that oil is being pumped 3 times as fast as it's being discovered, yet reserve estimates keep going up. Are they just chicken littles?