Hello, Peak Oil Believers

The amount of oil the earth contains is truly unknown, because they keep discovering new files on a fairly regular basis. They expect to find a whole lot more when/if the polar ice cap opens up. 

When we hear the term “oil reserve” all that means is an estimate of what is held in known oil fields. It is not by any means the amount of oil left on the planet. Not by a long shot. This is one of the reasons peak oil proponents are so far off base.

Or, let’s let a scientist in the field explain it:

Dr. Pike is the chief executive officer (CEO) of the United Kingdom-based organization the Royal Society of Chemistry, a leading organization in Europe in the chemical sciences.

The minimum amount of oil present in all of the Earth’s known oil fields and the amount that can be extracted from these known oil fields using today’s current technology is given the name “world proven oil reserves.”

This amount is considered an underestimation by Dr. Pike because of the way oil companies statistically estimate the amount of their own oil fields.

Pike suggests that this amount of proven reserves is probably about half of what can ultimately be recovered from these known oil reserves.

When oil companies do is look for more oil when their reserves start “getting low”, and they always find it, In fact, there are many countries with lots of oil that is undiscovered because of politics or instability in the region. But eventually, they will allow exploration and the oil will be pumped out.

Aside from all that, however, we are making great strides in alternative energy. Nothing is as cost effective as oil still, but that is changing and in the not too distant future, gasoline powered cars will become a relic.

This is why the peak oil mania is nothing to be concerned about. The hysteria that is driving fuel prices right now will diminish and we will see a crash in barrel prices. Watch.

Typical of hysteria pricing and bubbles, this one will burst and take a lot of investor money with it.  The money once in dot-com, then in unrealistic real estate, went to energy commodities—there is a sucker born every minute.  The fundamentals and the technical guideposts do not support a price anywhere NEAR current values.  Watch for a downhill run; when is the big unknown.

The Obamassiah has no clue, and neither do his sycophantic head-bobbing followers.

“I’m a Twentieth Century Man and I don’t want to be here…”

Dan Patterson
Arrogant Infidel

Posted by  on  06/21  at  03:05 PM

It gets even better.

The methane in hydrates is produced by bacteria as the waste product of their metabolism. The stuff they metabolize to power that metabolism is in turn the waste product of another bacteria’s metabolism. These bacteria living even further down in the Earth’s oceanic crust. This is going on all the time.

What’s more, some of that methane is trapped deep underground under high pressure and temperature. In time—- a few million, possibly a few thousand years—- that methane gets cooked into petroleum. Light, sweet crude at first, getting heavier as time goes by, until you get asphalt and then the petroleum cooks away. As you read this those oil fields we’re now draining are being slowly refilled.

Posted by mythusmage  on  06/21  at  03:09 PM

Yep, we will never run out of oil. But I am all for non-polluting alternatives to fossil fuels. Always have been.

I will be happy when we can have a good alternative, like hydrogen fuel cells. But the fact is, oil is still the best energy source for the money. And there’ lots of it out there.

The oil companies are acting like DeBeers does with diamonds, a worthless rock that they make valuable by controlling supplies. Oil should be dirt cheap and when the speculator bubble pops, it will be again.

The media is lying to us as are the hysterics.

Posted by  on  06/21  at  05:49 PM

Great to have optimism and hope for the future, peak oil is not about running Out of oil but instead it’s the rate of production going downwards together with increasing demand.

The prices goes up to curb demands and it’s a natural and demand driven crude oil prices.

85 million barrels are produced in a day….go figure how much the world use in a day?

It will run out of oil in another life time but the world will fight for the remaining amount to be maintain the economy and sustainability of their countries.

Wars and inflations…that’s the result.

Peak oil….go google more before you comment on this topic…read more.

Posted by Simon Tay  on  06/22  at  05:37 AM

Well, I have and apparently some of the peak oil sites don’t understand your definition because they’re all about running out of oil.

I certainly understand your point, however, they could do more to increase production if they wanted to. They could build more refineries, more wells, but it benefits the oil producers to limit the flow of oil because they make more money.

And as I keep saying her and elsewhere, we are developing energy alternatives. We are getting much better at it. We’re much closer to having replacement technologies for cars. Oil demand will drop off when they become more popular.

Further, they already know how to make cars that get extreme gas mileage. They have for decades. They will be forced to improve their mileage by law and this will also affect things.

Posted by  on  06/22  at  07:49 AM

About the only things we really need oil for are petrochemicals, aircraft, and very large engines.  A lot of our current usage could be phased out with cheap power.  And right now, there is only one certain road to cheap power: nuclear.  Alternative energy is mildly useful in a few places, but is a long, long way away from being able to power an industrialized society, even if it makes the breakthroughs the greenies have been promising for…well, decades, actually.
As for peak oil, forget it.  I was in the oil patch for years, and every time they go looking they find more, and every time they improve drilling tech, they can get more.  We’ll run out of uses for it long before we exhaust supplies.

Posted by  on  06/22  at  01:00 PM
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