Oil Reserves in the U.S. Upped

[Syzygys]

Ever notice that there has never once been an oil shortage during the past year of spiraling gas prices? It would seem that gas should be in short supply if it were actually running out wouldn't it?:shrug:

Nope. Because price can be a prohibiting factor. let's say you produce something that sells like hotcake. You can't keep up with demand.So you start to raise prices. When should you stop? When you reach a balance when the demand is about the same as your production ability. Then you have maximum possible profit...

That's where we are with oil. extra capacity left (cushion) is minimal, probably around 2-3% max. worldwide, thus any bad news or interruption causes pricehikes, because demand knows that there is no safe extra left....

 

[Buffalo Roam]

Ever notice that there has never once been an oil shortage during the past year of spiraling gas prices? It would seem that gas should be in short supply if it were actually running out wouldn't it?:shrug:

We are just being screwed at the pumps by the oil companies telling us lies while they make some of the largest profits in history and the gas keeps flowing.

This is a fact there has never been a shortage of oil, except by manipulation of the production and ability to receive exploration and drill permits, and the limits of recovery technology, and that technology keeps advancing, and new fields become recoverable, and old fields can be further developed.

The oil is there, but especially here in the U.S. we have stopped the ability of the Oil Industry from drill and processing the oil for the last 40 years.

We have stopped building refineries,

The current refinery squeeze has been building for years. For the past two decades, deregulation and low profits have combined to push the industry into consolidation. Partly because of environmental regulations, it was cheaper to expand existing refineries than to build new ones. In 1981, the US had 324 refineries with a total capacity of 18.6 million barrels per day, the Department of Energy reports. Today, there are just 132 oil refineries with a capacity of 16.8 million b.p.d., according to Oil and Gas Journal, a trade publication.

The old refineries reach useful life and are taken of line, and no new refineries with new recovery technology are built to replace them, that is one of the reasons we are now importing refined product from Canada, Europe, Asia, and the Middle East.

 

[Buffalo Roam]

The chart I linked for you was not made last century. If you want, you can fill in the last year or so of discovered reserves on it, and see what effect they have on the trend.

Not much.

We will never run out of oil. Just oil we can afford to burn in cars for fuel, or make fertilizer out of for animal feed corn.

And the day we can't afford to use oil as a feedstock for ordinary plastics, medicine, fertilizer, handy sophisticated objects and devices and materials of all kinds that we are just beginning to figure out, in mass production, will be the day people look back on the cars we were driving in the twentieth century and wonder what in hell we were thinking.

The chart may not have been made in the last century, but it was develop from theories and data from the 20th Century, and those theories are being proven wrong, oil is still being found, the fields are being developed, and the recovery technology is advancing.

Again, John Mann, PH.D., has shown the way to 72 mega fields since 2000, and has the information to fine 33 more, now explain that away.

Our problem in the U.S. today is that we don't have the ability today to develop the finds we have identified in the U.S., because of a moratorium from the 70tys on drilling and building new refineries.

Yes it is going to take a decade or more to rectify the lack of a coherent energy policy, but it is also going to take decades to bring new energies sources on line, and if we don't have a viable economy to generate the income to develop the new energy resources, it will never happen, it take money to develop and build infrastructure.

 

[Buffalo Roam]

Why do we need to drill in ANWAR if oil is abiotic? Shouldn't we just wait until the old field replenish themselves? Oh, silly me, trying to make sense...

China and India, and their emerging demand for oil on the world market, and the fact that they will do what is ever is necessary for the best interest of their economies and countries.

 

[spidergoat]

By the time we have oil shortages, we will already have passed the peak of oil production. Peak oil is the time of the all time greatest level of oil production the world will ever know, so naturally those that think we will never run out will not comprehend the full implications.

 

[Buffalo Roam]

By the time we have oil shortages, we will already have passed the peak of oil production. Peak oil is the time of the all time greatest level of oil production the world will ever know, so naturally those that think we will never run out will not comprehend the full implications.

Not supported by the fact that new mega fields are now being found, and new technology for locating those field is now in place, and new drilling technology for drilling and exploiting those field has come on line, just the same as in the 70 when the collection and use of seismic data became the norm for reading where oil field were located.


(1.) Klett, T. and J. Schmoker, "Changes in observed field-size estimates of the world's giant oil fields," Abstracts, p. A 106, AAPG Annual Convention, Denver, Colorado, June 3-6, 2001.

(2.) Halbouty, M., "Giant oil and gas fields of the decade 1990-2000," Online published version http://www.searchanddiscovery.com/documents. AAPG Annual Convention, Denver, Colorado, June 3-6, 2001.

(3.) Carmalt, S. W. and B. St. John, "Giant oil and gas fields," in M. T. Halbouly, ed., Future petroleum Provinces of the World, Memoir, 40, AAPG, Tulsa, Oklahoma, 1986.

(4.) Exxon Tectonic Map of the World, World Mapping Project, Exxon Production Research Company, Houston, Texas, 1985.

(5.) Lewis, C., "Sarir field [Sirte basin, Libya]," in Siructural Traps II, compiled by N. Footer and E. Beaumont, AAPG Treatise of Petroleum Geology, Atlas of Oil and Gas Fields, AAPG, Tulsa, Oklahoma, pp. 253-267, 1990.

(6.) Bandouy, S. and C. Legorjus, "Sendji field--People's Republic of Congo, Coogo basin," in Structural Traps V, compiled by N. Foster and B. Beaumont, AAPG Treatise of Petroleum Geology, Atlas of Oil and Gas Fields, AAPG, Tulsa, Oklahoma, pp. 121-149, 1991.

(7.) Pierce, W., "Southern Arabian basin oil habitat: Seals and gathering areas," Society of Petroleum Engineers, SPE25606, Bahrain Oil Show, pp. 103-111, 1993.

(8.) Hall, S. and V. Sturrock, "Tectonic central on the creation of supergiant fields in the central and south Caspian urea," Houston Geological Society Bulletin, Vol. 43, pp. 13-17, 2001.

 

[Syzygys]

China and India, and their emerging demand for oil on the world market, and the fact that they will do what is ever is necessary for the best interest of their economies and countries.

I don't think this sentence really has a VERB. At least not the first half, and the whole sentence has nothing to do with the topic. :bugeye:

 

[S.A.M.]

I don't think this sentence really has a VERB. At least not the first half, and the whole sentence has nothing to do with the topic. :bugeye:

He's using a gerund, I believe, it can behave as a verb in a clause. "do" is a verb.

 

[Syzygys]

I don't think the sentence actually STATES anything, I even started a new thread about it:

http://sciforums.com/showthread.php?p=1853044#post1853044

We never really learn what's the deal with China and India...

 

[Buffalo Roam]

I don't think the sentence actually STATES anything, I even started a new thread about it:

http://sciforums.com/showthread.php?p=1853044#post1853044

We never really learn what's the deal with China and India...

Yes, Gloom and Doom, I understand, your limited understanding of the english vocabulary, and comprehension of the functions of the world market, and the fact that demand from China and India do affect the futures market, on the spot price of oil, or the fact that India and China will do what is necessary to continue the supply of oil needed to fuel their economy.

Now lets see how smart you really are, explain why when a small event like a single pipe line is damaged and that occurrence,affects only .00001% of the available oil, the price shoots up by $5 to $10 dollars a barrel?

Now in other words I hope that yopu understand,

What little is known about the world's underground oil resources justifies a positive view of the future, not the alarmist vision of oil catastrophists. The pessimists assume that the world has been fully explored, that neither the dynamic of crude prices nor technological progress has any bearing on the "finite" nature of oil resources, and that consumption is bound to increase more and more, inexorably depleting the existing oil stock.

Despite all the predictions of impending catastrophic shortages, the world still possesses immense oil reserves. "Proven" reserves alone, more than 1.1 trillion barrels, could fuel the world economy for 38 years even at current rates of consumption. And this figure understates potential production, because the accepted definition of proven reserves includes only those reserves that can be exploited with currently available technology at conservatively projected prices.

An additional 2 trillion barrels of "recoverable" reserves are not classified as proven but will probably meet that standard in a few years as technological improvements, increased knowledge of the subsoil, and the economic incentive created by higher oil prices (or lower extraction costs) come into play.

Consider, for example, that only 35 percent of the oil contained in known oil fields worldwide can be recovered today with existing technologies and based on current economic fundamentals (up from 22 percent in 1980).

Current estimates of recoverable supplies also ignore large deposits of so-called unconventional oil, such as ultraheavy Venezuelan oil and oil that can be extracted from Canadian tar sands. Moreover, huge areas of the planet have yet to be thoroughly explored.

This information doesn't include the most reasent oil finds in; Brazil, the U.S., Mexico, the Gulf of Mexico, Russia, Lybia, even in the Sunni area of Iraq;

KARABILA, Iraq: In a remote patch of the Anbar desert just 30 kilometers from the Syrian border, a single blue pillar of flanges and valves sits atop an enormous deposit of oil and natural gas that would be routine in this petroleum-rich country except for one fact — this is Sunni territory.

New Zealand, (The Barque prospect), Iran,

TEHRAN (FNA)- Iran has discovered a new oil layer holding a potential 2.2 billion barrels of oil in the Azadegan oil field.

China, They said Dongxin, one of the six, contains more than 252 million tons of oil while the other five areas may have between 10-30 million tons.

New Tech Spy » Scientists Discover (Biggest Ever) Oilfield off ...
In comparison to other finds around the world, this is twice the size of all Oil ... of salt domes by a new method of oil discovery known as “gas washing” . ...
http://www.newtechspy.com/articles06/oildiscovery.html

 

[pjdude1219]

Yes, Gloom and Doom, I understand, your limited understanding of the english vocabulary, and comprehension of the functions of the world market, and the fact that demand from China and India do affect the futures market, on the spot price of oil, or the fact that India and China will do what is necessary to continue the supply of oil needed to fuel their economy.

Now lets see how smart you really are, explain why when a small event like a single pipe line is damaged and that occurrence,affects only .00001% of the available oil, the price shoots up by $5 to $10 dollars a barrel?

Now in other words I hope that yopu understand,

What little is known about the world's underground oil resources justifies a positive view of the future, not the alarmist vision of oil catastrophists. The pessimists assume that the world has been fully explored, that neither the dynamic of crude prices nor technological progress has any bearing on the "finite" nature of oil resources, and that consumption is bound to increase more and more, inexorably depleting the existing oil stock.

Despite all the predictions of impending catastrophic shortages, the world still possesses immense oil reserves. "Proven" reserves alone, more than 1.1 trillion barrels, could fuel the world economy for 38 years even at current rates of consumption. And this figure understates potential production, because the accepted definition of proven reserves includes only those reserves that can be exploited with currently available technology at conservatively projected prices.

An additional 2 trillion barrels of "recoverable" reserves are not classified as proven but will probably meet that standard in a few years as technological improvements, increased knowledge of the subsoil, and the economic incentive created by higher oil prices (or lower extraction costs) come into play.

Consider, for example, that only 35 percent of the oil contained in known oil fields worldwide can be recovered today with existing technologies and based on current economic fundamentals (up from 22 percent in 1980).

Current estimates of recoverable supplies also ignore large deposits of so-called unconventional oil, such as ultraheavy Venezuelan oil and oil that can be extracted from Canadian tar sands. Moreover, huge areas of the planet have yet to be thoroughly explored.

This information doesn't include the most reasent oil finds in; Brazil, the U.S., Mexico, the Gulf of Mexico, Russia, Lybia, even in the Sunni area of Iraq;



New Zealand, (The Barque prospect), Iran,



China, They said Dongxin, one of the six, contains more than 252 million tons of oil while the other five areas may have between 10-30 million tons.

New Tech Spy » Scientists Discover (Biggest Ever) Oilfield off ...
In comparison to other finds around the world, this is twice the size of all Oil ... of salt domes by a new method of oil discovery known as “gas washing” . ...
http://www.newtechspy.com/articles06/oildiscovery.html

that simple beacuase the oil companies are greedy

 

[Buffalo Roam]

that simple beacuase the oil companies are greedy

Now show that in verifiable terms, YHO, isn't worth squat.

 

[Michael]

It is true that we will, some day, run out of the amount of oil needed to maintain our life style. Correct?

 

[Syzygys]

Dude, in the other thread under Linguistic I already corrected your screwed up sentence. Stop writting random words...

Now lets see how smart you really are, explain why when a small event like a single pipe line is damaged and that occurrence,affects only .00001% of the available oil, the price shoots up by $5 to $10 dollars a barrel?

I already explained, because there is very little extra capacity left...

By the way peak oil itself doesn't say anyting about shortages....

 

[Buffalo Roam]

It is true that we will, some day, run out of the amount of oil needed to maintain our life style. Correct?

I really don't know, do you? not in our life time, all I know is that there is more oil discovered everyday, not just small finds but elephants/mega field, and new technologies are being developed every day to get to and extract that oil, not only from the new finds but also from the old, known fields, hell who can really predict that? tomorrow a killer rock could merge orbit with the world and all of this will be a mute point.

That being said, what do you want to do just roll over and die? accept a lesser life style? there is enough oil today to keep the economies of the world humming until new energy sources can be brought to maturity and the infrastructure built to make that energy and move it to where it is needed.

None of the current alternative energies can replace the oil based economy of the world today, or even in the next decade, and I doubt even in the next 30 years, with out wrecking the economy of the world.

 

[John99]

It is true that we will, some day, run out of the amount of oil needed to maintain our life style. Correct?

Are you guessing?

 

[Buffalo Roam]

Dude, in the other thread under Linguistic I already corrected your screwed up sentence. Stop writting random words...

Take some classes in comprehension, Dude.

I already explained, because there is very little extra capacity left...

By the way peak oil itself doesn't say anyting about shortages....

And why is there very little extra capacity left? because we haven't built it, there is no shortage of oil or oil finds, the shortage is because we have failed to keep pace with the ability to utilize the oil that is available, to get it out of the ground, and refine it once we have it out of the ground.

We have let the capacity, to make the oil based products needed to run our economies, (World included) drop, we have let the capacity to move the crude for those products drop, and the capacity to store those products, that is the problem, not a shortage of oil to make those products.

 

[Syzygys]

Take some classes in comprehension, Dude.

Apparently, I wasn't the only one, read the other thread.

And why is there very little extra capacity left?

Because there is an increased demand with a decreasing supply. Hello???

there is no shortage of oil or oil finds,

Bullshit. Oilfinds peaked 40 years ago, which happens to be the same timelength that passes between finding an oilfield and the peaking of its production....

P.S.: This month is the 3rd anniversary of crude oil peaking back when Katrina ravaged New Orleans. An easy date to remember when your grandkids ask you...

 

[pjdude1219]

Now show that in verifiable terms, YHO, isn't worth squat.

what makes you think my opinion is humble?

 

[Buffalo Roam]

what makes you think my opinion is humble?

Because it fails to recognize the fact as of the present day, and I was being sarcastic, because your are far from humble in your arrogance.

Peek oil is a myth, it is being proven everyday, read the news, announcement of new find are coming almost weekly.

Your are a band wagon liberal, the latest band wagon of doom and gloom, and your ready to roll over and die.

Well the world doesn't stand still, technology doesn't stand still, and because of the oil price exploration doesn't stand still, you are still stuck in the last century, the major problem is that of capacity, in drill rig's, not enough of them, transportation, to few tankers, to little refinery capacity, none built in the U.S. since 1975, and using refinery technology based on the structure of those plants that is 40 years old.

Your understanding of the global market leaves much to be desired, China, and India have a exploding middle class, racing to the life style of the middle class, cars, boats, bigger houses, more leisure activities that require energy, more...more...more.

The Indians and the Chinese are aggressively going after energy to keep fueling their economies, and provide for that growing middle class, and because most of the world failed to develop coherent energy polices in the last 50 years, there is a shortage of capacity to Find, Extract, Refine, Store, and Deliver petro products to the markets.

You quibble about my syntax, but you don't answer the question.

Explain all the new finds of mega fields if oil is running out in this planet?

Explain how the technology has failed to advance so that we can't reach that oil, we are now drilling to depth that were unheard of a decade ago.

Explain the energy policies of the last 2 decades that failed to produce a new energy source that capable of replacing oil, and usable today, and not keeping up with the demands of a world market that allowed for China and India's emergence on the world stage, in a world market.

Yes , explain, and do some research, look at the new elephants, look at the new technology in the oil world, or are you to arrogant?