The Etp Model Has Been Empirically Confirmed

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You really went off the rails with responses to my comments on the article. You didn't provide any actual content to discuss, just insults. So I guess we're done with the article.
The price of oil is well below the cost of production for most fracking.
What is the cost of production for most fracking?
I think the average is probably closer to 90, maybe 92. But that is all beside the point.
Yes: your point was that oil wasn't affordable at that price. So, at what price is oil affordable?
Adjusting for inflation is bullshit in this case, Russ. If you want to seriously claim that the oil price was higher in 1979 than it was in 2008, go ahead.

I think it is false, misleading, and irrelevant.
In 1980, the median income in the USA was about $17,700. In 2014 it was $54,000 an increase of just over a factor of three. Those are facts. They are shown here:
https://www.census.gov/hhes/www/income/data/historical/household/2014/h03AR.xls

So do you agree that these facts are true or do you think they are false/misleading? If so, why?
Thanks. West Texas Intermediate Crude is currently 43.70 a barrel.

When do you expect it to reach 50 dollars a barrel?

When do you expect it to reach 60 dollars a barrel?

When do you expect it to reach 70 dollars a barrel?

When do you expect it to reach 80 dollars a barrel?

When do you expect it to reach 90 dollars a barrel?

When do you expect it to reach 100 dollars a barrel?
That isn't what you asked. You asked when the oil price would be high enough to support fracking. You need to tell me what that price is.
The shit is getting very close to the fan. Only Russ_Watters and the CNBC cheerleaders think otherwise.
Are you claiming that all of the other major news organizations are currently reporting the economy is collapsing? Please provide a link to one of the stories.
 
You really went off the rails with responses to my comments on the article. You didn't provide any actual content to discuss, just insults. So I guess we're done with the article.
So, to paraphrase, you are dodging the question and you'd rather I didn't bring it up again. Okay.

So do you agree that these facts are true or do you think they are false/misleading?
I think they are at least mostly false, highly misleading, and totally irrelevant. Even if completely true, how do those supposed facts cancel the coming collapse?

Are you claiming that all of the other major news organizations are currently reporting the economy is collapsing?
No. I am claiming that your views are very extreme. Most people don't share your extreme views. But the folks at CNBC sure do. They regularly spout the same "everything is awesome" bullshit you do, and the ratings for the CNBC cheerleaders is absolutely terrible:

CNBC%20viewership.jpg


That isn't what you asked. You asked when the oil price would be high enough to support fracking. You need to tell me what that price is.
No, I don't. I think billvon put up a chart early in this thread showing the break-evens for all of the major fracking plays. I don't want to argue with your nitpicking on this subject. It is totally boring, and a complete waste of time. Most rational people understand that the current oil price is too low to support fracking. You need to learn to accept this fact.

You said:

"No doubt, you are going to say that oil prices are currently too low to support fracking, so I'll let you pick the price and I'll expand on the future prospects for reaching it."

I don't want to argue endlessly about the break even price of most fracking. So I asked you about the prospects for a series of price increases that would presumably lead to a price high enough to support fracking. That makes logical sense. It is a good question. It is a fair question. Here it is again:

Thanks. West Texas Intermediate Crude is currently 43.70 a barrel.

When do you expect it to reach 50 dollars a barrel?

When do you expect it to reach 60 dollars a barrel?

When do you expect it to reach 70 dollars a barrel?

When do you expect it to reach 80 dollars a barrel?

When do you expect it to reach 90 dollars a barrel?

When do you expect it to reach 100 dollars a barrel?

Why are you afraid to answer, Russ? Please provide an answer, or another excuse. Your choice.


And by the way, what did you think of the David Stockman article?

I like this quote:
"Alas, the future is arriving because global growth is grinding to a halt."


---Futilitist:cool:
 
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The powers that be have now suddenly seen fit to break all of the photobucket links to all of the pictures, charts, and graphs that I have ever posted on this site, rendering all of my threads unreadable. Though they will claim otherwise, this censorship was obviously a policy decision.

This is not a real forum. I am done here.



---Futilitist:cool:
 
I think they are at least mostly false, highly misleading, and totally irrelevant.
The numbers are there in the link, Fute. They can't be "mostly false". They are either true or false. Hint: they are true.

In either case, why do you think it is misleading to say that the median American is 3x richer today than in 1980? That's what 3x more income means, doesn't it?
No. I am claiming that your views are very extreme. Most people don't share your extreme views.
If my views are very extreme and most people don't share them, then it should be easy for you to provide mainstream/popular sources showing it (indeed, this must also be a rare forum!). You can't really be this delusional, can you?
No, I don't. I think billvon put up a chart early in this thread showing the break-evens for all of the major fracking plays. I don't want to argue with your nitpicking on this subject.
It's a critical part of your argument that fracking can't be afforded, but you won't specify what price is required to afford it? Not that I'm shocked, but that is quite a dodge of your own key point!
And by the way, what did you think of the David Stockman article?
Futilitist: "Hey, debunk this one."
Futilitist: "Hey, debunk this one."
Futilitist: "Hey, debunk this one."
Futilitist: "Hey, debunk this one."
Futilitist: "Hey, debunk this one."

No.
 
It's a critical part of your argument that fracking can't be afforded, but you won't specify what price is required to afford it? Not that I'm shocked, but that is quite a dodge of your own key point!
You are the one who is dodging. Here is the price you asked for: 80 dollars per barrel according to billvon. (I noticed his picture links aren't broken like mine.)

So, according to you, when will the price of oil rise to 80 dollars a barrel?




---Futilitist:cool:
 
Do you agree with billvon's link or are you just hedging so you can dodge later?
Why are you so paranoid? I agree with the 80 dollar estimate that billvon posted, okay?


Also, David Stockman agrees with me:

"Alas, the future is arriving because global growth is grinding to a halt."
~David Stockman

What do you think of that?





---Futilitist:cool:
 
Russ_Watters said:
The numbers are there in the link, Fute. They can't be "mostly false". They are either true or false. Hint: they are true.
Big surprise, Russ: The government lies.


In 1 Out Of Every 5 American Families, Nobody Has A Job


http://www.zerohedge.com/news/2016-04-25/1-out-every-5-american-families-nobody-has-job

If nobody is working in one out of every five U.S. families, then how in the world can the unemployment rate be close to 5 percent as the Obama administration keeps insisting? The truth, of course, is that the U.S. economy is in far worse condition than we are being told. Last week, I discussed the fact that the Federal Reserve has found that 47 percent of all Americans would not be able to come up with $400 for an unexpected visit to the emergency room without borrowing it or selling something. But Barack Obama and his minions never bring up that number. Nor do they ever bring up the fact that 20 percent of all families in America are completely unemployed. The following comes directly from the Bureau of Labor Statistics

In 2015, the share of families with an employed member was 80.3 percent, up by 0.2 percentage point from 2014. The likelihood of having an employed family member rose in 2015 for Black families (from 76.4 percent to 77.7 percent) and for Hispanic families (from 85.9 percent to 86.4 percent). The likelihood for White and Asian families showed little or no change (80.1 percent and 88.6 percent, respectively).

For purposes of this study, families “are classified either as married-couple families or as families maintained by women or men without spouses present” and they include households without children as well as children under the age of 18.

Digging into the numbers, we find that there were a total of 81,410,000 families in America during the 2015 calendar year.

Of that total, 16,060,000 families did not have a single member employed.

So that means that in 19.7 percent of all families in the United States, nobody has a job.

And of course there are lots more families that are “partially employed”. In other words, maybe the wife has a job but the husband does not.

So based on these numbers, it would appear to me that the true rate of unemployment in this country is vastly higher than 5 percent, and John Williams of shadowstats.com agrees with me. According to his calculations, the broadest measure of unemployment in the U.S. would actually be sitting at 22.9 percent if honest numbers were being used.

But let’s not just focus on where we are.

Let’s take a look at where we are going.

According to Challenger, Gray & Christmas, job cut announcements by big companies in the United States were up 32 percent during the first quarter of 2016 compared to the first quarter of 2015, and it appears that the job losses are going to continue to mount as we roll into the second quarter. For instance, late last week Intel announced that it is going to be laying off 12,000 workers

As it navigates its path into the future, Intel, the 47-year-old corporation best known for making microprocessor chips that power personal computers, has announced significant changes to its business.

On Tuesday, Intel’s CEO Brian Krzanich said in a letter to employees that the company over the next year will cut its 107,300-person global workforce by 12,000 people, or 11 percent.

Those are good middle class jobs, and they are exactly the kind of jobs that we cannot afford to be losing.

Meanwhile, the “retail apocalypse” appears to be accelerating once again.

Bloomberg is reporting that teen clothing chain Aeropostale is preparing to file for bankruptcy. Aeropostale currently operates more than 800 stores across the nation, and it is unclear if any of them will be able to stay open as this process plays out. But of course it isn’t just Aeropostale that has gone bankrupt lately. Here are a few more examples of major retailers that have recently filed for bankruptcy

April 16, 2016: Vestis Retail Group, the operator of sporting goods retailers Eastern Mountain Sports (camping, hiking, skiing, adventure sports), Bob’s Stores (family clothing and shoes), and Sport Chalet (general sporting goods), filed for Chapter 11 bankruptcy. It will close all 56 stores and stop online sales.

In the filing, it blamed the going-out-of-business sales at “certain Sports Authority locations,” plus the weather, which had been too warm, and trouble with switching to a new software platform. It’s owned by private equity firm Versa Capital Management LLC.

April 7, 2016: Pacific Sunwear of California, clothing retailer with nearly 600 stores and derailed ambitions of skate-and-surf cool, filed for Chapter 11 bankruptcy. PE firm Golden Gate Capital, a lender to the company, agreed to convert over 65% of its loan into equity of the reorganized company and add another $20 million in financing. Wells Fargo agreed to provide $100 million of debtor-in-possession financing.

March 2, 2016: Sports Authority filed for Chapter 11 bankruptcy. It said it would close 140 of its 450 stores, including all stores in Texas.

Just because the stock market has been doing well in recent weeks does not mean that the crisis has passed.

In fact, many experts believe that the crisis of 2016 is just getting started. Albert Edwards of Societe Generale is one of them

"But what I do know is when in the last few weeks I have heard that Janet Yellen sees no bubble in the US, when Ben Bernanke hones and restates his helicopter money speech, and when Mario Draghi says that the ECB’s policy of printing money and negative interest rates was working, I feel utterly depressed (I could also quote similar nonsense from Japan, the UK and China). I have not one scintilla of doubt that these central bankers will destroy the enfeebled world economy with their clumsy interventions and that political chaos will be the ugly result.

The only people who will benefit are not investors, but anarchists who will embrace with delight the resulting chaos these policies will bring!"

All over the world, the underlying economic fundamentals continue to deteriorate. Here in the U.S., retail sales have been extremely disappointing, total business sales have been steadily falling, corporate revenues and corporate profits continue to plunge, and corporate debt defaults have soared to their highest level since the last financial crisis.

All of these numbers are screaming that a major economic downturn is here, and with each passing week things look even more ominous for the second half of 2016.



---Futilitist:cool:
 
It isn't paranoia: I don't trust you because you have been dishonest.
You are a liar, Russ. I have never been dishonest in my presentations here. You are obviously the dishonest one. You are afraid to answer even the simplest questions. People who do this are dishonest.

Great, thanks. Since I don't trust you, though: what post # was that?
I don't know. Since you don't trust me, I am not going to help you. Why don't you look it up yourself. Then go ahead and answer the question. Or don't. Hell, I don't care if you do or not. Your bullshit answer is really not important anyway. Never mind.



---Futilitist:cool:
 
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You are a liar, Russ. I have never been dishonest in my presentations here. You are obviously the dishonest one.
You were certainly dishonest when you said:

Well, I guess this is goodbye then, since we'll obviously never see each other again, because oil prices are only going down

and when I called you on that prediction you said,

What I said to you in the context of that particular post was not a prediction, and you know it.

That sounds pretty dishonest to me!

So if I say the price of oil will only go up and it goes down, then by your logic that is not wrong because my statement was only in the context of that particular post? WTF?? In what universe does that make any sense?
 
You are a liar, Russ. I have never been dishonest in my presentations here.
I for one am prepared to accept this statement. However, for completeness, could you provide some examples of where and when you have been dishonest.
(Clearly you acknowledge prior dishonesty, or you would not have needed to qualify the context in which you had not been dishonest.)
 
origin said:
You were certainly dishonest when you said:

Well, I guess this is goodbye then, since we'll obviously never see each other again, because oil prices are only going down

and when I called you on that prediction you said,

What I said to you in the context of that particular post was not a prediction, and you know it.

That sounds pretty dishonest to me!
Gosh, origin, when you put it that way, it sounds pretty damning. But when I go back to page 54 to have a look at the context of the interchange, what I actually find tells a completely different story than the one you keep trying to invent!:

Futilitist said:
"Values for $$E_{TP}$$ are derived from the solution of the Second Law statement, the Entropy Rate Balance Equation for Control Volumes:

$$\frac{dS_{CV}}{dt}
=\sum_j\frac{\dot{Q}_{j}}{T_{j}}
+\sum_i\dot{m}_{i}s_{i}
-\sum_e\dot{m}_{e}s_{e}
+\dot{\sigma}_{cv}$$


"Where $$\frac{dS_{CV}}{dt}$$ represents the time rate of change of entropy within the control volume. The terms $$\dot{m}_{i}s_{i}$$ and $$\dot{m}_{e}s_{e}$$ account, respectively, for rates of entropy transfer into and out of the control volume accompanying mass flow. The term $$\dot{Q}_{j}$$ represents the time rate of heat transfer at the location on the boundary where the instantaneous temperature is $$T_{j}$$. The ratio $$\frac{\dot{Q}_j}{T_j}$$ accounts for the accompanying rate of entropy transfer. The term $$\dot{\sigma}_{cv}$$ denotes the time rate of entropy production due to irreversibilities within the control volume."
~(Taken from Fundamentals of Engineering Thermodynamics by Moran and Shapiro)

There is only one temperature boundary, which is at the exit point of the reservoir, and there is no crude
entering the reservoir from the environment. So the equation reduces to:

$$\frac{dS_{CV}}{dt}=\frac{\dot{Q}_{j}}{T_{j}}-\dot{m}_{e}s_{e}+\dot{\sigma}_{cv}$$

giving: $$\frac{BTU}{sec*°R}$$

Since crude oil and water can be considered as incompressible substances for this application their specific entropy's ($$s_{c}$$ and $$s_{w}$$) are only affected by a change in temperature.

For specific heats: $$c_{v}=c_{p}=c$$, and $$s_{2}-s_{1}=c*\ln{\frac{T_{2}}{T_{1}}}$$ The reservoir temperature is constant so the entropy of the reservoir ($$S_{cv}/dt$$) must be decreasing (negative in sign) at the same rate that entropy is transferred by mass flow from the reservoir. The temperature of the mass transporting $$s_{e}$$ is the same within the reservoir as at the exit boundary. The exit boundary is where the well bore enters the reservoir. Therefore, as $$dS_{cv}/dt$$ and $$\dot{m}s_{e}$$ ($$dS_{cv}/dt$$ → 0 as $$\dot{m}s_{e}$$ → 0) must cancel, and the heat leaving the reservoir is negative in sign, the equation becomes:

$$\frac{\dot{Q}_{j}}{T_{j}}=\dot{\sigma}_{cv}$$

giving: $$\frac{BTU}{sec*°R}$$


The rate of entropy production in the petroleum production system is equal to the rate of heat extracted from the reservoir divided by the reservoir temperature.

The rate of irreversibility production in the PPS therefore becomes:

$$\dot{I_{cv}}=T_{O}*\dot\sigma_{cv}$$

giving: $$\frac{BTU}{sec}$$

Where $$T_{O}$$ equals the standard reference temperature of the environment, 537 °R (77° F).

Therefore:

$$E_{TP}=\int_{t1}^{t2}\dot{I_{cv}}dt$$

giving: $$BTU$$

Because the mass removed from the reservoir is limited to crude oil and water, the increase in $$E_{TP}$$ per billion barrels (Gb) of crude extracted as $$ds=c\frac{dT}{T}$$ is:

(Equation#7)

$$\frac{E_{TP/lb}}{Gb}
=\begin{bmatrix}\frac{(m_{c}*c_{c}
+m_{w}*c_{w})(T_{R}-T_{O})}{m_{c}} \end{bmatrix}/Gb$$


giving: BTU/lb/Gb where: 0 ≤ ETp ≤ EG

$$m_{c}$$ = mass of crude, lbs.
$$c_{c}$$ = specific heat of crude, BTU/lb °R
$$m_{w}$$ = mass of water, lbs.
$$c_{w}$$ = specific heat of water, BTU/lb °R
$$T_{R}$$ = reserve temperature, °R
$$T_{O}$$ = standard reference temperature of the environment, 537 °R
$$s_{i}$$ = specific entropy into the control volume
$$s_{e}$$ = specific entropy exiting the control volume

BTU/gal/Gb for 35.7° API crude = BTU/lb/Gb * 7.0479 lb/gal

Evaluation of $$E_{TP}$$ from Equation# 7 requires the determination of three variables: mass of the crude ($$m_{c}$$) mass of the water ($$m_{w}$$), and the temperature of the reservoir ($$T_{R}$$). These must be determined at time (t).

1) The mass of crude at time (t) is derived from the cumulative production function,
2) the mass of water is derived from the average % surface water cut (fw) of the reservoir,
3) temperature of the reserve is derived from the well depth. This assumes an earth temperature gradient of 1°F increase per 70 feet of depth.

So, Origin, since you are the math expert, what is wrong with all that?"

origin said:
"That is nice. Now please tell me why $$\dot{\sigma}$$ is not zero?"

Futilitist said:
"Why should it be zero? Is the oil production process reversible?

In natural systems, the entropy production rate of every process is always positive (ΔS > 0) or zero (ΔS = 0). But only idealized adiabatic (perfectly insulated) and isentropic (frictionless, non-viscous, pressure-volume work only) processes actually have an entropy production rate of zero. Heat is produced, but not entropy. In nature, this ideal can only be an approximation, because it requires an infinite amount of time and no dissipation.

An irreversible process degrades the performance of a thermodynamic system, and results in entropy production. Thus, irreversible processes have an entropy production rate greater than zero (ΔS > 0), and that is really what the second law is all about (beyond the second law analysis of machines or devices). Every naturally occurring process, whether adiabatic or not, is irreversible (ΔS > 0), since friction and viscosity are always present."

origin said:
"I was going to discuss this but it is not really worth it.
I have decided I will just wait to see the price of oil increase and then come back to the thread and laugh at your hand waving explanation of how that was also predicted by the ept model."

Futilitist said:
"You sound like you almost believe that. Well, I guess this is goodbye then, since we'll obviously never see each other again, because oil prices are only going down. :("

So, origin, it is very clear that you are taking what I obviously intended as an off-handed joke and claiming that I was making a serious prediction instead. I have told you many times before that you are taking my statement *WAY* out of context, but you keep bringing it up over and over again. This is extremely childish. Please stop it. Thanks.

Ophiolite said:
I for one am prepared to accept this statement.
Great. Then we are moving on.

Does anyone have any serious comments?



---Futilitist:cool:
 
So you consider questions that speak to your integrity to be frivolous? That's very interesting.
What the hell are you doing here, Ophiolite/John Galt?

I think any question coming from you is highly suspect, considering your past history of stalking me across the internet using multiple identities and sock puppets. And of course there is the other thing, as well. How is your condition progressing these days? Is it still affecting your judgement or has your medication finally gotten that under control?

And now, back to the thread.

Where were we? Oh yes, I remember.

Does anyone have any serious comments?




---Futilitist:cool:
 
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What the hell are you doing here, Ophiolite/John Galt?
I have the same right to be here as any other member.


I think any question coming from you is highly suspect, considering your past history of stalking me across the internet using multiple identities and sock puppets.
You join forums of which I am a long time member, post nonsense, then react badly when I call you out on it. And you then characterise this behaviour as stalking! Don't be silly.

Anyway the issue under discussion was your integrity. You had already confessed to lying - I was just looking for some examples. Thank you for providing one with this post.

How is your condition progressing these days? Is it still affecting your judgement or has your medication finally gotten that under control?
Are you still beating your wife and her sister?

Does anyone have any serious comments?
Why have you chosen to ignore relative permeability aspects of the reservoir?
 
I have the same right to be here as any other member.
And I have that same right to ignore you.

Why have you chosen to ignore relative permeability aspects of the reservoir?
I haven't chosen to ignore anything. I don't see what "relative permeability aspects of the reservoir" has to do with the validity of the Etp model. It sounds like you are just making shit up. Please explain the importance of "relative permeability aspects of the reservoir" so I can understand your question. Thanks.

Does anyone have any serious comments?
Okay, if not I guess we can get back to one of the question that Russ_Watters was dodging...

So, Russ, according to you, when will the price of oil rise to 80 dollars a barrel?



---Futilitist:cool:
 
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And I have that same right to ignore you.
That was never in dispute. I was responding to your implication that I had no right to be here.

I haven't chosen to ignore anything. I don't see what "relative permeability aspects of the reservoir" has to do with the validity of the Etp model. It sounds like you are just making shit up. Please explain the importance of "relative permeability aspects of the reservoir" so I can understand your question. Thanks.
Well, you have not mentioned relative permeability, ipso facto you have ignored it.

In truth, I cannot see why relative permeability would have any relevance to your model, nor could I see why it would when I asked the question. The question was designed to determine your knowledge of reservoir engineering and your bewildered response told me all I need to know. Thank you.
 
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origin said:
"I was going to discuss this but it is not really worth it.
I have decided I will just wait to see the price of oil increase and then come back to the thread and laugh at your hand waving explanation of how that was also predicted by the ept model."

Futilitist said:
"You sound like you almost believe that. Well, I guess this is goodbye then, since we'll obviously never see each other again, because oil prices are only going down. :("

So, origin, it is very clear that you are taking what I obviously intended as an off-handed joke and claiming that I was making a serious prediction instead. I have told you many times before that you are taking my statement *WAY* out of context, but you keep bringing it up over and over again. This is extremely childish. Please stop it. Thanks.
Childish, for believing that you meant what you said? This is the first time you are saying that your reply to me was a joke. How are we suppose to know when you are joking?
I would naturally assume this odd comment was a joke, but I don't think it was. Was this really just another joke?

Back then, I said that high oil prices would soon cause of the collapse of industrial civilization. I was right. They did. Low oil prices are not the cause of the collapse. They are a symptom of the ongoing collapse that began in June of 2014. They are evidence that we are now in collapse

My advice to you is that you clearly identify when you are trying to make a joke since this entire thread appears to be one big joke.

By the way I think it is high time this thread was moved to the fringe section. I would recommend that other like minded individuals request this to be moved as I am doing right now. This sort of misinformation and pseudoscience has no place in the science section.
 
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