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Book: "Oil Panic and the Global Crisis" by Steven Gorelick

A forum to either submit your own review of a book, video or audio interview, or to post reviews by others.

Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Wed 01 Dec 2010, 21:00:33

$this->bbcode_second_pass_quote('pstarr', ' ')The excerpt on Lower 48 is complete hooey.


Excerpt? You mean you didn't read this particularly objective piece of research before forming an opinion based on...an excerpt? Read an excerpt, decide it doesn't fit within the required dogmatic talking points of the peaker community and declare it hooey? Another ad hom deleted.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Wed 01 Dec 2010, 22:04:21

$this->bbcode_second_pass_quote('pstarr', '[')img]http://www.theoildrum.com/uploads/510/Laherrere_CreamingCurve.png[/img]


Excellent! I was wondering where all this continually plentiful crude keeps coming from. I don't know about you pstarr but I say we cheerlead those Middle Easterners as they continue to find the oil the rest of the world likes to consume.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Ache » Thu 02 Dec 2010, 02:03:58

here is a link to a pdf copy of the book for downloading

http://www.mediafire.com/?v0m66jj7fyr7e95

$this->bbcode_second_pass_quote('', '
')Today, the oil industry is a high - tech business, with technological advances
being adopted in areas ranging from discovery to recovery. Computer - aided
visualization, 3D viewing, and new geophysical methods have accompanied
major progress in the use of horizontal wells and precision directional drilling.
Rather than leaving behind most of the oil after pumping, modern production
can remove the majority of oil initially in place. Dismissing the consistent
role played by technological advances and thereby unavoidably forecasting
global depletion is to ignore historical data and processes that should be a
part of a valid scientifi c analysis. The world has depended on technological
advances in many industries, and to think that they will stop is nonsensical.
Forecasts of global oil depletion should not depend on global endowment
estimates that have not held up. Predictions should not rely so heavily on the
convenient and simplistic projections of historical discovery and production
data.

Increased transportation fuel effi ciency is essential to reducing future oil
demand. In the 1970s, annual global oil production was about 5.1 barrels per
person. When the CAFE standards of 27.5 mpg improved new fuel economy
by 14 mpg, annual global per capita production dropped to 4.1 barrels per
person, and that fi gure has remained fi xed for the past 25 years. Global oil
use has grown at the same rate as the increase in population. If fuel effi ciency
were increased to 43 mpg, oil production might fall to 3 barrels per person
per year. At that per capita rate, peak global oil production would occur
during the anticipated period of maximum global population of 9.22 billion
in 2075. Under that scenario, annual global oil production requirements
would be 27.7 billion barrels, which is essentially the global production value
seen in the past few years. Should the world of the future choose to use oil
as we do today to power transportation, our current rate of production would
be suffi cient as long as vehicle fuel economy were improved by about 60
percent. This prospect seems likely. Fuel economy improved by more than
60 percent in response to the original 1975 CAFE standards, and many small
cars and hybrids already get 43 to 50 mpg (5.5 to 4.7 liters per 100 km). The
2007 revised CAFE standard of 35 mpg by 2020 added 7.5 mpg, but at least
another 7.5 mpg gain is needed. The rest of the world is ahead of the US
on vehicle fuel economy, and the US must catch up and begin to take the
lead. The Obama administration is aiming to shorten the time - line for fuel -
economy compliance to 2016 and make the standard 35.5 mpg, roughly in
line with the California requirement. 78 This is a move in the right direction,
but it is not enough to facilitate a concerted effort to replace light - fl eet
vehicles with plug - in hybrids and electric cars.

After a viable technology that improves effi ciency is introduced, its adoption
spreads. Typically, there is no widespread reversion to an older ineffi -
cient approach. The global transfer of new technology affects oil recovery
and consumption. A rapid increase in oil prices can have a positive effect on
technology and the direction of our oil - consumption path. High prices promote
effi ciency and the introduction of substitutes. As a consequence of innovation,
the ultimate result of an increase in price is a sustainable lower price. However,
that progression will likely involve coping with oil - supply disruptions and
oil - price volatility. Alternatively, a new model would be to actively promote
oil - price stability and allow for the orderly transition to the most sensible
transportation - fuel alternatives.

If there is a peak and decline in global oil production during the next two
decades, it is more likely that it will refl ect a decrease in global oil demand,
rather than production choked by critically low global availability. The
state of global oil resources (listed above) suggests that improvements in
technology and effi ciency will allow for continued use of conventional oil
resources. The line between conventional and unconventional sources of oil
will blur as more unconventional sources come on line. However, issues other
than availability have become increasingly important to our future use of oil.
Driven by security, stability, and environmental concerns, major consuming
nations may shift away from conventional oil as a transportation fuel. Based
on the history of production of other non - renewable Earth resources, a move
away from today ’ s conventional oil will take place long before the end of the
global endowment is in sight.
Last edited by Ache on Thu 02 Dec 2010, 02:15:41, edited 1 time in total.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Carlhole » Thu 02 Dec 2010, 02:13:11

$this->bbcode_second_pass_quote('Ache', 'h')ere is a link to a pdf copy of the book for downloading

http://www.mediafire.com/?v0m66jj7fyr7e95


Wow. I wonder if that was always there. Could have saved myself some coin.

Anyway, the book is a must read for anyone interested in the full peak oil debate.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Thu 02 Dec 2010, 10:45:55

$this->bbcode_second_pass_quote('pstarr', '')$this->bbcode_second_pass_quote('Xenophobe', '')$this->bbcode_second_pass_quote('pstarr', '[')img]http://www.theoildrum.com/uploads/510/Laherrere_CreamingCurve.png[/img]


It shows that new production as an function of NFW's (new field wildcats) has flattened out in the Mideast, following a trends seen in every major oil-producing region. IE the more you drill in a post-peak world baby the less you find. :twisted:


We've been "finding" less for decades now and it just doesn't seem to matter. The peaker provided and censored discovery graphs usually referenced by those cheerleading the "running out" position certainly doesn't help, and probably exacerbates the rate at which peaker oilers are forced to back pedal so as to not look foolish. Any worse than normal anyway.

Its good to see that a decent scientific work can see through these types of charades.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Thu 02 Dec 2010, 15:18:52

$this->bbcode_second_pass_quote('pstarr', '')$this->bbcode_second_pass_quote('Xenophobe', '
')Its good to see that a decent scientific work can see through these types of charades.
Instead of insulting me as a "peaker," why not respond to my point, the Creaming Curve.


But of course, my dear Pstarr.

I would start here...peer reviewed science which also includes examples how how creaming curves go bad. Its a great read for anyone who confuses trendology with actual geologic analysis of a particular area.

http://www.springerlink.com/content/p55587hlw2n4ngp6/

Peakers should really get out and read more peer reviewed science...just a thought.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Thu 02 Dec 2010, 15:51:36

$this->bbcode_second_pass_quote('pstarr', 'Y')ou just linked to a apologia for USGS WPA 2000? We recently laid waste to that piece.


I'm not sure who "we" is, certainly I do not read some excerpt and pretend that this bestows upon me a working knowledge of the article in question, and I doubt many peakers have this superficial "judging a book by its cover" attitude either.

Let me provide an excerpt for you....the article didn't apologize for anything, it appears to be a treatise on why purely statistical methods, lacking a geologic base, have the possibility to be extremely misleading, when doing assessments of such things.

Not an apology in sight. Do you disagree with the excerpt I've provided, or would you like to manufacture another reason to disagree with the article, prior to reading it and finding out what it actually says?
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Thu 02 Dec 2010, 18:07:38

$this->bbcode_second_pass_quote('pstarr', 'Y')our recent post is a waste of time, an off-topic distraction as you fail to respond to criticism of the book excerpt. This is pretty much over.


A wise play...considering I have read the book from cover to cover, and have read the research by the scientists on why anyones representation of creaming curves may be completely bogus without a geologic basis...not provided by your Laherrere based graph.

As far as the 1970's peak....we have already reversed a Hubbertian decline, and provided another peak of natural gas in the US some 4 decades after the Hubbert declared peak. Do you have any small excerpts of science you wish to pretend to understand, from which you have magically deduced that this exact same procedure can't do the same for oil in the US if we so choose?

For example, lets say one afternoon someone decided to develop the heavy oils of Alaska, an as-of-yet untapped resource in most respects.

http://www.alaskajournal.com/stories/04 ... _001.shtml

So they ramp up production into this particular formation, and double the reserves of the entire United States one afternoon, followed by the resulting ramp up in production as well. It should be noted that these reserves plus what the US currently has would be a high water mark in terms of reserve measures, more than we had even at the old peak of US production in the 1970's.

Do you have any excerpts which you can mistaken characterize to show that this can't happen the same way it has happened with natural gas in the US?
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Thu 02 Dec 2010, 19:13:01

$this->bbcode_second_pass_quote('pstarr', '')$this->bbcode_second_pass_quote('', '
')The resulting graph gives one or more hyperbolas which can be used to estimate the total amount of original oil.


Here are some examples. (I already gave you the US and other major regions).


If you had read the referenced peer reviewed research, you would realize why you can't use creaming curves to predict the total amount of oil in any particular area without the necessary geologic context.

Its called "learning". Give it a try sometime. People do science for a reason, ignore it at your own risk.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Thu 02 Dec 2010, 19:20:20

$this->bbcode_second_pass_quote('pstarr', ' ')Can you stick to a topic or is everything a diversion? I used the creaming curve in this discussion to refute the author contention that lack of US reserve additions were a consequence of cheaper foreign oil. No it was not. It was a consequence of declining physical reserves in spite of increasing drilling.


Actually, no. Because, as was referenced in the peer reviewed science I provided, you can't substitute trendology for the geologic certainty of resources which can be converted into reserves, and production. I already provided one such example which could repeak the US just as has happened in natural gas...which also demonstrates why you can't use trendology as a substitute for geologic volumes. No diversion necessary, you simply need to understand more than the excerpt from the peer reviewed science available.
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Re: New Book: "Oil Panic and the Global Crisis"

Unread postby Xenophobe » Thu 02 Dec 2010, 20:02:01

$this->bbcode_second_pass_quote('pstarr', '
')bah blalh balh peer reviewed :razz:

Are you peer reviewed? Can anyone verify that you are really for real?


To know what the peer reviewed science says, first you must read it. Let us know how that goes.
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