[ralfy]

$this->bbcode_second_pass_quote('Bruce_S', '
')Do you have a reference? I haven't seen world GDP figures recently, and just assumed that the world recession ended around the same time the US one did. But a double dip? That is something else altogether.

[PrestonSturges]

What we have is an employment crisis, while the economy has been slowly expanding and profits are through the roof. The US has been out of "recession" for something like 14 months, but the average person can't tell.

[Plantagenet]

$this->bbcode_second_pass_quote('PrestonSturges', ' ')The US has been out of "recession" for something like 14 months, but the average person can't tell.

[PrestonSturges]

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('PrestonSturges', ' ')The US has been out of "recession" for something like 14 months, but the average person can't tell.

[vision-master]

Economic growth can only happen with cheap energy (in our current materialisic system).

[Keith_McClary]

$this->bbcode_second_pass_quote('Bruce_S', 'I') can now run down to the corner Chevy dealer and purchase something which will put the meaning of the numbers hung outside the gas station into the context of "who gives a crap".

[Bruce_S]

$this->bbcode_second_pass_quote('Keith_McClary', '')$this->bbcode_second_pass_quote('Bruce_S', 'I') can now run down to the corner Chevy dealer and purchase something which will put the meaning of the numbers hung outside the gas station into the context of "who gives a crap".

[Pops]

The interesting part of this story is the line that new shale oil/gas in Argentina is profitable at $30/bbl. Looks like big time profits to me.

$this->bbcode_second_pass_quote('', 'T')he debate over whether the world's reserves of hydrocarbons have now peaked and are in decline has lost relevance over recent years as new technology allows oil companies to find and exploit new hydrocarbon sources, the CEO of Repsol Antonio Brufau said Tuesday.

Brufau said progress made in exploring and developing ultra-deepwater areas, unconventional oil and gas sources and the move into remote areas such as the Arctic, have been key to growing global reserves of oil and gas.

"The speed at which technology changes and its consequences have taken us largely by surprise. The peak oil debate, for example, has lost a great deal of its relevance in the past three years," Brufau told the World Petroleum Congress in Doha.

"The possibility that usable resources under commercially viable terms will run out is no longer a concern in the short or medium term," he said.

New technology has given access to "massive amounts" of new resources, Brufau said, adding Repsol is continue to explore in deepwater offshore Brazil, West Africa and Cuba.

Last month, Repsol said it has continued to more than replace its proven oil and gas reserves outside Argentina this year and will accelerate output from 2015 onwards as it converts contingent resources into proven reserves.

Brufau pointed to developments in the US shale gas industry and highlighted Repsol's own plans to develop a huge shale oil and gas area in Argentina.

Repsol has said it estimates the cost of fully developing its Vaca Muerta shale oil and gas discovery in Argentina at some $20 billion. The discovery covers nearly 1 billion equivalent barrels of recoverable shale oil at the Loma La Lata field.

Brufau said Repsol's shale reserves in Argentina are currently profitable to develop at $30/barrel finding, development and operating cost.

[Fishman]

At this moment WTI at 100.56, Brent at 109.71. Despite Europe's growth of less than 1%. The flaw in the article $this->bbcode_second_pass_quote('', ' ') New technology has given access to "massive amounts" of new resources

[dorlomin]

$this->bbcode_second_pass_quote('', 'R')epsol has said it estimates the cost of fully developing its Vaca Muerta shale oil and gas discovery in Argentina at some $20 billion.

[dissident]

$this->bbcode_second_pass_quote('', 'V')aca Muerta shale oil and gas

[PrestonSturges]

$30 bbl? Delivered by the Tooth Fairy?

[Schadenfreude]

U.S. on Pace to Become Net Fuel Exporter Despite High Gasoline Prices at Home
$this->bbcode_second_pass_quote('', 'F')or anyone bummed out about the United States' dependence on foreign oil, try this forecast on for size: The U.S. is on track to be a net exporter of petroleum products this year for the first time in 62 years -- and yet, domestic gas prices remain at or close to record highs for this time of year.

Data released last week by the U.S. Energy Information Administration shows that the U.S. sent abroad 753.4 million barrels of gasoline, diesel and other oil-based fuels in the first nine months of 2011, while taking in only 689.4 million barrels.

The reason? To put it simply, Americans are relying on less, while emerging markets are demanding more.

[Schadenfreude]

Fracking Shale Pummels Peak Oil Against the Ropes w/ Punishing Body Blows

$this->bbcode_second_pass_quote('', 'N')ot so long ago, it was possible to talk about peak oil with a straight face at cocktail parties. But lately, rapid developments in petroleum production technology has knocked peak oil from the speaking circuit to the circular jerkular echo choir set.

Of all developments most concerning to peak oil devotees, is the possibility that China (and India) may be able to supply most of their own energy and fuel from domestic sources. Discoveries of large shale petroleum resources, plus the discovery of "another Saudi Arabia" off China's shores, suggest that China's petroleum future may be secure for a few decades. If you add China's rapid build-up of nuclear power plants, China may not need to buy so much oil from OPEC after all.

[radon]

Interesting to know how these 30$ per bbl add up. They need to invest $20b to "develop" 1b bbl of recoverable reserves, taking it to $20 per bbl. So the remaining $10 per bbl is all that they have for operations, delivery, environmental etc. It is realistic at all with that kind of oil fields?

$this->bbcode_second_pass_quote('', 'B')rufau said Repsol's shale reserves in Argentina are currently profitable to develop at $30/barrel finding, development and operating cost.

[Kristen]

Arent there serious consequences to using shale gas? What about the amount of water needed? Even if there is an over abundance, kicking the can farther down the road is hardly solving the problem

[copious.abundance]

Ooo, this is rich! Argentina has been one of the poster children of the peak oil arguments. For example, check out page 35 of this document!
http://mazamascience.com/Presentations/ ... umbers.pdf

[copious.abundance]

Here's another one:
http://www.peakoil.org.au/hubbert-curves.htm

[copious.abundance]

And last - but certainly not least! - from the "authority" on peak oil itself, Argentina appears on this 2009 list of "countries that are past peak."
http://www.theoildrum.com/node/5576

[copious.abundance]

^
And a bit off-topic, check out footnote #2 at the bottom of that list:
$this->bbcode_second_pass_quote('', ' ')But in some of these cases, it will be difficult to pass an old peak because decades of depletion have occurred since that peak. Iraq peaked in 1979, making it all the more difficult to pass that now.