by Pops » Sat 28 Jul 2012, 21:14:47
Just randomly,
A high reserve number implies nothing about the rate of recovery possible, rate and price is what peak is about.
OF2s posting oilco press releases is great, auntie but they are public relations, advertising, self promotion. See my point?
Yergin is the head corny, mee, no cherry picking needed, if you'd rather not use Yergin's forecasts, OK, don't blame you, who are the cornies you do want to use? You?
I think you (as head corny) said oil is cheap at $20,000,000/bbl (or some silly number) so it doesn't matter how expensive oil is. Of course that on its face ridiculous, I feel silly even mentioning it, much smarter people than me believe oil at $150 or maybe even $100/bbl it's too expensive for our economy. Whether or not it is cheap by any other measure (or in your imagination) makes absolutely no difference to the economy we inhabit.
$this->bbcode_second_pass_quote('', '&')gt;long term real prices average higher than at any time in history,<
Nah, The cost was higher in 2008.
As has been pointed out to you over and over, yearly average oil prices in real terms have been higher recently than at any time in the past. In 2008 and the late '70s the average was just under $100 in 2011 dollars, today the 52 week average for Brent is $113.81 in current dollars - so even a little higher in 2011 dollars. The calendar average has been over $100 (nominally) since november of 2010.
And before you go into some
gallop about PPP, I'll point out that the
formula for measuring PPP is exactly the same as that for inflation: Price1/Price2. PPP however is designed to measure the relative value of one currency to another, inflation measures the relative value of commodities at one time vs another. Since we aren't comparing the oil price in pesos vs dollars when we say oil is more expensive now vs any other time in the past, PPP is not relevant. But I'm sure relevance is never the point, the hand wave, that's the point.
I'll just stop there. No sense in repeating myself when your entire modus is to ignore the most basic facts at a Gish gallop, as has been pointed out elsewhere.
--
OF2, that chart shows about .8mbd average yearly increase over the last 4 years - 7 years actually - again at historically high prices. The prior 10 years between '95 and 05 the volume increased 15mbd, twice the recent rate at a fraction of the price - see the problem?
http://scitizen.com/future-energies/tim ... -3714.htmlBut it is off the 84-88 plateau, you're right.
<Edit for link, twice>
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
-- Abraham Lincoln, Fragment on Government (July 1, 1854)