[backstop]

I don't know how far back you lot go, but I've seen nothing remotely like that,
from that senior a source, since the '70s.

While I remain open to the possibility of relatively benign outcomes,
(stuff optimism & pessimism both)
no, I don't think you're wrong DP.

regards,

Backstop

[MicroHydro]

2 million bpd (half as petrol from Europe) is enough to supply the US ok in the early (Sept- Oct) fall - less driving than summer, not much home heating yet. However, Europe has made it quite clear that the maximum possible period of help would be 60 days. After November 1st, the US is on its own, because Europe is freezing then and needs heating oil. The US had better be back to full refinery capacity by then. If GOM crude oil production is impaired long term (likely), then the US could increase the draw on the SPR. Obviously this cannot go on forever since 2 million bpd would run through the SPR in less than a year. At some point, demand must be reduced. The oil price is heading up year after year.

[dooberheim]

$this->bbcode_second_pass_quote('Macsporan', 'C')all me a spoilsport but I think this would be as good opportunity as any for the blessed inhabitants of the Land of the Free to (shock, horror, gasp, vomit, faint) learn how to use less oil.

[Tanada]

$this->bbcode_second_pass_quote('DantesPeak', 'D')osen't sound like they will be extending the 30 day period. Please correct me if I'm wrong, but I think that 1 of the 2 million per day from the IEA comes from the US SPR. So basically Europe is selling us 1 mbpd, which is actually less than the amount of 1 to 2 mbpd lost and not processed through NO.

So unless production comes on line fast, which is doubtful based on the daily trend by the MMS, the situation over the next month will get steadily worse, with things getting very much worse after 30 days.

Ok you optimists, tell me where I'm wrong here.

[Barbara]

$this->bbcode_second_pass_quote('dooberheim', '
')One of the people I work with is taking his family to Minnesota to spend a day and a half with his wife's family. He bitches about the price of gas, but nowhere does it even enter his mind that they might not go. Complete disconnect...

DK

[LadyRuby]

$this->bbcode_second_pass_quote('Macsporan', 'C')all me a spoilsport but I think this would be as good opportunity as any for the blessed inhabitants of the Land of the Free to (shock, horror, gasp, vomit, faint) learn how to use less oil.

[Leanan]

$this->bbcode_second_pass_quote('Macsporan', 'C')all me a spoilsport but I think this would be as good opportunity as any for the blessed inhabitants of the Land of the Free to (shock, horror, gasp, vomit, faint) learn how to use less oil.

[DantesPeak]

Getting slightly off topic, but increasing US energy imports at the same time energy prices are rising means the US trade deficit will keep expanding.

It will interesting to see if the rest of the world wants send more and more money to the US to keep financing the ever expanding US trade deficit, as their own economies suffer with higher energy prices too.

Very interesting.

[Grimnir]

$this->bbcode_second_pass_quote('dooberheim', 'O')ne of the people I work with is taking his family to Minnesota to spend a day and a half with his wife's family. He bitches about the price of gas, but nowhere does it even enter his mind that they might not go.

[MacG]

Cosy way out for the IEA. "Our projections for 2030 were entirely correct. Had it not been for this hurricane. Now everything has suddenly changed. We aint done nothin wrong!"

[LadyRuby]

$this->bbcode_second_pass_quote('MacG', 'C')osy way out for the IEA. "Our projections for 2030 were entirely correct. Had it not been for this hurricane. Now everything has suddenly changed. We aint done nothin wrong!"

[linlithgowoil]

Bloomberg URL

IEA says technology will help us. It probably will, but to what extent ? We'll soon find out i suppose

[some_guy282]

ME: The IEA are a bunch of idiots.

[sol]

On Bloomberg too

[deconstructionist]

*phew*

Now I can go out and buy that Hummer!!!

[FoxV]

$this->bbcode_second_pass_quote('', 'T')he IEA estimates that there are roughly 10 trillion barrels of oil equivalent of conventional oil and gas in place and at least as much non-conventional oil.

[trespam]

Here's a question though that I'd like to have answered. I'm sure it's out there. Can anyone provide me with a paper or study that looks at the entire globe, looks at the geology of where oil should be, where it has been found, in what quantities, what qualities, how much exploration was performed to find that oil, etc etc etc

What are you guys using to draw your conclusions. What data source? Kusntler doesn't talk about this. Heinberg doesn't. Campbell barely does. Just a few words.

Where's the analysis? Or do you just believe what you want to believe?

[Antimatter]

$this->bbcode_second_pass_quote('FoxV', '')$this->bbcode_second_pass_quote('', 'T')he IEA estimates that there are roughly 10 trillion barrels of oil equivalent of conventional oil and gas in place and at least as much non-conventional oil.

[Jake_old]

First thing I note is this quote

$this->bbcode_second_pass_quote('', 'S')ept. 22 (Bloomberg) -- The International Energy Agency said technological investments will expand world oil supplies, dismissing ``peak oil'' theories that supplies are running out.

[NeoPeasant]

Aren't the IEA the same guys who wrote "Saving Oil in a Hurry"?
Saving Oil in a hurry is a guidebook for governments to implement draconian measures for emergency conservation. It liberally uses the phrase "police enforcement".
Why would they forsee the need for such a document if there is all the oil we could possibly need is out there?