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A NEW ENERGY PICTURE?

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A NEW ENERGY PICTURE?

Unread postby JMB » Thu 17 Aug 2006, 20:44:29

On June 21, 2005, oil hit $59.30 pb. Daniel Yergin made the following statement on PBS. "We are not running out of oil. Today's high oil prices are due to a temporary 'disconnect' between the kind of oil we are getting and refineries that are not set up to process it...Soon we will be getting oil from non-OPEC countries. We are not experiencing a peak, but a plateau where things will see-saw a bit, but then things will get better." Then Yergin made the following prediction. "In 18 months we will see a completely different energy picture".

Is Yergin about to get the last laugh? :P
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Re: A NEW ENERGY PICTURE?

Unread postby Zardoz » Thu 17 Aug 2006, 20:46:15

$this->bbcode_second_pass_quote('JMB', '.')..Is Yergin about to get the last laugh?

No.
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Re: A NEW ENERGY PICTURE?

Unread postby pup55 » Fri 18 Aug 2006, 04:12:15

$this->bbcode_second_pass_quote('', 'I')s Yergin about to get the last laugh?


Maybe.

Oil could go down much further in price, and in fact, usage could drop....like it did in 1982 when unemployment hit 10% and mortgage rates were 14%.

Maybe Yergin timed the recession about right.
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Re: A NEW ENERGY PICTURE?

Unread postby Niagara » Fri 18 Aug 2006, 10:59:38

$this->bbcode_second_pass_quote('pup55', '
')Oil could go down much further in price, and in fact, usage could drop....like it did in 1982 when unemployment hit 10% and mortgage rates were 14%.


I think it's different this time. Consumption is not so elastic and the picture is much more global now.

Whatever oil Americans don't buy will be eagerly scooped up by Chindia or other consumers.

Unless we see a massive world-wide recession/depression.
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Re: A NEW ENERGY PICTURE?

Unread postby sciencegirl » Fri 18 Aug 2006, 11:07:55

Who is Yergin ? Is he anyone of importance ? Does his opinion have any merrit ?
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Re: A NEW ENERGY PICTURE?

Unread postby Battle_Scarred_Galactico » Fri 18 Aug 2006, 11:21:24

Hes' an economist... any questions?
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