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The Peak Oil Theory

General discussions of the systemic, societal and civilisational effects of depletion.

Re: The Peak Oil Theory

Unread postby TheDude » Wed 28 Nov 2007, 23:44:58

$this->bbcode_second_pass_quote('JohnDenver', '')$this->bbcode_second_pass_quote('dukey', 'i')t's a good thing u can run tractors on batteries too
oh wait
never mind


How about extension cords for tractors?



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Re: The Peak Oil Theory

Unread postby johnmarkos » Thu 29 Nov 2007, 02:20:07

$this->bbcode_second_pass_quote('Aaron', 'B')ut that's a pretty generous assessment of the future considering humanity's tendency to fight about stuff don't ya think?

Well, the past four and a half years have shown us that expensive oil does not correlate with enthusiasm towards petroleum-related war. Assuming Iraq war =~ "going to war over oil,"

Price of oil in March, 2003: about $35/barrel
U.S. attitude towards going to war over oil: mostly enthusiastic

Price of oil in November 2007: about $95/barrel
U.S. attitude towards going to war over oil: quite negative

So following the curve, as peakers like to do, once oil reaches 200 bucks a barrel, Americans'll be total petro-pacifists.
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Re: The Peak Oil Theory

Unread postby Kingcoal » Thu 29 Nov 2007, 14:33:43

Peak Oil is about the typical production curve of an individual oil reservoir. At first, the EROEI is very good; huge amounts of oil, forcing itself into your hands at a very high rate. After a while, the pressure goes down and you have to start adding pressure, the EROEI goes down and it becomes more expensive, but still worth the effort. Eventually however, the pressure is gone completely. Generally this occurs when about half of the oil has been extracted. You can still produce oil from the well and even produce at a decent EROEI, BUT THE AMOUNT YOU ARE ABLE TO PRODUCE ON A DAILY BASIS IS A TINY FRACTION OF WHAT THE WELL ORIGINALLY PRODUCED. To call it tiny is actually an understatement. Most of the time, it's not worth the effort to put a pump on a well. They don't cost much, but they produce next to nothing, kind of like trying to drink water through a 0.5mm straw. By the time you get a gallon out, you will be exhausted and possibly close to death.

We don’t just need oil at decent EROEI, we need LOTS of it, every day. If I recall correctly, the US consumes about one cubic mile of oil each and every day. If, over a couple of years, the availability of that oil drops in half, which is possible, our economy will die of dehydration. It won’t be that we won’t be able to afford the oil, it will be that we just won’t be able to get it. We won’t be able to make petrochemical fertilizers, we won’t be able to make plastics, we won’t be able to make semiconductors and won’t be able to make batteries… The list goes on and on. We need hydrocarbons to make just about everything. The oil windfall will be gone and we will have to figure out how to manufacture without it.

Oil sands, shale oil, biofuels, etc, all have the same problem; production volume. Using current technology, you just can’t produce enough usable hydrocarbons fast enough in a sustainable manor to supply the world economy. That means the world economy has no choice but to shrink, slowly at first and then drastically as more and more wells run dry.

If, thirty years ago, we had embarked on a real conservation program, we’d be in pretty good shape right now. However, we chose a different path. We’ve created oil pacifism; we pacify the world by maintaining cheap, available oil and a huge market were countries can sell their products and thus employ their people. When that oil availability goes down, there will be non-stop warfare for a while until nations lose the ability to fuel their war machines. After that, there will be a great die off, as nations lose their ability to feed their people en mass. Eventually, populations will stabilize around a sustainable number.

You have to understand that our entire economy is based on the oil windfall. It’s like ripping the rug out from under absolutely everything we do in modern society. I really don’t understand why that concept is so hard to grasp. I guess people aren’t aware of the underpinnings of our modern economy.
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Re: The Peak Oil Theory

Unread postby Poordogabone » Thu 29 Nov 2007, 14:38:11

"Of course, due to the range limitation, EV tractors won't be able to work farms larger than 150 miles."

How did you come up with that number!
I doubt a tractor could till a 1/2 square mile field running on present day batteries, in one charge, remember it's as heavy as a tank and does much more work than just going forward.
The extension cables too unpractical, I'm surprised you didn't come up with a solar panel farm equipped with microwave dish beaming energy to it's fleet of tractors, at least that is something to contemplate.
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Re: The Peak Oil Theory

Unread postby JohnDenver » Fri 30 Nov 2007, 08:32:11

$this->bbcode_second_pass_quote('Kingcoal', 'I')f, over a couple of years, the availability of that oil drops in half, which is possible, our economy will die of dehydration.

Possible, but unlikely in the extreme.

$this->bbcode_second_pass_quote('', 'I')t won’t be that we won’t be able to afford the oil, it will be that we just won’t be able to get it.

This is more like a nuclear war scenario than a peak oil scenario. Peak oil involves a slow decline of oil production over decades. The U.S. peaked in 1970, and now (37 years later) still hasn't dropped to half its peak levels.

$this->bbcode_second_pass_quote('', 'W')e won’t be able to make petrochemical fertilizers,

You don't need oil to make fertilizer. You don't need fossil fuel of any kind to make fertilizer.
Details here if you're still confused:Peak Oil and Fertilizer: No Problem

$this->bbcode_second_pass_quote('', 'w')e won’t be able to make plastics,

Plastics account for only a small fraction of oil use, and can be made from coal, tar sands and bitumen, which remain extremely abundant. Plastic goods can also be made from other materials, such as wood, metal, glass, ceramic etc. Plastic can also be recycled.

$this->bbcode_second_pass_quote('', 'w')e won’t be able to make semiconductors and won’t be able to make batteries…

Why? Semiconductor and battery factories don't run on oil. They run on electricity.
In the U.S., oil accounts for a miniscule fraction of electricity production. Electricity is produced with coal, nuclear, hydro and NG, none of which are peaking. Oil is hardly used at all in industry. You can see this in the following flow diagram:
Flow Diagram

$this->bbcode_second_pass_quote('', 'T')he list goes on and on. We need hydrocarbons to make just about everything. The oil windfall will be gone and we will have to figure out how to manufacture without it.
You're conflating the terms "hydrocarbon" and "oil". Oil is peaking; hydrocarbons (coal+NG+oil+tarsands+bitumen) remain plentiful. And, as the diagram above shows, oil plays almost no role in manufacturing except as feedstock (where it can be replaced by coal or bitumen). Furthermore, oil will not be "gone", it will be available in gradually decreasing quantities over a period of decades.

$this->bbcode_second_pass_quote('', 'O')il sands, shale oil, biofuels, etc, all have the same problem; production volume. Using current technology, you just can’t produce enough usable hydrocarbons fast enough in a sustainable manor to supply the world economy. That means the world economy has no choice but to shrink, slowly at first and then drastically as more and more wells run dry.
You are assuming that we will follow a business as usual strategy in the post peak period. We won't. Local motoring will be shifted to the power grid, and liquid fuel vehicles will be gradually replaced with EVs. EVs don't need hydrocarbons to run; they can run on nuclear, solar, wind etc. They can also run on the remaining plentiful hydrocarbons such as coal, bitumen, tar sands and oil shale. This is simply a matter of mining those minerals, and burning them in the furnace of electric generation plants. In addition, EVs can also run on oil -- more efficiently, in fact, than ordinary internal combusion engines. Don't forget that after peak oil there will still be plenty of oil -- as much as we burned in the first half of the oil era, and that's a hell of a lot.

Granted, if we have a nuclear war that halves or stops oil production, then we're in big trouble. But peak oil is not a nuclear war. It's a gradual reduction in the production of one type of hydrocarbon (oil). Meanwhile production of the other hydrocarbons (coal, NG, bitumen, tar sands, oil shale) will continue to grow, as will other alternatives such as solar, wind and nuclear.

(edit: fixed flow diagram)
Last edited by JohnDenver on Fri 30 Nov 2007, 11:12:03, edited 1 time in total.
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Re: The Peak Oil Theory

Unread postby tita » Fri 30 Nov 2007, 11:00:05

$this->bbcode_second_pass_quote('JohnDenver', ' ')Oil is peaking; hydrocarbons (coal+NG+oil+tarsands+bitumen) remain plentiful.


Coal is not an hydrocarbon, it's just... carbon.

Without falling into a doomerish view of peak oil, I can't so easily admit that such a fantastic source of energy (oil), clean, easy to transport and stock, good EROI, big energy-density, would be replaced with another (or a bunch of other sources), without difficulties. First, of course, transportation. We never drove our cars on electricity, not because the technology wasn't ready, but only because it wasn't efficient enough.
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Re: The Peak Oil Theory

Unread postby peripato » Fri 30 Nov 2007, 11:27:47

$this->bbcode_second_pass_quote('JohnDenver', '')$this->bbcode_second_pass_quote('Kingcoal', 'I')f, over a couple of years, the availability of that oil drops in half, which is possible, our economy will die of dehydration.

$this->bbcode_second_pass_quote('', 'P')ossible, but unlikely in the extreme.

Even a small, but steady, unrecoverable decline will result in economic contraction. The economy won't dehydrate, it will asphyxiate, because it relies on growth to solve its social and political problems.

$this->bbcode_second_pass_quote('', 'I')t won’t be that we won’t be able to afford the oil, it will be that we just won’t be able to get it.

$this->bbcode_second_pass_quote('', 'T')his is more like a nuclear war scenario than a peak oil scenario. Peak oil involves a slow decline of oil production over decades. The U.S. peaked in 1970, and now (37 years later) still hasn't dropped to half its peak levels.

The US, or whoever, will have to go to war to ensure it retains enough supply to keep growing after worldwide oil production begins to decline. And it's unproven what the decline rate will be post-peak once it picks up pace. One things for sure, since there isn't another planet we can import oil from, the worse it gets with depletion the worse things will get.

$this->bbcode_second_pass_quote('', 'W')e won’t be able to make petrochemical fertilizers,
$this->bbcode_second_pass_quote('', 'Y')ou don't need oil to make fertilizer. You don't need fossil fuel of any kind to make fertilizer.
Details here if you're still confused:Peak Oil and Fertilizer: No Problem
No, but you need a lot more energy, very expensive energy to do this which is why they use NG, besides there is always the problem of phosphorous, which has, it seems already passed peak. Apparently we can't manufacture this essential element. It's a showstopper.

$this->bbcode_second_pass_quote('', 'w')e won’t be able to make plastics,
$this->bbcode_second_pass_quote('', 'P')lastics account for only a small fraction of oil use, and can be made from coal, tar sands and bitumen, which remain extremely abundant. Plastic goods can also be made from other materials, such as wood, metal, glass, ceramic etc. Plastic can also be recycled.
All these methods require a lot more energy to produce than using conventional oil.

$this->bbcode_second_pass_quote('', 'w')e won’t be able to make semiconductors and won’t be able to make batteries…
$this->bbcode_second_pass_quote('', 'W')hy? Semiconductor and battery factories don't run on oil. They run on electricity.
In the U.S., oil accounts for a miniscule fraction of electricity production. Electricity is produced with coal, nuclear, hydro and NG, none of which are peaking. Oil is hardly used at all in industry. You can see all this in the flow diagram:
Image
What about the distribution network? It doesn't rely on electricity, but overwhelmingly on petroleum products to fuel it, and many of the parts come from all over the world thanks to globalization which is bound to suffer, or even bust apart as the amount of net energy available to us declines year on year.

$this->bbcode_second_pass_quote('', 'T')he list goes on and on. We need hydrocarbons to make just about everything. The oil windfall will be gone and we will have to figure out how to manufacture without it.
$this->bbcode_second_pass_quote('', 'Y')ou're conflating the terms "hydrocarbon" and "oil". Oil is peaking; hydrocarbons (coal+NG+oil+tarsands+bitumen) remain plentiful. And, as the diagram above shows, oil plays almost no role in manufacturing except as feedstock (where it can be replaced by coal or bitumen). Furthermore, oil will not be "gone", it will be available in gradually decreasing quantities over a period of decades.
Again these fuels require a lot more energy to produce, leaving a lot less net energy left over to run the rest of society with.

$this->bbcode_second_pass_quote('', 'O')il sands, shale oil, biofuels, etc, all have the same problem; production volume. Using current technology, you just can’t produce enough usable hydrocarbons fast enough in a sustainable manor to supply the world economy. That means the world economy has no choice but to shrink, slowly at first and then drastically as more and more wells run dry.
$this->bbcode_second_pass_quote('', 'Y')ou are assuming that we will follow a business as usual strategy in the post peak period. We won't. Local motoring will be shifted to the power grid, and liquid fuel vehicles will be gradually replaced with EVs. EVs don't need hydrocarbons to run; they can run on nuclear, solar, wind etc. They can also run on the remaining plentiful hydrocarbons such as coal, bitumen, tar sands and oil shale. This is simply a matter of mining those minerals, and burning them in the furnace of electric generation plants. In addition, EVs can also run on oil -- more efficiently, in fact, than ordinary internal combusion engines. Don't forget that after peak oil there will still be plenty of oil -- as much as we burned in the first half of the oil era, and that's a hell of a lot.
You're assuming that we will have the luxury of time to carry this out, or that the hydrocarbons necessary for the creation of the alternative energy structure will be available in quantity, quality and affordability. Or that there will be no major hiccups in the world economy, and that countries will co-operate, or simply roll over, in the face of falling standards of living.

In other words you are expecting a higher level of order post peak, when everything will be running down, than when it was on the run-up, this seems unbelievable to me, as we still had a century of the worst wars, famines, political turmoils etc. ever during this expansionary period.

$this->bbcode_second_pass_quote('', 'G')ranted, if we have a nuclear war that halves or stops oil production, then we're in big trouble. But peak oil is not a nuclear war. It's a gradual reduction in the production of one type of hydrocarbon (oil). Meanwhile production of the other hydrocarbons (coal, NG, bitumen, tar sands, oil shale) will continue to grow, as will other alternatives such as solar, wind and nuclear.
What about the effects on global warming of burning all this unconventional stuff? An energy transformation that just shifts gears, but retains the prerogative of growth, sounds like a recipe for runaway global warming, or some other resource bottleneck.
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Re: The Peak Oil Theory

Unread postby JohnDenver » Fri 30 Nov 2007, 11:36:04

$this->bbcode_second_pass_quote('Poordogabone', '"')Of course, due to the range limitation, EV tractors won't be able to work farms larger than 150 miles."

How did you come up with that number!

That's the range of the electric race car in the video.

$this->bbcode_second_pass_quote('', 'I') doubt a tractor could till a 1/2 square mile field running on present day batteries, in one charge, remember it's as heavy as a tank and does much more work than just going forward.

I'm sure you're right, but that's still pretty good. A lot of work for one overnight charge, and it would save a lot of labor for a small farmer. Even a simple electric hand tiller with an extension cord can do a lot of productive work. Sawing, shredding... electric tools can do a lot. Even solar EV's can do productive hauling work. Farming isn't all tilling. (In fact, I hear that no-till agriculture is quite common nowadays.) Why not use EV's for light duty farm work, and save diesel for the heavy duty tasks?

$this->bbcode_second_pass_quote('', 'T')he extension cables too unpractical, I'm surprised you didn't come up with a solar panel farm equipped with microwave dish beaming energy to it's fleet of tractors, at least that is something to contemplate.

How about a combination of extension cords, solar panels and panographs: You run two commercial power lines down the long edges of a rectangular field. Those lines are supplemented by solar panels on the field edge. The combine is equipped with an extension as long as the width of the field. The combine goes to a corner of the field, automatically grasps the power line with an extension cord/panograph, and then makes a pass across the width. When it gets to the other side, it releases the extension cord, reels it in with a spring mechanism, and clips it to the power line on the other side of the field. Repeat.
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Re: The Peak Oil Theory

Unread postby Doly » Fri 30 Nov 2007, 12:53:59

$this->bbcode_second_pass_quote('JohnDenver', '
')How about a combination of extension cords, solar panels and panographs.


How about growing your own biodiesel? Seems easier for a farm.
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Re: The Peak Oil Theory

Unread postby JohnDenver » Fri 30 Nov 2007, 22:35:02

$this->bbcode_second_pass_quote('peripato', '')$this->bbcode_second_pass_quote('JohnDenver', 'Y')ou don't need oil to make fertilizer. You don't need fossil fuel of any kind to make fertilizer.
Details here if you're still confused:Peak Oil and Fertilizer: No Problem

No, but you need a lot more energy, very expensive energy to do this which is why they use NG,

China is the largest producer of nitrogen fertilizer in the world:
Image
Source

And:
"60% of China's nitrogen fertilizer production is currently based on coal."
Source

Economics clearly aren't a problem. Coal is far cheaper per btu than NG. Peak oil is a complete non-issue for nitrogen fertilizer.

$this->bbcode_second_pass_quote('', 'b')esides

Riiiight... "besides". Guess even you realized your first point was a load of crap, LOL.

$this->bbcode_second_pass_quote('', 't')here is always the problem of phosphorous, which has, it seems already passed peak. Apparently we can't manufacture this essential element. It's a showstopper.

Why are you even talking about phosphorus? Word is that peak oil is going to cause a fertilizer crisis, and now you've totally backpedaled on that, and you're bringing up a mineral that has no relationship whatsoever to peak oil. And it doesn't matter anyway, because plentiful supplies of phosphorus are available in the form of feces, urine, bones and corpses. If need be, that is where we will turn. We're not running out phosphorus -- we "manufacture" it with our butts.
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Re: The Peak Oil Theory

Unread postby JohnDenver » Fri 30 Nov 2007, 23:18:09

$this->bbcode_second_pass_quote('peripato', 'E')ven a small, but steady, unrecoverable decline will result in economic contraction. The economy won't dehydrate, it will asphyxiate, because it relies on growth to solve its social and political problems.

You haven't shown that declining oil production will cause economic contraction. In fact, the record shows exactly the opposite. Oil production has been steadily declining since peak oil in 2005, and the world economy has been booming.
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Re: The Peak Oil Theory

Unread postby Bas » Fri 30 Nov 2007, 23:27:53

$this->bbcode_second_pass_quote('JohnDenver', '')$this->bbcode_second_pass_quote('peripato', 'E')ven a small, but steady, unrecoverable decline will result in economic contraction. The economy won't dehydrate, it will asphyxiate, because it relies on growth to solve its social and political problems.

You haven't shown that declining oil production will cause economic contraction. In fact, the record shows exactly the opposite. Oil production has been steadily declining since peak oil in 2005, and the world economy has been booming.


oil production has been on a plateau, the official economy has grown while many third world economies with their large informal economies have suffered so far.
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Re: The Peak Oil Theory

Unread postby peripato » Sat 01 Dec 2007, 03:41:14

$this->bbcode_second_pass_quote('JohnDenver', '')$this->bbcode_second_pass_quote('peripato', 'E')ven a small, but steady, unrecoverable decline will result in economic contraction. The economy won't dehydrate, it will asphyxiate, because it relies on growth to solve its social and political problems.

You haven't shown that declining oil production will cause economic contraction. In fact, the record shows exactly the opposite. Oil production has been steadily declining since peak oil in 2005, and the world economy has been booming.

The economy as we understand it needs growth in oil supply, and even the current plateau in production is causing great instability globally. So I feel it is extremely unlikely that we will get as far as serious depletion rates before the wheels fall off the cart.
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Re: The Peak Oil Theory

Unread postby JohnDenver » Sat 01 Dec 2007, 05:22:52

$this->bbcode_second_pass_quote('Bas', '')$this->bbcode_second_pass_quote('JohnDenver', '')$this->bbcode_second_pass_quote('peripato', 'E')ven a small, but steady, unrecoverable decline will result in economic contraction. The economy won't dehydrate, it will asphyxiate, because it relies on growth to solve its social and political problems.

You haven't shown that declining oil production will cause economic contraction. In fact, the record shows exactly the opposite. Oil production has been steadily declining since peak oil in 2005, and the world economy has been booming.


oil production has been on a plateau, the official economy has grown while many third world economies with their large informal economies have suffered so far.


EIA stats show that crude oil (C&C) peaked in May 2005 at 74.3mbd, and is currently down to 72.51mbd, a decline of 1.79mbd, or 2.5%. Here's the graph:
Image
A drop of 1.79mbd is a decline, not a plateau.
The point still remains: How is it possible for the world to grow economically in the face of a decline in oil production? It directly contradicts peak oiler rhetoric, but it's happening.
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Re: The Peak Oil Theory

Unread postby peripato » Sat 01 Dec 2007, 06:09:03

$this->bbcode_second_pass_quote('JohnDenver', '')$this->bbcode_second_pass_quote('Bas', '')$this->bbcode_second_pass_quote('JohnDenver', '')$this->bbcode_second_pass_quote('peripato', 'E')ven a small, but steady, unrecoverable decline will result in economic contraction. The economy won't dehydrate, it will asphyxiate, because it relies on growth to solve its social and political problems.

You haven't shown that declining oil production will cause economic contraction. In fact, the record shows exactly the opposite. Oil production has been steadily declining since peak oil in 2005, and the world economy has been booming.


oil production has been on a plateau, the official economy has grown while many third world economies with their large informal economies have suffered so far.


EIA stats show that crude oil (C&C) peaked in May 2005 at 74.3mbd, and is currently down to 72.51mbd, a decline of 1.79mbd, or 2.5%. Here's the graph:
Image
A drop of 1.79mbd is a decline, not a plateau.
The point still remains: How is it possible for the world to grow economically in the face of a decline in oil production? It directly contradicts peak oiler rhetoric, but it's happening.

Although supply constrained, liquid fuels are still relatively cheap and readily available for the developed world, and we can outbid poorer countries for it, but give it time. World demand has not well and truly outstripped supply, and we're not off the plateau yet. Wait till conventional oil really starts to accelerate in its depletion as the older bigger fields peter out, and newer smaller fields, unconventional oil/ethanol/liquefied ear wax etc can't expand fast enough to make up the shortfall, then we'll see if your argument remains valid.
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Re: The Peak Oil Theory

Unread postby dinopello » Tue 12 Jan 2010, 09:54:39

This article was posted in the news section today.

$this->bbcode_second_pass_quote('', 'P')eak oil is a theory that there exists a point in time when the maximum rate of global petroleum extraction is reached. However, a recent BusinessWeek article disputed this theory and Kilduff explained that when this idea was conceived, there wasn’t the technology to confirm such a theory.


Really ? It's a theory that there exists at some point in time where there is a maximum?

But he offers a cogent argument as to why oil is infinite

$this->bbcode_second_pass_quote('', 'O')ur cell phones were as big as cars. Now they fit in your pocket, right? Now, the same thing goes for satellite technology that can find oil and new drills that can get to places without harming the lands anywhere near what we had in the '50s and '60s and '70s.”


:lol: :roll: :(
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Re: The Peak Oil Theory

Unread postby TheDude » Tue 12 Jan 2010, 14:03:29

Much tech in common use today would have been considered science fiction in the past. Doesn't mean this translates 1:1 into more barrels etc.

$this->bbcode_second_pass_quote('', '')And I have been opponent of the peak oil theory my entire career"


I've read about 10 quotes in the last two days that had broken English. Maybe is cheeseburger?

$this->bbcode_second_pass_quote('', '')And I have been opponent of the peak oil theory my entire career, not for the least of which reasons was that this morning's announcement from McMoRan Exploration and several other companies who might have made the oil find of a decade in shallow Gulf waters. And it's a real game-changer for the companies involved and it’s in a neighborhood that is going to be one of the biggest finds in decades.”


28,134 feet is shallow?

$this->bbcode_second_pass_quote('', 'I')t will take at least 10 wells at a cost of $150 million to $175 million each to bring the field into production, McMoRan Co-Chairman James R. Moffett said in a conference call Monday. The field covers 20,000 acres.


McMoRan Exploration Co. homepage has pdf with specs of this find.

$this->bbcode_second_pass_quote('', 'M')cMoRan plans to deepen the well to 29,000 feet to test additional objectives.


Deeper! Deeper! This is mere NG. Really doubt the thermal gradients are in place at that depth to preserve long chain hydrocarbons, that phenomenon applies to the central GOM, not the shelf, as I recall.

Prospect is named, ahem, Davy Jones. :lol:
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Re: The Peak Oil Theory

Unread postby eXpat » Tue 12 Jan 2010, 14:37:17

$this->bbcode_second_pass_quote('JohnDenver', '
')It's not going to be bad. Aside from some minor lifestyle adjustments, the world will smoothly shift to alternatives. And the economy will be stimulated, not depressed, due to the huge amount of retrofitting and construction work.

Three years now and I find this phrase hilarious, as the time goes by, is gonna get better and better :mrgreen:
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Re: The Peak Oil Theory

Unread postby smiley » Sat 16 Jan 2010, 18:46:34

$this->bbcode_second_pass_quote('JohnDenver', ' ')The point still remains: How is it possible for the world to grow economically in the face of a decline in oil production? It directly contradicts peak oiler rhetoric, but it's happening.


Ever heard the quote "excluding food and energy prices" when talking about inflation? Since these items are not corrected for in inflation numbers they are actually counted as economic growth.

So as long as demand destruction does not outweigh the increase in energy prices a contraction in oil production will actually lead to economic growth. Guess the economy has a lot more room to grow further.

And what is economic growth anyway? If I discount inflation I am earning about two times as much as my parents when they were my age. I'm not complaining, I make a good living, but to say I'm two times as prosperous would be taking it a bit far. So much for "economic growth".
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