[Oil-Finder]

*awaits mass ridicule and scoffing*

--> WSJ <--

[Valdemar]

He is a silly man, he is.

[PopeGideon]

Well, all you have to know about this guy is the following:

He first says this:

$this->bbcode_second_pass_quote('', '
')In fact, we are nowhere close to reaching a peak in global oil supplies.

[KevO]

$this->bbcode_second_pass_quote('Valdemar', 'H')e is a silly man, he is.

[ohanian]

Da world has plenty of oil

Da world has no more cheap oil

All Da oil is Da expensive $100-plus oil


$this->bbcode_second_pass_quote('', 'T')he world is not running out of oil anytime soon. A gradual transitioning on the global scale away from a fossil-based energy system may in fact happen during the 21st century. The root causes, however, will most likely have less to do with lack of supplies and far more with superior alternatives. The overused observation that "the Stone Age did not end due to a lack of stones" may in fact find its match.

[BrazilianPO]

I stopped reading after "As a matter of context, the globe has consumed only one out of a grand total of 12 to 16 trillion barrels underground."

I do not know where he took that figure from, but I think he included all sorts of "oil", plus the most optimistic forecast for the Arctic and Antarctic, plus abiotic, plus I don't know what.

I think he is just crazier than all of us together... and he has articles in the WSJ. The world is really DOOOOOMED!!!

[Dukkha]

^ I know. 16 trillion barrels? OK. Whatever you say, mate.

The WSJ has an exemplary track-record for coming out with crap like this. For years they've been doing their best to discredit theories of anthropogenic climate change and now Murdoch is its owner, no doubt even those loose editorial standards have been relaxed.

[shortonoil]

Dukkha said:

$this->bbcode_second_pass_quote('', 'F')or years they've been doing their best to discredit theories of anthropogenic climate change and now Murdoch is its owner,

[killJOY]

Proof positive that the peak oil movement is lost.

Not the peak oil argument.

The peak oil movement.

As long as "officials" can get away with statements like "12 trillion barrels underground," then you can forget about any kind of change or adaptation or even growing awareness.

Peak oil mitigation is lost. Dead and buried.

[seahorse]

Crude oil may rise to $120 in six months.

$this->bbcode_second_pass_quote('', ' ')Crude May Rise to $120 in Six Months, Taqa CEO Says (Update2)

By Glen Carey

March 4 (Bloomberg) -- Crude oil may rise to $120 a barrel within six months due to the dollar weakness and global political tensions, the chief executive officer of Abu Dhabi National Energy Co. said.

``I think a trading range between $80 and $120 a barrel this year is about right,'' Peter Barker-Homek, the head of the United Arab Emirates state-controlled company, which is also known as Taqa, said in an interview in Dubai today. ``But with the softness of the dollar, and the occasional interruptions that you have because of politics, I think we could see $120 oil.''

In October, Barker-Homek said that crude would rise to $100 from $80 before the end of the first quarter because of unfettered Asian demand growth and possible supply shocks. Oil prices continued to rise today after the Taqa CEO made his latest forecast.

Crude oil for April delivery rose as much as 70 cents in earlier electronic trading on the New York Mercantile Exchange and was up 28 cents at $102.73 a barrel at 2:06 p.m. London time. The Organization of Petroleum Exporting Countries will meet tomorrow in Vienna, where members have already ruled out changing output.

The dollar traded near a record low versus the euro as traders increased bets that the Federal Reserve will lower interest rates by 0.75 percentage point this month. The U.S. currency was at $1.5217 per euro.

Sub-Prime Opportunities

The Abu Dhabi-based energy company, with $21 billion in assets, expects to grow its business this year by 25 percent, or $5 billion, and has plans to make acquisitions in Europe and the U.S., Barker-Homek said. ``In order to achieve our goal of being a $60 billion asset company by 2012, we have to grow our asset base by 25 percent year-on-year.''

The U.S. subprime mortgage crisis will provide state- controlled Taqa with investment opportunities over the next two to three years as smaller energy companies in the U.S. and Europe look to expand their energy assets without having to borrow from banks, he said.

Energy companies ``have to make some decisions about either sacrificing growth, in which case they will be compromising shareholder value growth, or look for merger of equals or take over candidates,'' Barker-Homek said. ``There are ample opportunities to grow the franchise.''

Persian Gulf sovereign wealth funds, whose coffers are swelling from the near-record oil prices, are snapping up stakes in banks battered by U.S. subprime mortgage losses. Citigroup Inc. was propped up in November by a $7.5 billion investment from the Abu Dhabi Investment Authority after losing almost half its market value.

Taqa plans to expand its crude oil production to 200,000 barrels a day of oil equivalent by 2009, up from its production of 160,000 barrels a day now, Barker-Homek said.

To contact the reporter on this story: Glen Carey in Dubai at gcarey8@bloomberg.netJeremy Naylor in London at jnaylor@bloomberg.net.

[shortonoil]

seahorse quoted:

$this->bbcode_second_pass_quote('', 'T')he Abu Dhabi-based energy company, with $21 billion in assets, expects to grow its business this year by 25 percent, or $5 billion, and has plans to make acquisitions in Europe and the U.S., Barker-Homek said. ``In order to achieve our goal of being a $60 billion asset company by 2012, we have to grow our asset base by 25 percent year-on-year.''

[AirlinePilot]

Denial is a powerful drug. It masks reality and causes hope to spring eternal.

Oil is a finite resource. There is little proof I can find anywhere other than wild unfounded and denial driven speculation that shows the earth is endowed with anything like the amounts in that article. It's irresponsible to allow its release.

Unfortunately I agree with Killjoy above. It will make the declines and collapse of society that much worse than it could be.

Oil Finder,

You are a cornucopian of the first degree. You cannot be involved with any real industry connected to oil and it's exploration and production. Your moniker is a non sequitar.

Sad that the very folks who may be involved in the industry can believe the way you do. It's indicative of the scale of the problem we face.

[BigTex]

$this->bbcode_second_pass_quote('', '1')6 trillion barrels

[Valdemar]

Indeed. Technically, he isn't lying. He's just omitting certain truths, like how there's no way in hell the bulk of that is economically or environmentally viable in the least.

[mkwin]

16 trillion barrels is the very top end estimate of total oil in place. It more likely to be 5 trillion of conventional oil but 2.5-3 trillion is not current economically or technically feasible to extract.

[shortonoil]

mkwin said:

$this->bbcode_second_pass_quote('', '1')6 trillion barrels is the very top end estimate of total oil in place. It more likely to be 5 trillion of conventional oil but 2.5-3 trillion is not current economically or technically feasible to extract.

[ChefBoyardee]

I personally feel that Mr. Saleri is wrong and that he is misleading the unscrupulous reader. However, I do have to admit that he has a lot more knowledge than I do. He is in the industry - he's there - he has the experience. Of course this doesn't preclude him from being wrong and a dreamer. One thing we have to ask ourselves is: "If PO doesn't become more readily manifest to the public in the short time frame that we expect it to how will this affect us?" I think that we should be humble enough to realize that we don't know everything and that we could be wrong about some things. On the other hand until we're proven wrong we are correct.

Chef Boyardee

[Gazzatrone]

It's a typo. obviously Microsoft Word didn't need to check the word has as it is a genuine spelling.

A strange coincidence that D and S are right next to each other on the keyboard.

[mkwin]

$this->bbcode_second_pass_quote('shortonoil', '
')
Let me get this straight, there is 2-2.5 barrels of 5 left to extract. Right?

[shortonoil]

mkwin said:

$this->bbcode_second_pass_quote('', 'n')o 2-2.5 billion minus the 1 trillion consumed. So 1-1.5 trillion left to consume.