[Barbara]

"The rapid growth in energy demand from Asia coupled with difficulties in accessing oil reserves has also resulted in a new energy equation where the days of cheap oil and gas are numbered"
Dave O'Reilly, chief executive of ChevronTexaco, told a Cambridge Energy Research Associates conference.
"The time when we could count on cheap oil and even cheaper natural gas is clearly ending,"

I'm going to hide in a hole.The dirty thing is going to hit the fan... luckily the fan won't work anymore!

http://www.boston.com/news/world/asia/a ... dding_war/

[Nano]

When EXXON admits it, then it will be time for brown, smelly things hitting non-working fans.

[shortonoil]

Just think, you can tell your grandkids;
"Sonny, I remember the year peak oil hit. Think that twas 05"

Well --- that is if we make that far!

[BabyPeanut]

$this->bbcode_second_pass_quote('Nano', 'W')hen EXXON admits it, then it will be time for brown, smelly things hitting non-working fans.

[2007]

yep, but I don't think that Exxon admits to peak. They prefer to see it as an 'enormous challenge'.

[stu]

So will the mass media cover this story or will people just continually moan about high petrol prices?

The latter I guess.

[BabyPeanut]

$this->bbcode_second_pass_quote('stu', 'S')o will the mass media cover this story or will people just continually moan about high petrol prices?

The latter I guess.

[basketballjones]

$this->bbcode_second_pass_quote('BabyPeanut', '
')Don't rule out blaming, blaming, blaming, and more blaming.

[Cool Hand Linc]

basketballjones, ain't seen you in a while.

We had a stock fall today as well.

Oil companies will need to step up and admit. Could be considered dishonest or misleading investors to not tell.

[No-Oil]

Hey the UK government sat on it while the yanks elected a loser, now that loser is sitting on it so his pet prime minister can hopefully get re-elected like he did. Then the news might be allowed out in the light of day, but then again it might not, as its not in their elite backing groups interest !

You decide, me, I'm gonna get my shovel out & dig some slit trenches

[BabyPeanut]

$this->bbcode_second_pass_quote('basketballjones', 'T')he average Joe's inability to understand such a simple concept

[AdamB]

$this->bbcode_second_pass_quote('Barbara', '&')quot;The rapid growth in energy demand from Asia coupled with difficulties in accessing oil reserves has also resulted in a new energy equation where the days of cheap oil and gas are numbered"
Dave O'Reilly, chief executive of ChevronTexaco, told a Cambridge Energy Research Associates conference.
"The time when we could count on cheap oil and even cheaper natural gas is clearly ending,"

I'm going to hide in a hole.The dirty thing is going to hit the fan... luckily the fan won't work anymore!

http://www.boston.com/news/world/asia/a ... dding_war/

[ROCKMAN]

pstarr - Actually just the opposite. ExxonMobil is on the verge of the biggest reserve expansion they've experience in years. They and the other Big Oils are not capable of replacing the reserves they produce yearly by drilling. In fact we're probably have become the largest wealth transfer in the oil patch in many years...maybe ever. XOM is acquiring reserves at a lower price then it has for many years. Here a taste of the future for XOM:

Oil major ExxonMobil looks to acquire natural gas producer InterOil Corp. for $2.5 billion - ExxonMobil (ticker: XOM) has made a $2.5 billion all-stock offer for InterOil Corp. (ticker: IOC), a U.S.-listed company with natural gas assets in Papua New Guinea.

The deal marks the first time that ExxonMobil has attempted to make a major corporate acquisition since its $2.6 billion purchase of Celtic Exploration Ltd. in 2013, which expanded the company’s shale assets in Canada.

Many oil companies have been cautious about making acquisitions in today’s markets, with oil prices fluctuating too rapidly for buyers and sellers to agree on a price for assets.

Exxon’s deal is comprised of a payment of $45.00 per share of InterOil, paid in Exxon shares, plus a contingent resource payment (CRP). The number of ExxonMobil shares paid per share of InterOil will be calculated on the volume weighted average price of XOM’s shares over a measuring period of ten days ending shortly before the closing date, according to an IOC press release.

The CRP will be an additional cash payment of approximately $7.07 per share for each Tcfe gross resource certification of InterOil’s Papua New Guinea asset, the Elk-Antelope field, above 6.2 Tcfe—up to a maximum of 10 Tcfe.

[AdamB]

$this->bbcode_second_pass_quote('pstarr', '
')Now in 20015-17 the rest of the world's economies are soon to be destroyed by the peak of all liquids. Ethanol, NGL's, refinery gain didn't save us last time around. Tight-shale certainly won't now.

[AdamB]

$this->bbcode_second_pass_quote('pstarr', 'M')ost of you links (the functional ones, at least) seem to agree. Both peakoilbarrel and geographic put peak around now. Good work AdamB!

[ROCKMAN]

pstarr - "...links (the functional ones, at least) seem to agree. Both peakoilbarrel and geographic put peak around now." Which must explain the dramatic increase in oil prices all the date obsessed speakers had predicted. Given the record high oil consumption and big decline in drilling activity we might be able to look back in 30+ years are feel confident we did just hit PO.

In the meantime it would appear the DATERS (my new official term for those folks who felt the actual date of PO had some monumental importance. Similar to "birthers") have to explain the coincidence of PO with an oil price and rig count crash...just the opposite of what they predicted.

[AdamB]

$this->bbcode_second_pass_quote('ROCKMAN', '
')In the meantime it would appear the DATERS (my new official term for those folks who felt the actual date of PO had some monumental importance. Similar to "birthers") have to explain the coincidence of PO with an oil price and rig count crash...just the opposite of what they predicted.