[Tyler_JC]

$this->bbcode_second_pass_quote('AgentR', '')$this->bbcode_second_pass_quote('Tyler_JC', '"')Desire" to consume oil is called demand.

[KevO]

help me out here.
Doesn't an oil price of less than $70 put oilfrom tar sands into negative profit(aka loss)?
therefore they'll soon shut down the tar sands operations? and oil will peak even sooner? or/and the cliff will be worse than a fate worse than a fate worse than death? and that's not too pretty

[AgentR]

$this->bbcode_second_pass_quote('Tyler_JC', 'I')'ve reaching a breaking point with regards to images like this one.

[Voice_du_More]

I think most of the peak oil believers are on the payroll of the information ministry by now or they are hunkered down in the woods of Vermont. 9% decline, now semi-official in that AAA report. Listen it is as bad as anyone thought. I had thought 2008 might be the year when "Peak Oil" went big, I am certain 2009 or 2010 will see fire side chats from President Obama about how oil supply is not ever going to rise significantly again. I'm still around to answer your question. Sitting here on the edge of Christiana, that great Christian nation, and hearing how abortion is the only litmus test for being a lifelong Republican voter. Too bad. Narrow is the path, and hard is the way that leads to life, and few there are who go in by it.

[newbonic]

$this->bbcode_second_pass_quote('vtsnowedin', 'A')pparently, tar sands oil extraction cost can reach $70/bbl.

[galacticsurfer]

Post a graph with an upward sawtooth movement.

top and bottom points every 6 months on jagged curve
high summer 2008 $150
low winter 2008 $60
high summer 2009 $200
low winter 2009 $100
high summer 2010 $250
low winter 2010 $200

etc.

Demand destruction kills the peaks. Each peak makes production more expensive and the lows kill off the investments. Depletion starts to accelerate "soon" and get the ball really rolling.

[shakespear1]

$this->bbcode_second_pass_code('', 'I think most of the peak oil believers are on the payroll of the information ministry ')
NOPE

Just trying to understand what the hell this Tsunami is all about. When you see ALL commodities drop like rocks you need to be thinking NOW. Thus Peak Oil is on the burner for me at least.

By the way, those fields that ARE now producing are dropping in pressure and production. Demand has been dented and may well be dented some more as this Financial Wave does its damage over time.

Thus Peak Oil is still on the table

[Pops]

$this->bbcode_second_pass_quote('Tyler_JC', '"')Desire" to consume oil is called demand.

[Tyler_JC]

$this->bbcode_second_pass_quote('Pops', '')$this->bbcode_second_pass_quote('Tyler_JC', '"')Desire" to consume oil is called demand.

[Starvid]

Where Have All the Peak Oil Believers Gone?

Apparently, to the IEA. :
$this->bbcode_second_pass_quote('', '[')b]IEA predicts oil price to rebound to $100

Oil prices will rebound to more than $100 a barrel as soon as the world economy recovers, and will exceed $200 by 2030, the International Energy Agency will say in its flagship report to be published next week.

"While market imbalances could temporarily cause prices to fall back, it is becoming increasingly apparent that the era of cheap oil is over," the report states.

The developed world's energy watchdog has doubled its long-term price expectation from last year's $108 a barrel for 2030 and assumes oil prices will rebound from today's $60-$70 a barrel to trade, in real terms adjusted by inflation, at an average of more than $100 a barrel from 2008 to 2015.

The IEA's World Energy Outlook has come to this conclusion largely because it believes companies will struggle to pump enough new oil to offset the steep production declines of the world's older fields.

"Current global trends in energy supply and consumption are patently unsustainable," the report states.

In its WEO report, an executive summary of which has been obtained by the Financial Times, the IEA estimates that by 2010 oil companies will have to commit to projects producing almost as much oil as Saudi Arabia - or about 7m barrels a day - if the world is to avoid a supply crunch by the middle of the next decade.

The IEA refused to comment.

The stark assessment comes as companies cancel projects from Kazakhstan to Canada because the collapse in oil prices makes them uneconomical.

The industry will have to invest $350bn each year until 2030 to counter the steep rates of decline of existing fields and find enough extra oil to satisfy the growing demand of countries such as China, the report states.

Output from the world's oil fields is declining at a natural rate of 9 per cent, the IEA found, following the most comprehensive review of its kind. This decline rate is curtailed to 6.7 per cent when current investments to boost production are made. However, even with such investments, the decline rate worsens significantly to 8.6 per cent by 2030.

The declining rates are steeper than the industry had previously assumed. They are also slightly steeper than an earlier draft of the report because the IEA has expanded the study to 800 oil fields, adding 250 smaller fields.

[ki11ercane]

$this->bbcode_second_pass_quote('Starvid', '[')b]Where Have All the Peak Oil Believers Gone?
Apparently, to the IEA. :
$this->bbcode_second_pass_quote('', '[')b]IEA predicts oil price to rebound to $100
Oil prices will rebound to more than $100 a barrel as soon as the world economy recovers, and will exceed $200 by 2030, the International Energy Agency will say in its flagship report to be published next week.

[geolog]

Seismo-electromagnetic (SEM) phenomenon in oil deposits.

Huge number of the exploration dry wells is a root of world economic depression.
Today, as it was decade years before, oil companies have drilled mostly dry exploration wells. Drilling success rate doesn’t overcome 25% on average. It means that three dry wells go to waste from four drilled. It means also that discovery occurs much slowly then if success rate significantly rise. Using Seismo-electromagnetic (SEM) phenomenon in oil deposits it is possible to triple world oil discoveries every year with 75% success rate for same money and time-frame.
Initiating of SEM phenomenon to detect of hydrocarbon deposits has the steps of simultaneously action an electromagnetic field and a seismic wave in investigated geological region so that an electromagnetic signal originates by vibrating of hydrocarbon deposit surface excited by the electromagnetic field and travels from the surface. For details see www.sillyspamdeletedbypops.com


[by the way the silly spam was deleted by Pops]

[CrudeAwakening]

$this->bbcode_second_pass_quote('ki11ercane', 'T')hen we have nothing to worry about. Since the general rule is what was $1.00 in 2010 is $2.00 in 2020 and $4.00 in 2030 through inflation, $60.00 oil in 2008 will be $120.00 oil in 2018 and $240.00 in 2028. Looks like they are predicting a "decrease" in the value of oil, not an increase, adjusted for inflation of course by today's oil prices.

[3rensho]

$this->bbcode_second_pass_quote('vtsnowedin', '8')) Right now I'm working on how to spend my Obama /Pelosie tax cut.

[mel1962]

Just two words on this post - "Demand Destruction"

The pressure has been taken off Oil Supply by declining demand, especially in the United State which fell from 22 mbd to 18.5 mbd.

This has happened before like in 1980 and took demand a few years to recover. I expect similiar situation. The economic downturn will actually put Peak Oil day of peril off for a few more years, we bought ourselves some time at the expense of the economy. IMHO!

http://www.wtrg.com/oil_graphs/USpetrol ... mption.gif

Maybe we will be able to mitigate some of peak oil through alternatives, although they will have to be subsidized by government because of the low cost of oil products.

[KevO]

yeah but when have the IEA ever been right?