New oil find in Australia has OPEC nervous

[battle_sight_zero]

Oil find in Australia may change world oil supply. I sure hope so http://moneymorning.com/ob-article/arckaringa-saudi.php?code=131883

[Ice20]

I've seen a lot of articles like this in the past 10 years. None of them panned out.

[Bailey Guns]

I doubt the OPEC nations are ready to pack it in due to this "find". Extracting any of the shale oil from Coober Pedy will take years and hundreds of millions of dollars.

[RblDiver]

Indeed, though I sure would love to be sending our money to a nation that's actually friendly to the US.

[Zundfolge]

Indeed, though I sure would love to be sending our money to a nation that's actually friendly to the US.

I'd rather we just keep our money in the US but the stupid Watermelons won't let us develop the oil resources we have here that would more than sustain us for several more generations.

[generalmeow]

They estimate it to be between 3 billion and 220 billion barrels of oil. Quite a range. Australia hopes to be able to become a net exporter, not the next Saudi Arabia.

I myself am a peak oiler. Hubbert's curve tells us we're about to start running out of oil, as new discoveries have been tapering off for a long time, therefore production will at some point follow. And even the tiniest decrease in worldwide production will spell disaster, mainly because everyone will collectively say "ho lee shit. We are about to run out of oil", and realize what that means (lots of people must die).

Look at a world human population graph. It's not normal for a species to have population go straight up. Oil is our god.

[Gman]

I've never bought into the peak oil concept. You'd have to understand how much we have vs. how fast we're using it vs. how rapidly the earth produces it. We don't yet have a grasp on any of those other than how fast we're using it...and we're getting more efficiency every year.

I've heard some of those arguments used for overpopulation and food production. Food production keeps increasing. We humans are pretty industrious. If we continue trending toward global cooling, couple that with reduced CO2 fertilization, and the table is set for some pretty large population downsizing.

[BigDee]

So there was a significant oil find in the town of Coober Pedy. However this article is optimistic to the point of being stupid.

Estimates range from 3.5B to 233B. That's a pretty big range, if the 233B is accurate this will have a significant impact to the global oil markets but if it is just 3.5B this will hardly make a dent. Also keep in Mind that these are Shale oil deposits which cost quite a bit more to extract than standard crude oil.

[JM Ver. 2.0]

They estimate it to be between 3 billion and 220 billion barrels of oil. Quite a range. Australia hopes to be able to become a net exporter, not the next Saudi Arabia.

I myself am a peak oiler. Hubbert's curve tells us we're about to start running out of oil, as new discoveries have been tapering off for a long time, therefore production will at some point follow. And even the tiniest decrease in worldwide production will spell disaster, mainly because everyone will collectively say "ho lee shit. We are about to run out of oil", and realize what that means (lots of people must die).

Look at a world human population graph. It's not normal for a species to have population go straight up. Oil is our god.

You do know we will never run out of oil... Right?

[Dave]

I wonder if we'll import it and then export the refined products while keeping gas at over 3.60 a gallon on a national average. Only problem with shale and sand tar crude is that it is very expensive to extract and requires crude prices at about $100+ per barrel to be economically feasible. We'll never completely run out of oil, we'll just run out of what average people can afford.

[Aloha_Shooter]

I myself am a peak oiler. Hubbert's curve tells us we're about to start running out of oil, as new discoveries have been tapering off for a long time, therefore production will at some point follow. And even the tiniest decrease in worldwide production will spell disaster, mainly because everyone will collectively say "ho lee shit. We are about to run out of oil", and realize what that means (lots of people must die).

They've been predicting peak oil since before Obama was a Communist. It's a nice theory, just has less wind in its sails than the K-141 Kursk.

[Bailey Guns]

I thought most everyone in the industry (who knows about this stuff) had either proved the peak oil theory wrong or debunked it. It's my impression peak oil is something the leftist alarmists talk about because they don't want anyone to use fossil fuels.

We will eventually wean ourselves off of our standard rate of oil consumption through the use of other energy sources. I don't think anyone's been born yet who will see us run out of oil.

[GilpinGuy]

I thought most everyone in the industry (who knows about this stuff) had either proved the peak oil theory wrong or debunked it. It's my impression peak oil is something the leftist alarmists talk about because they don't want anyone to use fossil fuels.

We will eventually wean ourselves off of our standard rate of oil consumption through the use of other energy sources. I don't think anyone's been born yet who will see us run out of oil.

When I was getting my geology degree back in the 80's some were predicting "no oil left" around 2000. Whoops. Alarmist get the headlines.

And like BG wrote, we will wean ourselves off of oil eventually, just like we weaned ourselves off of whale oil. We cannot imagine the technological advances that are coming.

[generalmeow]

Peak oil is about using 50% of the oil, not 100% of the oil. Any finite resource will become scarce. China and India are just starting to use a lot of it.

To the people who say "they've been saying that forever" - How do you know we haven't gone over the hill already? Do you think they would announce it or something?

the US already had peak oil in the 1970s, exactly when Hubbert predicted. He also predicted world peak oil in the 2000s, or maybe even earlier. I don't think he was wrong. Maybe we've learned how to extract it faster to put off an actual decrease in production for a while, but were just as likely as not already past 50% of reserves used.

No country in OPEC ever says they have less reserves than they did the year before. It's always the same, or more, yet they haven't discovered new oil in decades. It doesn't add up.

[generalmeow]

We'll never completely run out of oil, we'll just run out of what average people can afford.

exactly. And it will be a nightmare, because our entire way of life is built on cheap oil.

[generalmeow]

I thought most everyone in the industry (who knows about this stuff) had either proved the peak oil theory wrong or debunked it.

the old "the science is settled" bit, eh?

id be surprised to learn that scientists say a finite resource can't ever be used up.

[roberth]

peak oil is bullshit.

there is plenty of oil for everyone. if we were serious about giving opec a heart attack we could do it, we're not serious though - just a bunch of talk. besides, i like buying their oil, means we'll have more of our own later when we get an energy competent administration in place

Zundfolge - i love that term watermelon, nature nazi fucktard on the outside, commie bed-wetting shitbird on the inside

[BigDee]

exactly. And it will be a nightmare, because our entire way of life is built on cheap oil.

It already is a nightmare. Do you want to see the American economy recover in a hurry? Give the American people $2 a gallon gas and you will see the US economy boom beyond 2003-2006 levels. $2 gas can and should be a reality but it won't happen because our government won't allow it and continues to do everything they can to prevent it from happening.

[generalmeow]

For peak oil to be bullshit, oil must be being made faster than we're using it. Do you really believe that?If you don't believe that, it's just math.

[Gman]

When I was getting my geology degree back in the 80's some were predicting "no oil left" around 2000. Whoops. Alarmist get the headlines.
When I was in grade school during the '70s, they were teaching us the prediction of another 10-15 years of oil left.

So, yeah, I'm skeptical.

You have to know the 100% to identify the 50%. With that value being greatly unknown, the idea that we're on the down-slide is purely speculation, but is often stated with a political agenda in mind.

[battle_sight_zero]

When I was in grade school during the '70s, they were teaching us the prediction of another 10-15 years of oil left.

So, yeah, I'm skeptical.

Same here, I remember the teacher telling my 5th grade class about pollution, the coming Ice Age , and other nonsense in between him playing his guitar and making us all sing Puff The Magic Dragon. I dont remember the movie title but we were forced to watch this terrible movie several times that year showing the future where the water and air were poisoned. Everything was dirty and grey and everyone wore gas masks and dirty white clothes. The class would discuss what they saw in the movie and talk about how we could avoid this future. That was 1978 and liberal s were really active trying to brain wash kids then. Based upon what I am seeing from some people in my generation those Puff the Magic Dragon singing/ liberal teacher pioneers were successful in their agenda. And now for your listening pleasure http://www.bing.com/videos/search?q=puff+the+magic+dragon&mid=7044B25F97713709C17D7044B25F97713709C17D&view=detail&FORM=VIRE1

[Bailey Guns]

the old "the science is settled" bit, eh?

id be surprised to learn that scientists say a finite resource can't ever be used up.


You can cherry pick my comment all you want. Doesn't change the fact that anti-oil, Chicken Little liberals have been crying about the sky falling for decades. Not only are we developing alternative energy sources and vehicle technologies, we're discovering how to extract and recover oil from places that weren't possible even 20 years ago.

There's plenty of legitimate information out there for someone who's willing to search for it.

[GilpinGuy]

There's plenty of legitimate information out there for someone who's willing to search for it.

This is the key. Do a little homework and turn off The Daily Show and you can learn a lot.

[GilpinGuy]

For peak oil to be bullshit, oil must be being made faster than we're using it. Do you really believe that?If you don't believe that, it's just math.

Please tell me how much oil the earth is creating per year.

EDIT: and please show me YOUR math.

[battle_sight_zero]

Please tell me how much oil the earth is creating per year.

http://www.bing.com/videos/search?q=...ail&FORM=VIRE1 (http://www.bing.com/videos/search?q=puff+the+magic+dragon&mid=7044B25F97713709C17D7044B25F97713709C17D&view=detail&FORM=VIRE1)

[Cylinder Head]

They estimate it to be between 3 billion and 220 billion barrels of oil. Quite a range. Australia hopes to be able to become a net exporter, not the next Saudi Arabia.

I myself am a peak oiler. Hubbert's curve tells us we're about to start running out of oil, as new discoveries have been tapering off for a long time, therefore production will at some point follow. And even the tiniest decrease in worldwide production will spell disaster, mainly because everyone will collectively say "ho lee shit. We are about to run out of oil", and realize what that means (lots of people must die).

Look at a world human population graph. It's not normal for a species to have population go straight up. Oil is our god.


Hahahahahaaaaaa.... No. We are nowhere near running out of oil. The Marcellus, Eagle Ford, and Bakken will be enough for the US to be energy independent by 2020. We have halved our Middle East oil consumption since 2007 and that trend will continue.

[Gman]

We will evolve over time. The human race hasn't sat by running the same game plan every generation. If oil becomes less available, we'll find something else we can use. There's big potential in gas hydrates, for example.

We're not still using whale oil for energy. Orville and Wilbur Wright didn't build the space shuttle. We'll adapt.

[GilpinGuy]

http://www.bing.com/videos/search?q=...ail&FORM=VIRE1 (http://www.bing.com/videos/search?q=puff+the+magic+dragon&mid=7044B25F97713709C17D7044B25F97713709C17D&view=detail&FORM=VIRE1)

Awesome! [Flower]

[brokenscout]

Completely agree
It already is a nightmare. Do you want to see the American economy recover in a hurry? Give the American people $2 a gallon gas and you will see the US economy boom beyond 2003-2006 levels. $2 gas can and should be a reality but it won't happen because our government won't allow it and continues to do everything they can to prevent it from happening.

[RblDiver]

We will evolve over time. The human race hasn't sat by running the same game plan every generation. If oil becomes less available, we'll find something else we can use. There's big potential in gas hydrates, for example.

We're not still using whale oil for energy. Orville and Wilbur Wright didn't build the space shuttle. We'll adapt.

Bingo. I do believe we'll run out of oil sometime. When that is, no idea. But I don't think it's imminent, and besides which, we will find new sources of energy which will be viable by that time (perhaps ethanol will actually be worth something by then, or maybe that algae fuel, or perhaps Mr Fusion'll be a reality, something!)

[Ronin13]

Hahahahahaaaaaa.... No. We are nowhere near running out of oil. The Marcellus, Eagle Ford, and Bakken will be enough for the US to be energy independent by 2020. We have halved our Middle East oil consumption since 2007 and that trend will continue.
Don't forget the Prudhoe Bay fields... I actually know the guy who discovered it, he still stays updated on how his find is doing and last estimates put 60+ years in it at current rates, mostly because, as he says: "those moronic liberals are discouraging domestic production." I don't see us running out of oil anytime in any of our lifetimes, much less our children's (and my children have yet to be born!). Yes, we'll eventually stop needing oil for cars one day, but that's only a piece of the oil pie- just about everything we use daily, from plastics to soap right down to golf balls and tires. It's mind boggling that only about 50-60% or so (not sure on the exact number) of all petroleum is refined to make fuel- the rest is used to make other things.

Combine the reserves in Canada, S. America, Africa, Western Asia, and now Australia and don't even count our own domestic fields, we have enough oil to run the world for at least 50 more years, and that takes into account the booming market of China.

[spyder]

The threads like this remind me of Obama threads and liberals.... generalmeow, you can't argue with them. If they heard it in the 80's or whenever, it will always be true, even if the science has changed, and proved it right, and most of the old supporters are now on board with what the other side was saying. Pick your battles here general.... lol

[TRnCO]

I'm not so much worried about running out of oil, but rather,...fresh water.