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/a...hp?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.