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.

[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?

[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.

[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]

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.