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Thread: Oil rises above $90 amid US crude supply drop

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Erod View Post
    It's thought that we have between 100 and 400 years of oil left. More and more, that estimate is moving to the higher end.
    .
    You need to supply a link for that comment.
    BP's Statistical Review of World Energy, published yesterday, appears to show that the world still has enough "proven" reserves to provide 40 years of consumption at current rates
    http://www.bp.com/liveassets/bp_inte...eport_2010.pdf
    The Bakken has 3.6 billion bbls and we use 7 billion a year
    Last edited by USA_1; 02-28-11 at 12:03 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by USA_1 View Post
    You need to supply a link for that comment.

    http://www.bp.com/liveassets/bp_inte...eport_2010.pdf
    The Bakken has 3.6 billion bbls and we use 7 billion a year
    The fact is, no one knows. We keep finding new sources of oil, and our demand keeps going up.

    However, I'm not worried about it. 50 years ago, how'd people make a phone call? How'd they get their information from around the world? What junk did they drive?

    Put a laptop and a iPhone in someone's lap in 1950, and they would have freaked out. Just like if someone from 2060 were to come back and show you the technology of that day, you and I would freak out, too.

    We'll handle it.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Erod View Post
    The fact is, no one knows. We keep finding new sources of oil, and our demand keeps going up.
    .
    So you just decide that 100 to 400 years is a good guess?
    Research shows its probably closer to 40 to 50 years at todays consumption. If consumption doubles in the next twenty years we will be out of oil.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by USA_1 View Post
    So you just decide that 100 to 400 years is a good guess?
    Research shows its probably closer to 40 to 50 years at todays consumption. If consumption doubles in the next twenty years we will be out of oil.
    No, I've heard varying opinions like everybody. The problem is, it's such a politically charged issue, that you can find someone to support what you want the answer to be no matter what.

    Here's one (by MSNBC, no less) that says we have 122 years left.

    World oil supply still plentiful, study shows - Business - Oil & energy - msnbc.com

    Here's one that says there are huge amounts that we haven't even located yet.

    Not

    The fact is, no one knows for sure. Right now, we have so little idea of what is below the first couple of miles of the earth's crust, it's impossilble to make any real calculations.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Erod View Post
    No, I've heard varying opinions like everybody. The problem is, it's such a politically charged issue, that you can find someone to support what you want the answer to be no matter what.

    Here's one (by MSNBC, no less) that says we have 122 years left.

    World oil supply still plentiful, study shows - Business - Oil & energy - msnbc.com

    Here's one that says there are huge amounts that we haven't even located yet.

    Not

    The fact is, no one knows for sure. Right now, we have so little idea of what is below the first couple of miles of the earth's crust, it's impossilble to make any real calculations.
    Don't you think the oil industry has a better handle on how much is left than MSNBC? Is it smarter to use the low number or the high number?
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by USA_1 View Post
    Don't you think the oil industry has a better handle on how much is left than MSNBC? Is it smarter to use the low number or the high number?
    Which one makes more money per barrel the less we have?

    Relax, we'll solve it.

    100 years ago, we were riding horses.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Not true. Price of regular gas in Mexico on February 12 was $2.81 American dollars. About the same as here.

    The gasoline tax increase you propose is the worst thing imaginable in this economy. A dollar increase in federal gas taxes would send the economy immediately into a double dip recession. Inflation would strangle everyone with the huge increase in all goods delivered, which is everything.
    What the don't understand it would also include diesel which means transportation costs would increase the cost of everything

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Erod View Post
    Yes and no. Our refineries are built to refine the type of oil we import; however, I've read that the oil here is a different composition (more sulfer, etc) and requires a different type of refinery.

    I don't profess to be an expert on this, but I've heard that we don't have the facilities in place to do everything on our own, and that it would take 10 years for us to get to that point.
    With all the red tape the democrats put in place to please environmentalists it takes 10 years and millions of dollars to get permits

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by ptif219 View Post
    What the don't understand it would also include diesel which means transportation costs would increase the cost of everything
    This is the hidden devil. The inflation on basic needs is going to send a bunch of Americans over the edge. It'll be a nuisance for some; it'll lead to more foreclosures for others.

    Not to mention, the additional layoffs that will result.

    Until we button up our energy issues, we will continue to wax and wane with the idiocies of crazy people halfway around the globe.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by ptif219 View Post
    With all the red tape the democrats put in place to please environmentalists it takes 10 years and millions of dollars to get permits
    Yep, which is why we must take the presidency and Senate in 2012.

    Americans are overwhelmingly frustrated that we don't go after our own oil reserves.

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