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What do you all think about oil scarcity in the world? Is it overly hyped or do you believe that the days of peak oil production are past us, and oil prices will continue to rise at alarming rates?
What do you all think about oil scarcity in the world? Is it overly hyped or do you believe that the days of peak oil production are past us, and oil prices will continue to rise at alarming rates?
Well, the fact is that the crude surplus/production margin is razor thin. New discovery rates aren't keeping up with existing field decline rates. I read that global production peaked July '05, and the chart has looked like an undulating plateau since. With India and China booming economically and living more western lifestyles than ever-read:cars-I see current trends continuing.
Its easy to find the number of capacity verus usage on progrmas like business report on PBS in the evening. From experts it sems that peak was in the mid 70's in the world and the 60's in the USA.
Now what about oil shale? There is said to be over 800 billion barrels of this stuff in the rocky mountains alone.
There's plenty of oil from shale and coal. The problem however is refining it. It's not an easy process and there aren't enough plants to boost production at present. It'd take quite a while to get it up and going, but it may be one option to extract oil in the future. I'd make a wild guess that it could take a good 25 years or more to bring it to the market on a profitable basis.
It will be years in coming just because of the cost. I mean getting it to a processing plant can't be done by ship or pipeline. Even then the process will require alot of energy just as methnol does.
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