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Last I checked oil needs to be around 50 or 60 a barrel for it to be economically viable. Private investment is risky proposition, you can literally go bankrupt overnight id the oil price is suppressed fora long time like it was in 2009.
'We' won't run out of oil. Unless the Chinese can nab Africa with their predatory loans quicker than we can bulldoze their villages.
A race to the top, I suppose.
The US has adequate domestic supplies. 10 years ago we might of been importing as much as 50% of the oil we consumed. We are now the world's largest producer of oil. As I mentioned previously as of 2018 86% of the oil we consume is domestically produced, almost half the imports are from Canada. The percentage of oil we import from OPEC and ME countries is measured in small single digits.
As I understand it most of that is going to California because it's cheaper for refiners to meet stricter environmental regulations.
Realistically we are energy independent and that crosses all sources of energy.
If we truly have this much oil left, I do not understand how the entire planet can consume billions of gallons per day...and we are still THAT far from running out or close to running out?
i wondered what the logic was behind the saudi aramco IPO that was scheduled for sometime this year. Why would the saudis issue an IPO, basically monetizing their entire oil business? Their argument to move away from oil as a source of income doesn't make any sense nor does making saudi arabia a tourist destination with all their religious rules and dress codes.
I think the saudis are running out of oil and not too long after the IPO happens, they're going to say, 'oops our wells are running dry and all the water we're pumping into the ground to bring the oil up is only bringing up water.
Bingo. Read "Twilight in the Desert" by Matt Simmons.
Last I checked oil needs to be around 50 or 60 a barrel for it to be economically viable. Private investment is risky proposition, you can literally go bankrupt overnight id the oil price is suppressed fora long time like it was in 2009.
If we really start running out of gas it will become economically viable pretty quickly. I never worried about running out of oil.
Here's hoping all you folks are right about there being lots of oil out there to be discovered, pumped, refined, and delivered to where it needs to be. (at a reasonable price). I thank you all for responding.
I very much doubt oil is a 'renewable resource'...it took 100s of millions of years for all that oil to form (and us dumb humans come come along and burn thru it all within 100yrs or so!! LOL Amazing how stupid we are. We are truly like a parasite on the earth.
Are we a parasite or did we just one day evolve to use something available to us?
Not to call you out as a hypocrite, but you’re hacking away on a keyboard on some object that no doubt exists due to oil.
Quote:
Originally Posted by Elliott_CA
There's about 50 years worth of oil in proved reserves now. The problem is if we pump all of that out and burn it, the resulting climate change will kill millions of people, render some areas of the world uninhabitable, and swamp the coasts with several feet of flooding.
So the challenge facing the world is not running out of oil, it's coming to agreement to permanently leave a lot of it in the ground.
Would we not adapt? Never mind that if you don’t pump that oil out of the ground, it’ll just ooze out like the explorers that landed on the Texas coast in the 1500s found, which means we’d just shovel it up and use it.
Really, is moving inland so hard? If you were really worried about people being killed, you’d be working on controlling the population boom in Africa and India.
Quote:
Originally Posted by Newporttom
That's 7,000 customers that will never use your product ever again. Every week. And VW is going to start selling in earnest next year and plans to sell 22 million electric vehicle in the 10 year period from 2020-2030.
And solar and wind combined with batteries (without subsidies) is becoming cheaper than natural gas.
The problem will become one of over supply.
Psst! Tires are made from oil byproducts. EV users buy them every minute. Not to forget the plastics those cars are made from. Oh, yeah, the paint, too. Oh, someone has to wait most of a year for a shiny newly painted fender to fix a collision? Yup, more petroleum needed.
Hopefully, you are correct on the eventual oversupply. When wind speed drops by 1/2, turbine output drops by a cubed factor. As in 1/8 the original output. So, I wouldn’t rely on that.
Quote:
Originally Posted by frankrj
believe it or not, I am an environmentalist and my concern is over deforestation, polluted oceans, and 5G health risks. Hope that helps.
Agreed.
This is what India and much of the third world looks like.
What if oil is naturally reoccurring. All it would take is reoccurring algae on a global scale. Do the Math.
Quote:
Originally Posted by AlfredB1979
Are we a parasite or did we just one day evolve to use something available to us?
Not to call you out as a hypocrite, but you’re hacking away on a keyboard on some object that no doubt exists due to oil.
Would we not adapt? Never mind that if you don’t pump that oil out of the ground, it’ll just ooze out like the explorers that landed on the Texas coast in the 1500s found, which means we’d just shovel it up and use it.
Really, is moving inland so hard? If you were really worried about people being killed, you’d be working on controlling the population boom in Africa and India.
Psst! Tires are made from oil byproducts. EV users buy them every minute. Not to forget the plastics those cars are made from. Oh, yeah, the paint, too. Oh, someone has to wait most of a year for a shiny newly painted fender to fix a collision? Yup, more petroleum needed.
Hopefully, you are correct on the eventual oversupply. When wind speed drops by 1/2, turbine output drops by a cubed factor. As in 1/8 the original output. So, I wouldn’t rely on that.
Agreed.
This is what India and much of the third world looks like.
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Here's hoping all you folks are right.
