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Mexico has already reached "Peak Oil," with its known reserves running out in about 9 years:
Worldandnation: Analysts watch, wince as Mexico's oil supply dwindles (http://www.sptimes.com/2007/09/24/Worldandnation/Analysts_watch__wince.shtml - broken link)
The US, by the way, currently imports 1.5 million barrels of oil per day from Mexico. The US, as this article mentions, presently imports more oil from Canada. They have huge oil reserves in the tar sands of northeastern Alberta, but BIG environmental problems associated with the extraction and processing. Oil extraction in Colorado in the long term likely isn't as limited by economics as by the environment. The majority of that that can be extracted simply requires more water than is available, even if no one has any regard for the environment.
This article also mentions that present global oil output of 85 million barrels per day might reach as high as 100 million barrels per day in the next few years. However, that in a sense is just extracting what isn't there. Huh?
Consider this:
Peak Oil: Life After the Oil Crash (http://www.lifeaftertheoilcrash.net/ - broken link)
According to this article global "Peak Oil" was reached in 2005. So while extraction may even peak higher at some point soon it must decline because the underlying reserves are. Also that in the balance of human affairs it is not just a question of oil reserves (even if declining, still large) but the balance of supply and demand. Global demand is increasing rapidly even as supply decreases on a bell curve.
Personally I'd just as soon still be paying 99¢ or less per gallon for petrol, but still regret that the price has fallen below $4 per gallon recently. It sends the wrong signal. Most people probably still don't get it and would soon return to old ways if able, and ignore this situation all over again as long as possible. But only in the interim, because simple economics dictates something as essential as energy will reflect the underlying market forces of increasing demand for a declining supply. So one can count on the cost of all oil related products to increase significantly.
The only way this can't happen is if the global economy more or less entirely collapses and enters a prolonged dark age. Or if viable alternatives for the primary uses of oil are implemented, decreasing demand. In this regard one might consider that enough solar energy radiates the earth in one hour to supply mankind's energy needs for one year. "The total solar energy absorbed by Earth's atmosphere, oceans and land masses is approximately 3,850 zettajoules (ZJ) per year.[9] In 2002, this was more energy in one hour than the world used in one year." Solar energy - Wikipedia, the free encyclopedia
So there really isn't an energy shortage per se, only one of knowledge. Not to mention wisdom, and in that mankind is sorely lacking.
Another memorable day in the markets. Future's soooooo bright!!
I know I made this point sometime earlier in this thread, but I'll reiterate for those that maybe weren't listening earlier. These wild swings we're now seeing in the markets are eerily reminiscent of what happened in Aug-Sep of 1929 before the bottom fell out. And again in '32, and in '33 when the economy was stalled in the grips of GD I.
There is still a massive amount of bad debt cloaked behind the lies of dishonest executives praying for a miracle. $300 Bn+ in payouts for credit default swap derivatives from the Lehman implosion alone. And the waves of Alt-A and Pay Option ARM defaults are still ahead of us, which will put mortgage and bankruptcy right back to ground zero as if our $700 Bn didn't even exist.
The governments of the world have thrown in everything, including the kitchen sink, and it's simply not working. Realistically, what's still left for them to do? We're already effectively at zero or negative real interest rates. We've thrown well over a million million dollars into the black hole, and yet the spreads continue to widen and blow clean out as the cumulative effects of tens of thousands of reckless business decisions are visited back on the banks. And we have a large number of baby boomers who are bailing out of the market prematurely...and permanently. They simply can't risk going back in, which throws more cold water on those theorizing that everyone will come back to Wall Street...Charles Ponzi's biggest playground ever...when this is "over."
Anyway, a word of caution, we're far from the end of this disaster. When I hear one of the talking heads on bubblevision say that we're closer to the bottom than to the top, I am convinced that it's driven sheerly by a lack of comprehension on their part of just how bad, and how far down things may indeed go. The massive slowdowns we're seeing in retail and manufacturing now are going to drive unemployment way up, and then the real fun begins as we try to cope with the social complications that come with double-digit joblessness at the same time the unenmployment trust funds run out of money.
And we haven't mentioned it in a while, but the last two world wars were precipitated in large part by this sort of economic carnage.
But there is good news. Lloyd Blankfein, the CEO of Goldman Sachs, still stands to receive over ten million dollars in compensation this year. Maybe he can thank former Sachs CEO Hank Paulson when he sees him on the slopes at Vail early next year...
Things aren't exactly hoppin' at the Colorado Springs retail outlets I now visit on occasion. One of my neighbors said the big-box retailer she works at has all but cancelled plans to hire seasonal help for this holiday season, where they normally grow their employee roster by almost double this time of year.
We'll see during Halloween. I think many/most people have stopped spending except for necessities.
Fall Break is coming, and it's usually a time when lots of school families take off for San Francisco or Orlando, but there's none of that this year. I don't think it's because they're lacking funds. I think it's because they're spooked.
Well now that the End of The World is upon us, apparently this thread has outlived its purpose and is dropping off onto page 2 and headed for complete burial on the dreaded page 3 (never to be read again except by Uber-nerds living in Mom's Basement).
Half a (posting), half a (posting),
Half a (posting) onward,
All in the valley of Death
Rode the (gloomers & doomers).
"Forward, the (Doomers) Brigade!
"Charge for the (CD Forum)!" (fearless leader Jazzlover) said.
Into the (online) valley of Death
Rode the six hundred.
(Schoolmarmish CD Mods) to right of them,
(Nasty Optimists) to left of them,
(Brainwashed Morons) in front of them
Volley'd and thunder'd;
Storm'd at with (unwarranted post edits) and (foolishly hopeful rebuttal posts),
Boldly they rode and well,
Into the jaws of Death,
Into the mouth of (world wide web) Hell
Rode the (Gloomers & Doomers).
Well now that the End of The World is upon us, apparently this thread has outlived its purpose and is dropping off onto page 2 and headed for complete burial on the dreaded page 3 (never to be read again except by Uber-nerds living in Mom's Basement).
You forgot to say "future's so bright."
Last time I saw that guy around here I think the Dow was in the 13000s.
If you're a 60-something on the brink of retirement witnessing the rapid loss of over a third of your retirement savings, what's happening is not the end of the world, it's the beginning...of another decade in the workforce.
But go ahead, that pig needs a LOT more lipstick these days...somebody's gotta try and doll her up so the next generation of dupes can be hoodwinked into bailing out the current generation of dupes.
I heard last week a lady in Denver was told her check bounced due to insufficient funds. She asked the bank: "mine, or yours??!"
Last time I saw that guy around here I think the Dow was in the 13000s.
perhaps Bagz chose to prolong his/her cruise that was mentioned in their last post (?)
I heard Opec is ready to cut oil production to get those prices moving North again. Sweet...just in time for the holidaze.
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BTW,the 2012 Presidential campaign is officially on...
