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View Diary: Peak oil and peak silliness (111 comments)

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  •  And how many times (9+ / 0-)

    will the oil industry ignore rapidly growing global demand driven by Asia that keeps prices high, along higher production costs from unconventional sources? And how many times will the industry ignore well depletion rates for shale wells? And how many times will the oil industry ignore the number of active rigs necessary to maintain production? And how many times will the oil industry ignore rapidly falling levels of energy return on energy invested?

    Be radical in your compassion.

    by DWG on Fri Apr 05, 2013 at 12:19:04 PM PDT

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    •  Prices aren't that high, though. (0+ / 0-)

      What we're seeing is diminished oil price coupled with increased production.  We've lost a significant amount of oil price since 2008, and still greatly increased oil production.

      Exponential decline is part of dealing with any oil field.  The oil industry is literally replacing production faster than it can decline.

      •  Price of oil has mostly increased in the past 3 (6+ / 0-)

        years. The majority of the decrease occurred in late 2008. Plus gasoline and diesel prices are only slightly less than they were in 2008.    The temporary lower prices were the result of the economic collapse in 2008 and the huge price spike that destroyed demand.

        Trickle Down Economics 101: They get the golden parachute, we get the golden shower.

        by NoMoreLies on Fri Apr 05, 2013 at 03:45:04 PM PDT

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        •  I just heard that prices are set to decline quite (0+ / 0-)

          a bit.  Gas will possibley be under $3.00 a gallon.  Our state just increased the gas tax - perhaps seeing an opportunity.

          The elevation of appearance over substance, of celebrity over character, of short term gains over lasting achievement displays a poverty of ambition. It distracts you from what's truly important. - Barack Obama

          by helfenburg on Sat Apr 06, 2013 at 08:46:44 AM PDT

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      •  Not So Much. (3+ / 0-)
        Recommended by:
        ozsea1, mike101, bluegrass50

        Discovery has fallen dramatically since the 60's while production has increased.  Squeezing harder for more difficult oil is not sufficient to replace--and again, the harder-to-produce oil is profitable only because the prices is so high.

        http://www.forbes.com/...

        The 2008 spike led directly to the global economic downturn, and the fairly regular oscillations since then are largely due to economic recovery causing oil prices to rise, which in turn quell the recovery.  We're now bumping up against the economic ceiling of oil prices.

        http://www.gaspricewatch.com/...

      •  Obfuscate much? (3+ / 0-)
        Recommended by:
        Bronx59, bluegrass50, Crider

        Diary makes a compelling and evidence supported case?

        You? Not so much.

        The "extreme wing" of the Democratic Party is the wing that is hell-bent on protecting the banks and credit card companies. ~ Kos

        by ozsea1 on Fri Apr 05, 2013 at 05:52:45 PM PDT

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