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Peak Oilby Vlad on Wednesday May 14 2008 @ 17:32:07 (5/-2001 Points) |
| Economy ↪Society ⌦ Reply ✔ Stick It ✗ Ditch It | |
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More evidence to suggest we are at or reaching peak oil. From the article: In an interview on CBS News radio, the American leader said: “Of course I'll bring it up to him," but acknowledged that Saudi’s capacity to raise oil production is limited. "When you analyze the capacity for countries to put oil on the market it's just not like it used to be," Bush said. "The demand for oil is so high relative to supply these days that there's just not a lot of excess capacity." |
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Perhaps peak American Oil as the various oil producers decide to send it somewhere more lucrative...
by Some Clown on Wednesday May 14 2008 @ 21:44:18
Well, perhaps so. It's true that the american dollar has been falling with respect to other currencies, so the dramatic price increases we've seen for a barrel of oil in us dollars can be accounted in some measure by the weakness of the american currency itself rather than by a strict increase in the value of the oil. Still fundamentally, I think at these prices, if there was ample capacity to increase global production, we'd be seeing it. I suspect we have *not* reached peak global production yet, but I do think we're seeing more an more evidence that the peak is very near, so much so that I would say we are within 5 years. At that scale, I don't think "at" vs. "near" really matters.
by Vlad on Thursday May 15 2008 @ 09:15:52
There are a few important factors which must be considered
The OPEC nations have nothing but positives by having a high oil price, so all things considered, it is not in their interest to increase production -- though it isn't clear if they good. In a strange way this cartel has slowed oil consumption and thus been more a benefit to the world than a hindrance.
Perhaps with such comments I should post as the clown...
by edA-qa mort-ora-y on Thursday May 15 2008 @ 19:24:40
© 2008 edA-qa mort-ora-y
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