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Permalink Reply by Max on February 9, 2011 at 8:35

Nothing last forever. 

 

My firewood stack hit "Peak Wood" last week, and now I'm having to borrow firewood from my neighbor.  He just don't know it and his dog likes me.

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Permalink Reply by CypressKnees on February 9, 2011 at 8:40

What is your definition of  "promote" ?

Well, I  am "promoting" a story on Yahoo: pirates hijacked a tanker/boat in the Indian ocean with 200 million dollars worth of oil that was destined for the USA.

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Permalink Reply by twomule on February 9, 2011 at 16:07

After posting "promote" I wanted to edit it, but I couldn't.

 

Thanks for noticing, and adding nothing to the discussion.

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Permalink Reply by Two Dogs, Pirate on February 9, 2011 at 16:55

Twomule, why would you want to edit it? Saudis have been pumping for a long time at high output. Sooner or later it is bound to run dry. Wikileaks ain't got nothing to do with it but toot the horn that has already been tooted so many times before. My prediction is that we will see a much higher price for oil by mid summer. I think that will work on the price of Natural Gas and that we may see an increase in the price of NG. I am no expert, just looking for job security in the future with an open brain.

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Permalink Reply by essay on February 9, 2011 at 8:57

I just dunno, this has been rumbling around for years and years now, the truth is probably somewhere between the "peak oil" crowd and Saudi "state secret" reserve numbers.

 

I think it is a fact that the era of "cheap oil" is over, at least until the next catastrophic collapse of economic activity, which might very well be brought about by soaring oil prices.

 

King Abdullah called for an exploration moratorium last year, to preserve something for "future generations" of Saudis.  I've also seen estimates of shut-in Saudi production that were quite high, but I cannot remember them off the top of my head and wouldn't want to guess.

 

So what's the real truth?  Who knows.  My only guess would be that long term, oil goes much, much higher.

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Permalink Reply by jffree1 on February 9, 2011 at 9:10

It'll be ok, Essay... CHK and EOG are taking up the slack.

 

New Drilling Method Opens Vast Oil Fields In US

(AP)  A new drilling technique is opening up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude.

Companies are investing billions of dollars to get at oil deposits scattered across North Dakota, Colorado, Texas and California. By 2015, oil executives and analysts say, the new fields could yield as much as 2 million barrels of oil a day - more than the entire Gulf of Mexico produces now.

This new drilling is expected to raise U.S. production by at least 20 percent, or a million barrels per day, over the next five years. And within 10 years, it could help reduce oil imports by more than half, advancing a goal that has long eluded policymakers.

"That's a significant contribution to energy security," says Ed Morse, head of commodities research at Credit Suisse.

 

Within five years, analysts and executives predict, the newly unlocked fields are expected to produce 1 million to 2 million barrels of oil per day, enough to boost U.S. production 20 percent to 40 percent. The U.S. Energy Information Administration estimates production will grow a more modest 500,000 barrels per day.

By 2020, oil imports could be slashed by as much as 60 percent, according to Credit Suisse's Morse, who is counting on Gulf oil production to rise and on U.S. gasoline demand to fall.

http://www.cbsnews.com/stories/2011/02/09/ap/national/main7333636.s...

 

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