Good news about gas?

[boxcar]

Originally Posted by 46zilzal

Yeah the tube in inundated by the bold faced lie about how CLEAN coal is.

Oh yeah...it's better to go dark while going green.

Boxcar

[jcrabboy]

Originally Posted by Lefty

The Gov of Montana wants to get at and develop the 120 million tons of coal they have there.
It was Bill Clinton that made those low sulpher coal deposits in Utah offlimits for us to use.
Here's a flash: So called Big Oil does not set theoil prices. They made record profits but also pd more taxes than any other corporation in our history.
The President of Shell said they were working on a 7% profit margin.
Nope, it's the wackos. You can't blame this on Bush or big oil.

I didn't say Big Oil sets the oil prices I said they took the opportunity to ramp up the prices, which is exactly what they did.

The President of Shell said....

I always go to the guy who is screwing me to find out how he is doing it. I will need someone a bit further removed from the industry to verify that margin.

When you make more money than any other corporation in history you would naturally expect to pay more taxes than any other corporation in history. That's not revelatory.

Congress and the executive branch has had nearly 8 years to change or reverse unsatisfactory energy legislation. Rather than do so they have essentially let corporations and their lobbyists dictate our energy policies.

Those crafty Wackos don't have much to do with our current situation.

Jimmie

[PaceAdvantage]

Originally Posted by pktruckdriver

Where's Bossman claimimg everthing is fine, no problems here.

Are you dense? Or how many times do I have to correct you with the FACT that I have NEVER claimed that everything is fine, and that there are no problems.

To quote another poster....give your head a SHAKE!

[ceejay]

I've said it before:
The only cure to high oil prices is high oil prices. We as an industry will drill in deeper water and strata and discover more reserves with high prices. We'll be so successful that there will be oversupply and this oil boom will bust.

For those who say "this time its different" I must disagree. We heard that with the tech bubble: it wasn't different. We heard that with the housing bubble: it wasn't different (actually the housing market is quite strong here thanks to the oil boom). I just don't know how long this oil boom will last. I hope 5-7 years to get me to retirement age.

[46zilzal]

Originally Posted by ceejay

I've said it before:
The only cure to high oil prices is high oil prices. We as an industry will drill in deeper water and strata and discover more reserves with high prices. We'll be so successful that there will be oversupply and this oil boom will bust.

Only problem with this fiction is that the supplies have maxed out unless you know some new undiscovered field.

[lsbets]

46, the Eintstein of energy.

[ceejay]

If I knew undiscovered fields they would not be undiscovered. The only way to know reserves are anywhere is to drill and produce them. But geologists and geophysicists are creative. And where is an oil or natgas discovery conceived? In the geoscientist's mind. It is tested with the drill bit. I see data from new field discoveries several times a year.

Reserves are defined economically. You don't have to believe me but economics are better at $120/bbl-$11/mcf than $40/bbl-$3/mcf. Just look at the shale gas plays. Just 10 years ago there wasn't the drilling and frac technology/price to support it. Now there are probably thousands of wells a year drilled in it.

I just don't buy the "peak oil" argument. But maybe this time it is different.

[46zilzal]

Right here for all to read:http://en.wikipedia.org/wiki/Hubbert_peak_theory

[ceejay]

I saw King Hubbert's peak oil talk c. 1982 when I was in grad school. I was young and impressionable then: I believed it. Problem is, Hubbert's model just doesn't seem to work. The peak keeps moving to the right, like the supreme court.

From that wikipedea page and http://cera.ecnext.com/coms2/summary_0236-821_ITM

* Based on a detailed bottom-up approach, CERA sees no evidence of a peak before 2030. Moreover, global production will eventually follow an undulating plateau for one or more decades before declining slowly. Global resources, including both conventional and unconventional oils, are adequate to support strong production growth and a period on an undulating plateau.
* Despite his valuable contribution, M. King Hubbert's methodology falls down because it does not consider likely resource growth, application of new technology, basic commercial factors, or the impact of geopolitics on production. His approach does not work in all cases-including on the United States itself-and cannot reliably model a global production outlook. Put more simply, the case for the imminent peak is flawed. As it is, production in 2005 in the Lower 48 in the United States was 66 percent higher than Hubbert projected.u.

[Tom]

Some guy was speaking before the congress on C Span last week ( I think he will be back Thrusday, around5,6 pm?) and he was saying we have twice as much oil left as we have used so far. We are using it much faster, but that is hardly aboutout.

[russowen77]

Originally Posted by Tom

Perhaps someone in DC might take a look at strengthening the dollar.

[46zilzal]

http://www.lastoilshock.com/video.html

Draws the same conclusion.

[ceejay]

Suffice to say, 46, that there arguments and smart people on both sides. I just come down on the side of creativity and technology. Just two examples:

-35 years ago "convetional wisdom" said there can't be oil or gas > ~10000 feet deep. Wrong.
-The first GOM "subsalt" discovery was in 1990. They're commonplace now. http://www.gomr.mms.gov/homepg/offsh...t/subsalt.html http://www.aapg.org/explorer/2008/03mar/salt.cfm

[JustRalph]

Originally Posted by 46zilzal

Only problem with this fiction is that the supplies have maxed out unless you know some new undiscovered field.

Amazingly how out of touch you are sometimes. There have been 7 major fields discovered in the last 5 years. You think China is drilling off the coast because they are taking a guess?

[DJofSD]

Only problem with this fiction is that the supplies have maxed out unless you know some new undiscovered field.

In the last so many months I've heard about major oil discoveries off the coast of Cuba and Brazil. Furthermore, I heard it stated many times the easy stuff has been tapped now it's time to tap the deeper more difficult stuff.

Want to make some money from the need to drill deeper? Buy Transocean, Inc. (RIG).