Slim Posted July 6, 2012 Share Posted July 6, 2012 We are no where even close to being at peak oil, the current price which, allowing for inflation and peoples general acceptance of the cost of a gallon of fuel, will continue to hover around the 100 dollars a barrel area. At this price it becomes much more feasible to get oil from "difficult" places but that does not just mean deep offshore. There are lots of company's now finding oil in places onshore (and shallow offshore, Ireland being the latest) and because of developments in the technology to get it out of the ground, directional drilling being one, it becomes very profitable. But that is an argument supporting peak oil. The demand has exceeded the supply from conventional sources, non-conventional sources like you list require a higher market price. Let's not also forget that we're in a global recession, demand is artificially low keeping the price down. The emerging economies and the potential demand is suppressed but it's not going away, will these complex and expensive sources keep up with that demand once the works economies are back in growth? Yes these sources are softening the blow and the amount of energy available is clearly more than the original theorists predicted, but this isn't an opportunity to relax in the drive towards alternatives. Mazda for example have just announced a new highly efficient internal combustion engined range of cars, they do not see any future in the current fad for electric or dual fuel. They have developed an engine so efficient that it does not require a catalytic converter to clean up the emissions. Well done them. "The Japanese carmaker is confident it can improve fuel economy and cut emissions by some 30% by 2015 when compared with its 2007 figures" That doesn't really seem that impressive. Link to comment Share on other sites More sharing options...
GD4ELI Posted July 6, 2012 Share Posted July 6, 2012 "The Japanese carmaker is confident it can improve fuel economy and cut emissions by some 30% by 2015 when compared with its 2007 figures" That doesn't really seem that impressive. IMO it's not too bad - I owned a MX-5 some years ago and would like to buy another when I return to the rock (unless I buy a Yeti / Landy / U-boat). The new MX-5 will be a different beast - lighter, stronger, far better emissions and lower fuel consumption. I would not buy the present MX-5 due in the main to the dirty engines Mazda use. Anyway, let's see what happens. At least I can remember how to walk, having dogs I know that I'll often have little choice. ETA: link to new MX-5 http://www.autoexpress.co.uk/news/autoexpressnews/280645/new_20k_sports_cars.html Link to comment Share on other sites More sharing options...
Lxxx Posted July 6, 2012 Share Posted July 6, 2012 Will this turn out to be the oil companies equivalent of fixing the Libor rate I wonder? Speaking of which I did read a while back about an interview with an oil trader in London who couldn't understand why the price was rising rapidly one day when he, and his colleagues, couldn't find anyone to take their stock off their hands as demand was that low. It was only later they heard that JPMorgan and other large US banks were getting involved with their corrupt commodities departments to manipulate the prices to make a quick buck (or 10million). Everything is manipulated, we'll never get a true idea of supply and demand whilst the big financial institutions have their fingers in the pie. Link to comment Share on other sites More sharing options...
Blade Runner Posted July 6, 2012 Share Posted July 6, 2012 will these complex and expensive sources keep up with that demand once the works economies are back in growth? But I am not saying that the new oil they have found is in places that are complex and expensive to recover. The North Sea is not exactly an easy place to work, places that are coming on stream now are in places like South America, onshore as well as very shallow off shore, close to the coast of southern Ireland. The Caribbean etc etc and this has become possible not just because of the 100 dollar a barrel but because of vastly improved survey techniques which pinpoint accurately the areas to drill and as I said developments in the actual drilling machines for example it can be much better and result in more oil recovery from a given well if the well is drilled horizontally and the drill casing perforated along its length of the oil bearing sands. I may be wrong but I also seem to remember that off shore in North America is full of oil but they are not allowed to drill there yet, when it does get close to peak oil I would imagine the US would open up this area too. Link to comment Share on other sites More sharing options...
P.K. Posted July 6, 2012 Share Posted July 6, 2012 IMO it's not too bad - I owned a MX-5 some years ago and would like to buy another when I return to the rock (unless I buy a Yeti / Landy / U-boat). The new MX-5 will be a different beast - lighter, stronger, far better emissions and lower fuel consumption. I would not buy the present MX-5 due in the main to the dirty engines Mazda use. Anyway, let's see what happens. At least I can remember how to walk, having dogs I know that I'll often have little choice. ETA: link to new MX-5 http://www.autoexpre...ports_cars.html Another MX5 link: http://www.thedailymash.co.uk/news/society/mx-5-drivers-convinced-they-look-cool-201204135122 Link to comment Share on other sites More sharing options...
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