Will Peak Oil Occur This Thanksgiving?

[Vast]

http://www.physorg.com/news8441.html"

Princeton University emeritus professor and renowned oil analyst Ken Deffeyes thinks that the all-time production peak for petroleum, or "peak oil," will occur on or around this Thanksgiving.

Sorry folks, but if his right, it means it’s all down hill from here.

 

[selfAdjoint]

We probably won't be able to tell if he's right by NEXT Thanksgiving, if then. Short term jitter overwhelms trends, at least in the price of energy.

 

[Astronuc]

I just read an article about BHP Billiton (http://www.bhpbilliton.com/bb/home/home.jsp) in which it describes deep drilling in the Gulf of Mexico. Apparently BHP has found one of the richest oil areas ever found in North America.

http://www.bhpbilliton.com/bb/ourBusinesses/petroleum/gulfOfMexico.jsp

BHP and others are exploring and developing fields near Trinidad and Tobago.
http://www.bhpbilliton.com/bb/inves....jsp?id=News/2005/News@BHPBilliton120105.html

 

[Mk]

How do the geophysicists and experts in this field know how much oil is way down there? What about Alaska's reserves and the Gulf of Mexico's?

 

[WhiteWolf]

lol, they dont, they just guess and assume they are always right and have no chance of being wrong. If they say the world will end tommarrow then it must be so! :grumpy: :rofl:

 

[Vast]

How do the geophysicists and experts in this field know how much oil is way down there? What about Alaska's reserves and the Gulf of Mexico's?

Oil is a non-renewable resource, which means that it has to run out sooner or later, so I’m sure every corner of the planet has been tested for oil reserves. (seeing the world is so dependent on it) I think this is the time where we’re now fighting for scraps.

 

[matthyaouw]

Not every corner of the world has been explored, and we don't know how much is left. Estimates keep changing as more reserves are found, and as improving extraction techniques make it economically feasible to re open wells that have already been pumped to an extent. Vast areas of siberia and australia are yet to be thoroughly examined for oil.

 

[ray b]

Oil is a non-renewable resource, which means that it has to run out sooner or later, so I’m sure every corner of the planet has been tested for oil reserves. (seeing the world is so dependent on it) I think this is the time where we’re now fighting for scraps.

the eazy to find CHEAP OIL has been found or at least a good % of it
but there is a lot of smaller harder to get out fields are yet to be found
current teck only gets about 1/2 of the oil out of a well that is down there
mostly do to how it is pumped
oil sands and coal processes can add more supplys but they are not as cheap
but if oil stays a around $60 a barrel they are cost effective

in short we are not running out any time soon but the days of cheap oil are over

 

[franznietzsche]

Oil is a non-renewable resource, which means that it has to run out sooner or later, so I’m sure every corner of the planet has been tested for oil reserves. (seeing the world is so dependent on it) I think this is the time where we’re now fighting for scraps.

Funny, only 25% of the Earth's surface is land, and far less than half of that has ever been probed for oil.