Thread: The biggest reason gas is too dam' expensive...

I was just wondering where best for me to post the following article:

1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble? - Seeking Alpha

1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble?

posted on: June 12, 2008

That's 1.238 trillion barrels of known oil reserves, or 1,238,000,000,000 barrels. And reserves have actually been growing, by 107.8 billion barrels since 2001, and 168.5 billion barrels, or 14%, over the last decade. Global reserves have risen by 36% since 1987 (map/chart above shows how the 1.23 trillion barrels of oil reserves are distributed globally).

These stats are from the "Statistical Review of World Energy 2008," released yesterday by BP (BP), and reported by The Economist:

"We're not running out of hydrocarbons,” insists Tony Hayward, the boss of BP, one of the world’s biggest oil firms. To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy," released today.

Enough oil has already been discovered around the world, Hayward says, to maintain consumption at current levels for another 42 years. As he put it, humanity has guzzled through 1 trillion barrels, but has its next trillion already lined up, and could probably unearth a third trillion if it really applied itself.

Why then, are oil prices hovering over $130 a barrel?

Mr. Hayward blames poor policy-making or, in his florid phrase, “the madness of men." Some 80% of the world’s oil reserves, he says, are in the hands of state-owned oil firms, which tend to allow firms like his only limited access. He believes that if these riches were fully exploited, the world could easily produce 100m barrels a day or more, a big increase on last year’s figure of 82m barrels per day.

MP: What about all of the attention on rising demand for energy in China and India, and how that contributes to rising oil prices? Well, according to the report's statistical tables, India's share of global oil consumption in 2007 was only 3.3%, not much more than Canada's 2.6% share or Mexico's 2.3% share, and India's oil consumption has grown less than 3% annually during this decade. And India and China's 12.6% combined share of world consumption is still only about half of America's 24%.

In fact, total global oil demand increased by only 1.1% in both 2006 and 2007, roughly the same rate as the increase in world population, and about half the 2.03% average annual growth in oil demand during the 2002-2005 period.

What's going on? Increasing world oil reserves, and relatively weak growth in world oil demand, and oil prices have now doubled in the last year? Is this an oil bubble?

Democrats won't let us drill...anywhere. China is drilling closer to the Florida coast than our own oil companies are allowed to.

Yes, it will take 10 years to see a single drop of oil coming out of ANWR, but if we had started in 1995 like the Republicans wanted, we would have 1 million barrel a day extra today.

We are not running out of oil. Drilling won't bring about the extinction of very single species around the site. And the oil companies are not ripping us off. Only about 4% of the price we pay for gasoline goes to the oil company as profit. No one talks about the 15% we pay in the form of taxes. Let's see, the oil companies make 4% for their troubles on drilling, pumping, packaging, refining, and shipping gasoline to our corner gas stations. Various governments from federal to state to local make 15% because they exist...

Originally Posted by gunnut

Democrats won't let us drill...anywhere. China is drilling closer to the Florida coast than our own oil companies are allowed to.

Correction: China is not currently drilling off Cuban coast. Just read a newspaper article saying that Cheney's office has issued a statement saying the VP has erred on this matter.

Cuba has leased this plot to foreign oil companies, none of them Chinese. There is currently no one drilling on this spot.

i don't mind seeing gas expensive- just raises the incentive to develop other forms of energy.

i'm tired of seeing hundreds of billions of dollars being shunted into autocracies. given the huge american energy demand, it is our monies that ultimately ending up empowering the very states that oppose us. as an american, i find it humiliating for our president to have to go, hat in hand, to some desert sheiks and ask them to pretty please, pump more oil.

Originally Posted by astralis

i don't mind seeing gas expensive- just raises the incentive to develop other forms of energy.

Something I've noticed about people of your political bent: they just LURVE 'the masses'...but have no actual care for actual people.

Your high-flown policy-wonk calculus probably doesn't ever get around to considering the impact on the working-poor, does it? I mean, as long as we're all suffering for the desirable outcome of a cleaner planet for you to enjoy, you're not just prepared to pay out for it, you're positively EAGER to do so.

Meanwhile, White-Trash Mom can just suck it up. She gets to enjoy that Sierras adventure trek SOMEday, so she should shut her pie-hole and learn to ride the dam' bus, right?

Hey, I'm kiddin' witcha. I know what you're saying, and I agree.

BUT...there ARE people on the other side that DO think like that.

Astralis,

If you look at it a little differently you will realise that it works both ways.

How is it American money that is empowering the Sheiks?

It is their land and they are allowing you to make the countless amount of dollars out of their oil.

The oil crisis is a manipulated affair and while the demand has gone up, it is not that great a crisis to warrant the huge and galloping rise.

What is the actual world demand? What is the actual production? Check that out and I am sure it does not warrant this huge hike that seems to be unstoppable!

I nearly fell out my my gas-guzzling carbon-emitting planet-hating pre-loved lexus today. I had the radio tuned to a news station and the leader of the 'green' party was on saying as how New Zealand needed to diversify away from mass production farming to 'more sustainable green alternatives'. (never explained beyond this point.)
To my amazement the reporter replied "so you're saying we should stop doing what we do well, and what the world desperately needs, and instead do something else we're not nearly so good at that is no use to anyone else?"

This is the point I nearly toppled out of my Lexus as I could only conclude that I'd inadvertently slipped into a parallel dimension and the only way back to the dimension in which my wife and kids lived was to suicide in this one so I could pop back to my own.
However, I was saved by the gasp of indrawn breath from the beloved leader, and the sound of outrage as she went into an incomprehensible blather which came down to 'what's your name filth and how dare you question me'.

From this I knew I was still in the correct dimension, as what the reporter had done was to New Zealand's intelligentsia equivalent to pack-raping a lesbian aid worker while setting fire to a rain forest AND criticising Noam Chomsky, all at the same time.

The damned reporter then had the effrontery to ask which part of the world population had the beloved leader of the green party singled out to starve to death as a result of the dramatic decrease in New Zealands' agricultural output. (we really do produce an awful lot of food and could turn out even more if the protectionists would allow us)

Here the interview ended.

Oh, that was good. Very good. Thank you.

Originally Posted by Bluesman

...is because the moron Democrats and the morons who vote for 'em won't expand production.

yep them pesky Democrats. Like our former governor and his brother

President Bush and Florida Gov. Jeb Bush meet in the Oval Office on Wednesday.
From wire reports
Thursday, May 30, 2002

WASHINGTON -- With his brother, Gov. Jeb Bush, looking on, President Bush sealed a deal Wednesday to prevent further oil and gas drilling off the white sand beaches of the Florida Gulf Coast and in the cypress swamps near the Everglades.


The unexpected announcement would require the federal government to repurchase $235 million worth of oil and gas leasing rights in the Destin Dome area, about 25 miles south of Pensacola, and in three wildlife areas including Big Cypress National Preserve.
Jeb Bush acknowledged that the Oval Office announcement would boost his re-election campaign in Florida, the swing state in the 2000 presidential election and a tourism mecca where polls show 75 percent oppose offshore drilling.
Jeb Bush and Interior Secretary Gale Norton told reporters after a brief meeting with the president that the actions will help preserve the Florida Panhandle's pristine coastline.
"It just didn't seem right that 25 miles off that coast there would be the possibility of drilling, and today that possibility no longer exists," Bush said.
The governor called the agreement to also repurchase oil drilling rights near the Everglades "a win-win for our state as well."
Wednesday's decision drew rare praise for the president from environmentalists and criticism from his usual allies in the energy industry.

Ooh wait. Them boys are republicans
But I guess its OK if it helps a reelection campaign.
Or if they have a (R) after their name instead of a (D)

Originally Posted by Gun Grape

yep them pesky Democrats. Like our former governor and his brother



Ooh wait. Them boys are republicans
But I guess its OK if it helps a reelection campaign.
Or if they have a (R) after their name instead of a (D)

I remember the hazy memories of plentiful oil and gas...six years ago.

Great days, weren't they? Long gone, and never to be re-lived. And that's because the DEMOCRATS stubbornly refuse to develop domestic production, even NOW, in the face of $130+/bbl.

SIX YEARS, and a different world ago.

Originally Posted by Parihaka

I nearly fell out my my gas-guzzling carbon-emitting planet-hating pre-loved lexus today. I had the radio tuned to a news station and the leader of the 'green' party was on saying as how New Zealand needed to diversify away from mass production farming to 'more sustainable green alternatives'. (never explained beyond this point.)
To my amazement the reporter replied "so you're saying we should stop doing what we do well, and what the world desperately needs, and instead do something else we're not nearly so good at that is no use to anyone else?"

This is the point I nearly toppled out of my Lexus as I could only conclude that I'd inadvertently slipped into a parallel dimension and the only way back to the dimension in which my wife and kids lived was to suicide in this one so I could pop back to my own.
However, I was saved by the gasp of indrawn breath from the beloved leader, and the sound of outrage as she went into an incomprehensible blather which came down to 'what's your name filth and how dare you question me'.

From this I knew I was still in the correct dimension, as what the reporter had done was to New Zealand's intelligentsia equivalent to pack-raping a lesbian aid worker while setting fire to a rain forest AND criticising Noam Chomsky, all at the same time.

The damned reporter then had the effrontery to ask which part of the world population had the beloved leader of the green party singled out to starve to death as a result of the dramatic decrease in New Zealands' agricultural output. (we really do produce an awful lot of food and could turn out even more if the protectionists would allow us)

Here the interview ended.

)) jeez Pari , you will be getting called sarky if your not careful

Originally Posted by ArmchairGeneral

Oh, that was good. Very good. Thank you.

A pleasure as always. Nice to have you back for the holidays my friend.

Originally Posted by Bluesman

I remember the hazy memories of plentiful oil and gas...six years ago.

Great days, weren't they? Long gone, and never to be re-lived. And that's because the DEMOCRATS stubbornly refuse to develop domestic production, even NOW, in the face of $130+/bbl.

SIX YEARS, and a different world ago.

But if drilling had been allowed then, we would be pumping NOW.

Not happening, and Dems aren't to blame.

And that Republican Gov we have now is also against drilling off the coast.

Originally Posted by Parihaka

A pleasure as always. Nice to have you back for the holidays my friend.

Good to be back.

blues,

Something I've noticed about people of your political bent: they just LURVE 'the masses'...but have no actual care for actual people.

man, i can't even get my own political bent down, thanks for helping me along

our high-flown policy-wonk calculus probably doesn't ever get around to considering the impact on the working-poor, does it? I mean, as long as we're all suffering for the desirable outcome of a cleaner planet for you to enjoy, you're not just prepared to pay out for it, you're positively EAGER to do so.

Meanwhile, White-Trash Mom can just suck it up. She gets to enjoy that Sierras adventure trek SOMEday, so she should shut her pie-hole and learn to ride the dam' bus, right?

this is not a question of a "cleaner planet", this is a question of national security. if it was merely the former i'd certainly be all for cheaper gas NOW, and wait for technologies to catch up later. but with security on the line, i'd rather not wait. in any case, i question how long such a period of hardship would be, given the immense profit that would be made by developing innovative technologies to be replace dead dino fuel.

Hey, I'm kiddin' witcha. I know what you're saying, and I agree.

BUT...there ARE people on the other side that DO think like that.

well, i'm glad i don't think that way.