Former BP geologist: peak oil is here and it will 'break economies'

[skid]

my uncle was an engineer for unocal for most of his life. he's told me that there's enough capped wells in n/s dakota and alaska to fuel the world for 300+ years, easily.

Your uncle is beyond wrong.

[chad]

yeah, he's probably a big dumbass. designed platforms all over the world and helped locate oil fields for 40+ years.

[ximmy]

Whenever they say "peak oil", try substituting "peak sustainable population" and you will get an idea for waht they really want.

"peak" means we must raise prices....

Oil is abiotic, not from dinosaur bones...

http://www.prisonplanet.com/archives/peak_oil/index.htm

[mamboni]

yeah, he's probably a big dumbass. designed platforms all over the world and helped locate oil fields for 40+ years.

Yeap, a neophyte to boot!

[midnight rambler]

Why would a group of parasites who've been exploiting a petroleum-centric world (which THEY created) for the past ~150 years tell the people the truth about ANYTHING they are doing?? Doing such a thing is just not in their best interests.

[Large Sarge]

my uncle was an engineer for unocal for most of his life. he's told me that there's enough capped wells in n/s dakota and alaska to fuel the world for 300+ years, easily.

I agree with Chad...


part of this has to do with the petrodollar (artificial scarcity, to create demand/price)

there is more oil than you can imagine

[Hypertiger]

Deflation implodes the system and kills you all...Learn economics.

You all demand to be supplied from the system and you all are the supply of demand from the system.

Yield rates have been dropping for 32 years...To sustain the inflation of the system.

in order for the system to inflate by not too much and not too little but always greater than previously...To keep you all from flipping out and losing your minds and running around like ants on a kicked ant hill...the supply in relation to the demand has to be managed.

You all are the supply of power or slaves to the master system and the power is used to create the servant all slave for.

Money...or in the case of an exponentially growing commercial banking credit system...credit...which is debt owed to someone else and ultimately to the banks that created it.

You live in a fantasy world that has a constantly growing demand for input of power to power the lie you all worship as Truth.

They is all of you...and when the demand by all of you for yield become greater than the supply of yield from all of you...the master system becomes yield starved and basically whips/taxes you all to death to supply the demand of your hunger for yield...That of course can never be supplied.

Peak oil is here...It why the price of oil has risen and they are fracking like mad.

I'm a real worker and there is no amount of whipping you can land on my back to get me to supply any more power than my maximum potential.

There is the real yield rate...and the fantasy one you all think the FED sets...The FED has been following a trend the past 32 years...The implosion of rates is due to all of you investing into not working for a living.

The lower rates go...The more credit that is produced to invest back into the production of more credit.

Until you reach the point where you run out of resources...like people willing and able to sign on the dotted line for new home construction...this happened in 2005 and signaled the end of the 1991 to 2005 new home construction real estate boom...the engine of the multiplier effect or the magic printing press.

The reason there is QE is because the yield from all of you went negative in 2008...and in order to keep the credit system from imploding and killing you all...They have been inputting a fake 1 where a real 0 has been appearing for the past 5 years.

The difference is being made up in the prices of food and fuel...

The boom of the last 70 years is ending and collapsing from maximum potential fantasy into and down to maximum potential reality or bust.

[Hypertiger]

All the trade in the global trade system is based on the Bretton woods global trade system agreed to in 1944...It created the IMF the World bank and it made the US Dollar the global trade medium of exchange...to this day...

The plan was devised in London...It made the US consumer the supply of US Dollars and the demand from the world for a supply of resources...raw materials, finished goods and services...Oil is just one component of the trade system equation.

The US military as part of NATO/UN was made the enforcer of global "free trade" policy which is "gimmie or else"...As the British and French empires collapsed back to England and France the USA took over...

The USA reached maximum potential in 2008 and began to collapse and since then to now the USA along with the world has been visibly collapsing...Bretton woods has inflated the world the past 7 decades and is now ending.

Of course all the text books say Bretton woods collapsed in 1971...There is no evidence that it collapsed...there is evidence that the previous global trade system prior to 1929 collapsed that was based on the British pound as the global trade medium of exchange...the 1929-1933 collapse into the great depression followed by the 1933-1945 bankruptcy reorganization of the global trade system with 1939 to 1945 being the liquidation climax...

But no evidence of the collapse of Bretton woods...it's still intact but crumbling.

[skid]

yeah, he's probably a big dumbass. designed platforms all over the world and helped locate oil fields for 40+ years.

If he thinks north dakota and alaska can supply 85 million barrels per day for 300 years that is some mighty fine drugs he is taking. Why design platforms and locate oil fields all over the world if there is enough in ND and AK LOL?

I worked in the oil field for over 25 years and I can tell you decline rates happen and it happen the same all over the world. My experience is in the western canadian sedimentary basin, and it is running out of oil. Only the tar sands are keeping oil output steady in Alberta. All the big conventional fields are experiencing decline and there is nothing to replace them.

The article is dead on...

[Large Sarge]

If he thinks north dakota and alaska can supply 85 million barrels per day for 300 years that is some mighty fine drugs he is taking. Why design platforms and locate oil fields all over the world if there is enough in ND and AK LOL?

I worked in the oil field for over 25 years and I can tell you decline rates happen and it happen the same all over the world. My experience is in the western canadian sedimentary basin, and it is running out of oil. Only the tar sands are keeping oil output steady in Alberta. All the big conventional fields are experiencing decline and there is nothing to replace them.

The article is dead on...

there are less taxes/regulations on offshore drilling, the whole not in my backyard" with that pipeline/rig, etc never comes into play...

the one item I remember reading, the oil from libya (high grade), they were pumping for a $1 a barrel... selling for a $100 (that is not a typo)

a prescription of Prozac, costs about $1 (for the whole bottle), it sells for $200.....

same folks....
there is scads of oil.....

all over.....