29 comments on "120 million barrels per day will never be reached, never"
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29 comments on "120 million barrels per day will never be reached, never"
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I guess it's possible.
However, when you mentioned the 700 billion dollar/year figure, I got to thinking.
An annual investment by countries/companies of 700 billion dollars/year divided by the number of barrels of oil produced in a year (say 100million*365 days - kinda halfway between present day supply and this reports expeceted supply) comes to a somwehat less than expected 19.18 dollars per barrel regarding the ave investment cost for each barrel.
The seemingly illusory number of 13 trillion (12zeroes by the way ssh!) is actually not that much at all.
If I'm wrong in this please, everybody, don't hesitate to flame me, or fire me, or whatever it is that people do on forums.
PS - I wonder what the above is for today's barrel.
PPS Good Luck with the Oil Drum Chris; How do you find the time??
Stef
Your remarks put a whole new spin on the old adage, "A few trillion here and a few trillion there, and pretty soon your talking about some real money!"
:-)
More interesting to me is the effect of all that money on the outbound side....by which I mean the oil producers can only hoard so much, and then in the interest of safety and diversification, the money has to come flooding out somewhere...
The first to benefit of course should be the drill, tool and machinery makers, and the construction contractors who will be in there building the oil production and refining capacity (what's a good multi billion barrel per day water injection system cost now, anyway?), and has anyone looked at the share price of companies like Jacobs Engineering lately?)
But of course, the lifting cost of oil still being low, we then have to invest the rest of that loot....I remember in the 1970's, there were Arabian owners of everything from Formula One Racing cars to bed and breakfast joints in New England, and there was still money to spare! Money has it's own kind of power...needless to say the cash strapped nations of the world will be more than willing to fawn a bit and cut a deal with an oil rich heir, and businesses will be providing everything from custom Airbus interiors to twin supercharged custom HUMMERS and Land Rovers in matched sets to the once again rich of the Middle East! It will be a businessman's dream, at least for a while, as the blue collar set watch on "The New Lifestyles of The Rich and Oily!" WHY DOES THIS FEEL SO MUCH LIKE 1978!!
Dubai