<DrumBeat: June 5, 2006 The Oil Drum Drumbeat 2nd Monday Open Thread>

87 comments on Rick Dworsky: A Warm Bath of Energy -- Ocean Thermal Energy Conversion

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Oil CEO on June 5, 2006 - 6:19pm Permalink | Subthread | Parent | Comments top
Haha. Well, when you add that 300,000 barrels in that the Saudis cut in April, we end up an even million barrels below the peak. I'm headed to the mall right now to stock up on ammunition and bottled water.
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Oilrig medic on June 5, 2006 - 6:49pm Permalink | Subthread | Parent | Comments top
CEO,

I don't keep track of the numbers only the concepts....what percentage of total is this?

Matt

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Oil CEO on June 5, 2006 - 7:04pm Permalink | Subthread | Parent | Comments top
1 million barrels is 1.2% of 84 million (total production rate).

On a serious note, I will take this opportunity in light of some of the discussion on production here today, to say that I would have expected this level of production (down so low from its highs last year) to have effected the price of oil much more than it has (which appears to be none).

Whether this is demand-softening, demand-destruction, I don't know. Maybe the Saudis are right. Maybe the numbers are screwy. Maybe it will take 6 months for the effect to come through on inventories.

In 1982 oil hit inflation adjusted highs north of $90. American expeditures on oil hit 7% of GDP that year. We are at 3.5% of GDP now. If this is really TSHTF, I'd expect a little more than $73.

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87 comments on Rick Dworsky: A Warm Bath of Energy -- Ocean Thermal Energy Conversion

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