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337 comments on DrumBeat: June 22, 2006

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westexas on June 22, 2006 - 1:52pm Permalink | Subthread | Parent | Comments top
Re:  The Kuwaiti story that Leanan posted (above)

Excerpt:  "A group of lawmakers in the dissolved parliament has submitted a bill seeking to limit Kuwait's annual production to one percent of proven reserves."

I wonder if we might see this as a growing trend in oil exporting countries, as it becomes more apparent that we are post-peak worldwide.  

Note that the reduced (PIW) reserve estimate cited in the article is consistent with Stuart's HL plot.  

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tate423 on June 22, 2006 - 2:04pm Permalink | Subthread | Parent | Comments top
Why isn't the WORLD pissed?  I get WHY it was done back in the 80's.  I get the history part, but why didn't they go back then and revise the numbers.  Instead as we're close they revise them, but why isn't everyone screaming foul?  I mean if ONE middle eastern country, and an OPEC member, fudged THEIR numbers based on the quota system the other countries did the same thing started by SA.  WTF?  
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Will on June 22, 2006 - 2:35pm Permalink | Subthread | Parent | Comments top
Tate423...

The Kuwaitis fudged their nums. BFD.

Every corp. in the U.S. does the same damn thing. EIA does the same damn thing. Congress approves a bogus budget every year. Same damn thing. Inflation numbers exclude energy and food. Same damn thing.

Why get excited?

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tate423 on June 22, 2006 - 2:50pm Permalink | Subthread | Parent | Comments top
All of that is the problem...but I see what you mean.  It's my youth getting the better of me.
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TrueKaiser on June 22, 2006 - 9:18pm Permalink | Subthread | Parent | Comments top
but all the fudgeing of the numbers is going to turn around and bite us in our collective rear ends.
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Will on June 22, 2006 - 9:33pm Permalink | Subthread | Parent | Comments top
It was explained to me as "managing the news".
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