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32 comments on Drilling on Wall Street

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totoneila on June 26, 2006 - 5:29pm Permalink | Subthread | Comments top
Hello Dave,

Good post! When mining Wall Street offers less risk than independently punching holes way, way offshore or overseas--Just another sign that we are reaching the Peak.

Makes one wonder if we have reached the point globally where some seemingly benign problem cascades quickly into major dislocations.  The 'unknown unknown' as a previous poster attributed to Rumsfeld.

Bob Shaw in Phx,AZ  Are Humans Smarter than Yeast?

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Jack on June 26, 2006 - 11:39pm Permalink | Subthread | Parent | Comments top
Is there anything that might not show that "we are reaching the peak"? I have considered keeping a list of all of the things people think prove the peak is here, but would need a secretary.

Consolidation in the oil (and most other industries) has been going on for years and Dave did not coin the term "drilling on Wall Street". What is unusual this time around is that consolidation is happening at a time of oil high prices. That does indicate that supplies are getting harder and more expensive to find - but no one really denies this.

Fishermen protesting removal of oil subsidies in Thailand is proof of the peak, Bangladeshi power outages during a football game is proof of the peak, China reducing gas exports is proof of the peak, Zimbabwe falls apart and once again proof.

I am starting to think peak oilers are like frightened tribesmen who see proof that the gods are angry in the weather, flights of birds, or tree falling.

As I have mentioned before, I believe there is plenty of evidence of peak oil, but mostly I see these is field depletion figures. About 99% of the peak proof citations here are easily explained by something else.

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Nagorak on June 27, 2006 - 12:48am Permalink | Subthread | Parent | Comments top
I agree with you 100% about what you are saying.  I find the fixation on peak oil as being the source of every single problem in the whole world to be extremely annoying.  
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Dave Cohen on June 27, 2006 - 1:09am Permalink | Subthread | Parent | Comments top
Re: "extremely annoying"

Did you actually read the post I wrote? It was about natural gas in North America and the economics of Anadarko's acquisitions. It is a fair treatment. I don't believe the phrase "peak oil" occurs in the article.

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Nagorak on June 27, 2006 - 9:22pm Permalink | Subthread | Parent | Comments top
I wasn't referring to you at all.  I think the people who actually post things on the site offer good information and fairly balanced outlooks.  It's the other people you get in the comments who believe every single problem in the world can be traced to peak oil.  If a street light stops working down the streets it's a sign that oil has peaked and it's too expensive to replace all the lightbulbs, etc.  
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Dave Cohen on June 27, 2006 - 1:03am Permalink | Subthread | Parent | Comments top
Re: "Dave did not coin the term "drilling on Wall Street"

Certainly not. If you look here, you will see that The Economist magazine used the term last year (pdf warning).

I just thought the title was appropriate.

best, Dave

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Jack on June 27, 2006 - 1:14am Permalink | Subthread | Parent | Comments top
Agreed. Good article and solid analysis. I couldn't find much to argue with.
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