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232 comments on DrumBeat: October 10, 2007

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M. Simon on October 11, 2007 - 4:58am Permalink | Subthread | Parent | Comments top

Three words:

Club of Rome

The Malthusians have been predicting 23,759 of the last 3 disasters.

The only way oil will be a problem is if government interferes with supply and demand.

Do you realize how much oil is out there at $200 a bbl? Lots.

The USA alone has 6X as much oil in the ground as has already been produced.

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AlanfromBigEasy on October 11, 2007 - 6:16am Permalink | Subthread | Parent | Comments top

Wrong.

You have no idea what you are talking about.

Please go and read several months prior posts (scan titles for relevant material) and lurk for a couple of months before posting again.

For one, oil supply is price in-elastic. Higher prices bring forth very little new oil. Proof ?

The Texas oil industry knows all about peak oil, because we've already gone through it.

In 1972, Texas was king of the oil world. We had increased our oil production by 40 percent during the previous 10 years at relatively low prices. Texas producers were poised for surging production as oil prices exploded and rose tenfold by 1980. The state underwent its biggest drilling boom in history. The number of producing wells jumped 14 percent by 1982. The industry consensus was that oil production would increase dramatically. To general astonishment, it fell instead, despite dramatically higher prices, frantic drilling and improving technology. By 1982, production had dropped to almost exactly what it had been in 1962

http://www.dallasnews.com/sharedcontent/dws/dn/opinion/points/stories/DN...

Best Hopes,

Alan

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