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Don’t Miss This One!
Sadat Al Husseni on CNBC Video
Sadat Al Husseini, former ARAMCO Vice President, was on CNBC this morning. He said we have used about half global reserves and there is another half left out there. He said we are finding a lot less oil than we are consuming. Said the biggest future oil for the US is conservation. He was asked the peak oil question directly and he kind of danced around the question but, in my opinion, his answer made it quite clear that he was well aware of peak oil.
He said that it is costing $70 to $80 dollars per barrel to get at the new oil which is being brought on line now. He was talking about the very deep water stuff. It was a long interview and I probably did not rrmember it all correctly. But the link is above so listen to it yourself. I think you will find it very interesting. One thing that the interview showed was what such IDIOTS the CNBC regulars were. Some of their questions were unbelievable.
The interview is ten and one half minutes long.
Also a CNBC news flash on the Iraqi pipeline explosion.
CNBC video of Pipeline Explosion
Ron Patterson
My favorite question was the one that suggested that Peak Oilers claim that we are "running out" of oil. The other favorite way for cornucopian types to frame the Peak Oil debate is to claim that Peak Oilers assert that we "stop finding oil" once we peak.
The implication that they want to convey is that Peak Oilers think that we stop finding oil and then one day we suddenly go to zero. By framing the argument this way, any oil discovery--and continued oil production--can be used to refute their version of the Peak Oil argument.
However, as we have shown there are numerous cases of net oil exporters going to zero net exports pretty quickly. Have you noticed that CNBC has not had Jeff Rubin back on to discuss declining net oil exports?
Yes, that was a good one but my favorite part was where Husseini said: "We have used about half our global reserves and half is left out there". Then the CNBC guy asked: "You said we have used half, do you mean half the stuff that has already been processed and is already in barrels?"
In other words, he thought Husseini was saying that we have gone through about half our above ground inventory and still half that inventory left. Those guys simply have no concept of what Peak Oil really means.
Ron Patterson
The Squawk Box Gang regarding Peak Oil:
http://en.wikipedia.org/wiki/Image:Hear_speak_see_no_evil_Toshogu.jpg
It's called a straw man. And it's not surprising considering the fact that besides evil child molesters, the news is always tempered toward good.
And net exports going to zero are very bad.
Not completely idiotic, I think. The female anchor (I don't know her name) said::
around 6-7 minutes. Personally I think she was baiting him to slip and say OPEC doesn't have the ability to increase production.
Squeek Blab regulars = stock pumpers. Good ol Joe was a stock jock. The regulars are always telling people to 'buy stocks, they are a good deal at these levels.'
A little analysis will destroy their claim. As WT has pointed out, stocks are overpriced since the amount of FFs that the US will be able to afford going forward will be less than the current perception. How would the US afford enough oil to pay down the huge debts it has amassed? Another problem with stock prices is that at current levels I do not see a recession priced in and P/E (forward looking) ratios are skewed by over optimisim. Anyone that currently owns stocks tied to discretionary spending or financial or RE stocks is asking for trouble. I see few bargains in stocks now...even solid multinational manufacturers are going to be effected by oil constraints and the disaster that housing deflation in the US and EU economies is causing.
There are only two choices going forward. Inflation or deflation. Neither is appealing and right now we have a bit of both showing up in the US economy. I do not believe that the Fed can inflate enough to overcome trillions of $s of RE losses and I believe that deflation will happen eventually. That said, I will add that I have been wrong at least once a day for my entire life. :)
At around 5:50 CNBC asks Husseni, "how are we going to conserve if prices haven't been reducing demand yet", and Husseni, is like "don't worry you will feel it this summer or later in the year".
Now that's a bullish indicator.
I'll say.
Ya, that line really propped up my eyebrows.
Is there any way to download this video, e.g. via keepvid.com? Doesn't seem to work for me. (Keepvid works great for youtube videos.)
Vt...
I used to use various Firefox add-ons too. (UnPlug still works in FF2.0 and would grab your video.)
Then recently after an OS "refresh"... I had cause to download Real Player.
Now I know that historically Real was considered nuisance-ware.
However, version 11 has a surprise... a download manager that shows a pop-up "Save this video" on any streaming video. Works in both IE7 and FF.
Checked with above video and it offered to save.
And Real no longer inserts itself all over your OS.
Not a solution for me: dial-up at home, can't "install" software at work. Keepvid.com lets me download at work, then watch it at home.
Also, I will never trust Real-anything. Even if it seems benign now, I consider them spyware.
Is there any other solution?
A low bitrate audio-only version (2.5 megabytes) for the bandwidth-impaired is now here. (Or here: directly to the MP3 file.)