 | EU energy consensus - trending in the right direction | The Oil Drum | Why are gasoline (and oil) prices so low -- and where are they headed? |  |
183 comments on DrumBeat: December 8, 2008
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183 comments on DrumBeat: December 8, 2008
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Russian output is already down. Bushuyev is lying through his teeth. But maybe he doesn't know that.
He is right in suggesting we should prepare for that, he is just 12 years late with the statement.
Eastern Siberia has not been exploited yet. The increased oil production in the last 10 years has been previously explored basins. You also systematically ignore all of the Arctic shelf development which NATO has its panties in a bunch over.
Is it not true that we have a good idea of the oil that can come online in the next 8 to 10 years? Doesn't it follow that at this point all the oil that is purported to exist there will show up after we are well down the production curve?
Not really. There is no clear picture of what the shelf or eastern Siberia hold. But to treat these as zero zones in any analysis of Russian production in the next twenty years is silly. As far as lying goes I would like to see a quote from any top ranking US government official in the 1960s and early 1970s predicting a decline in US production. Same goes for Saudi Arabia.