Malkavian

Yes... that's the general idea. But crude is very cheap as a chemical. Even at $1000/barrel it'll find plenty of buyers. I'd buy it lol... i make stuff that is much more expensive than that. This will enable Exxon to maintain their profits well into the future.

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Woof!

OldManOnFire

Americans are an interesting but odd lot.

We want free enterprise and we want high paying jobs and we want security in the workplace, yet when a company like Exxon/Mobil is 'lucky' enough to do quite well, Americans complain...

We don't want government regulation, and we wish to see success in business, yet if that business makes too much profit, even though 'too much' is completely subjective, Americans complain...

Exxon/Mobil is in the oil business, and they are doing quite well at the moment, and their future looks bright, but some seem to believe that Exxon/Mobil should be creating a direct competitor to themselves, and if they don't do this, Americans complain...

80 million Americans in some form or fashion own company stocks, and in all cases I'm pretty sure stock holders want the stock prices to increase and dividends to remain steady or increase, and I'm sure Exxon's 5.3 billion shares can be found in many portfolios, yet Americans complain...

I'd say the real problem is that Americans are just a bunch of complainers...

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Heretic

No, because oil IS running out. We're already at or past peak oil, so you can expect the industry to disappear entirely by 2100

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DanS.

According to the article its supposed to facilitate 70-80% of world fuel through the the beginning of the the century....despite increased demand....and that was before Brazil....

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Second Verse, Same as the First

Malkavian

Lol, oil will be around for centuries... You are again confusing it as an energy source with industrial commodity. Once it's priced out of the transportation market, the demand for it will drop dramatically... Most refineries will shut down or scale back operations, but those remaining will charge huge premiums for their product.

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Woof!

Heretic

The oil industry's claims about world reserrves are inflated in order to con governments into sticking with oil. I wouldn't trust an Exxon estimate for shit. BP has some inkling of the need to transition away from it because they're looking at the same numbers as everyone else, but won't say anything so as to get a head start.

Additionally those reserves that are being pumped today are being damaged by a process of flooding the well to raise the level and pump out more oil for the short term at the expense of accessable oil overall. basically it pushes down deeper what oil they don't get immediately. Saudi Arabia is doing this more than any other country, but the spread of the practice will accelerate as oil production levels drop off around the world.

Even teh newly discovered oil off the Brazillian coast [should they prove both real and at the amount speculated at] won't prolong the lifespan of oil into the 22nd century.

Count on it!

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DanS.

Sooo...they're lying and saying there is more oil than there is...to keep prices low?

......in addition...it's not Exxon or any big oil company making the claims about the oil in Brazil....

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Second Verse, Same as the First

OldManOnFire

Hubbert created his 'peak theory' in the 50's and predicted the 'peak' to be around 1970 only for US oil reserves. Today, some say the world 'peak' will arrive in 2030, while others believe we have already passed the 'peak'...so who is correct? Further, how accurate can the reserve estimates be when the data is based on some science, lots of assumption, and most importantly, politics? And does this data include 'speculative resources' or 'proven resources'? In terms of relevance to mankind's current lifestyle, whenever peak actually does take place, how many more years/decades before the potential crisis is felt?

In all of this scenario around 'peak' oil, I see no relevant data in which anyone should suddenly feel that we are in crisis mode. Actually because of the ambiguity of the theory, it's really quite meaningless. However, at some point in time after 'peak' takes place, which will be years or decades, the additional cost to produce crude oil supplies along with less oil to process, will eventually start driving prices higher and higher with no looking back.

So although 'peak oil' theory is interesting to talk about, and fun to quote, it is meaningless since it is doubtful until long after we have reached peak, that we will know we have actually reached peak. The US will be wise to greatly reduce it's dependence on oil not because of some arbitrary peak theory, or even for global climate changes, the US should do this because it is the most logical and best option...

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Did you know both our problems and the solutions can be found simply by looking in our mirrors...and...Never confuse the extraordinary stuff I think and write with that of a well-balanced person...

Malkavian

Oil will be more expensive, so demand will much reduced, and in transportation virtually eliminated (except the super rich)....
If you eliminate transportation and most of the industry (commodity chemicals) from the below plot, you'll see that the demand will drop dramatically... This will enable the existing supplies to last much longer.


Source

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Woof!

Heretic

In seven years I've not seen oil demand drop at all. It's only increased. And what you'll instead see is increasing debt as a result of buying gas and heating oil.

This still asumes oil for transportation drops, which flies in the face of the trend over the last decades.

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