tag:blogger.com,1999:blog-31086848.post116378960262818208..comments2023-11-20T13:45:09.865-05:00Comments on Oil, be Seeing You: Oil is oil, right? Wrong! All oil is NOT created equal.Richard Embletonhttp://www.blogger.com/profile/17461790218807222949noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-31086848.post-65368481678295382972006-11-22T07:36:00.000-05:002006-11-22T07:36:00.000-05:00With all due respect, reserves are not the issue a...With all due respect, reserves are not the issue as regards peak oil. Production is the issue. Much of those reserve increases are paper increases, not new discovery. We are currently producing and consuming 4 barrels of oil for every new barrel discovered. Discovery peaked over three decades ago. When demand increases to the point that production can no longer keep pace then global economic growth will come to a standstill. It is interesting that OPEC countries still claim the same reserves that they artificially inflated over two decades ago despite having "produced" over 70 billion barrels from those reserves. It has taken over three decades to bring tar sands production to 3 million barrels a day and company after company is changing their tar sands plans because of increasing costs. It will be, IMHO, physical production constraints, not price, that will signal peak. Oil use will decline when production declines, period.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-31086848.post-78331584678398937652006-11-21T18:34:00.000-05:002006-11-21T18:34:00.000-05:00With all due respect, I think you are way off the ...With all due respect, I think you are way off the mark here. For example, oil reserves have increased from about 600 billion to 1.2 trillion barrels in the lasta 10 years when everyone thought they would decrease. They are getting more costly to mine - ultimatley it will be cost not physical exhaustion that will cause oil use to decline (or policy)Justin Andersonhttps://www.blogger.com/profile/05439869598702388710noreply@blogger.com