Oil Discoveries Hit 70 Year Low

[Economy 52,844]

https://www.google.ca/amp/s/oilprice.com/Energy/Energy-General/The-Biggest-Oil-Gas-Discoveries-Of-2019.amp.html

 

Oil discoveries have hit their lowest in 70 years. This year only 16% of consumption was replaced with new discoveries

 

While nowadays with plenty of supply, Environmental concerns over Global Warming is a bigger issue than lack of supply... the continued weak discoveries could cause a Monopoly long term as most smaller producers dry out

 

The top 4 biggest Oil Holders still own nearly half of the known reserves of 1.6 Trillion barrels of extractible reserves with todays technology:

 

Venezuela: 297 Billion Barrels

Saudi Arabia: 261 Billion Barrels

Canada: 175 Billion Barrels

Iran: 149 Billion Barrels

[Conservative Mom 655]

Canada will get the last laugh

[Economy 52,844]

3 minutes ago, MissWing said:

Canada will get the last laugh

Venezuela produces less than we do and have more. Theirs would last the longest

[likeitrough 5,889]

everytime there's a news smart economic thread on GGD i know it's your ass.
you've got like the mind of a master mastermind like that. 

 

[Lord Temptation 11,209]

Time for solar and wind to take over 

[Economy 52,844]

33 minutes ago, Lord Temptation said:

Time for solar and wind to take over 

That will have like 0 impact on oil

 

good for the environemnt tho (if they can fix that gas problem with wind)

[TheSlash 14,539]

I wonder what happened if there was no more oil to find  . In any case, we should switch from oil to renewable resources at least in transportation and fuel industry  .

[Economy 52,844]

49 minutes ago, TheSlash said:

I wonder what happened if there was no more oil to find  . In any case, we should switch from oil to renewable resources at least in transportation and fuel industry  .

Electrict cars would help a lot. Even more important make energy green and renewable otherwise electric cars wont help if electricity is coming from Coal for example which is even worse than oil

 

And if no new Oil was discovered nothing would really happen in the short term. We have ample supply. The new reserves we can now extract more than compensate for lack of discoveries 

 

For example Canadas Oil Sands oil reserves and US Shale reserves werent added because they were discovered. We’ve known it was there for a long time. But now that technology can economically extract it, some of the oil there now counts as reserves (most still doesnt, in the future it could be)

 

anyway if we continued to consume a lot and never finding any new one eventually wed hit “peak oil” which is when Earths production would hit a maximum and then terminally gradually decline

 

We would have time to learn to depend on it less and less tho. Once peak Oil happens, we would still be producing Oil decades after that in theory, but just a lot less

 

It would keep declining until it made no economic sense to extract anymore once say u got to deposits that were so hard and expensive to get at that no customer would ever pay for that barrel of oil

 

We will never technically run out if oil. There will always be oil in place that doesnt even count as reserves because its either impossible to extract or it would just cost way to much to and would never be worth the effort and capital to get it

 

Here in Canada we have an estimated 1.7 Trillion to 2.5 Trillion barrels of oil in the Oil Sands alone... Only about 10% of that oil is considered economic and easily enough extractible to count as official reserves

 

Some is too deep in the dirt or in areas of the dirt where its densitiy is too low to make economic sense to get it. So we know the Oil exists, but until either extraction technology greatly improves or oil got insanely expensive, that oil wont count as reserves because in todays circumstances theres no way that oil would ever be developed!

[Lord Temptation 11,209]

11 hours ago, Economy said:

That will have like 0 impact on oil

 

good for the environemnt tho (if they can fix that gas problem with wind)

Supply creates it’s own demand. Once solar+wind reach a certain level of market capture, economies of scale via new technologies increase the efficiency of production. The relative price goes down as more and more satellite industries evolve to deal with streamlining costs. Remember that dependancy on oil means oil supply shocks like as in the 70s, as well as fragility because of the risk of war and civil disturbance in those countries abundant in fossil fuels.

Emerging economies and small to medium sized countries are leading the way with solar+wind because they don’t have the oligopolistic congolomerates in bed with energy policy cronies. For example, the Sahara desert has enough solar energy to power Europe. Australia has enough solar to power 500 million people. The efficiency will progress as demand forces companies to become more efficient. Right now the demand is not there yet.

[Lilmonzter 2,864]

Renewable energy sources 

Or 

Nuclear power 

[Economy 52,844]

9 hours ago, Lord Temptation said:

Supply creates it’s own demand. Once solar+wind reach a certain level of market capture, economies of scale via new technologies increase the efficiency of production. The relative price goes down as more and more satellite industries evolve to deal with streamlining costs. Remember that dependancy on oil means oil supply shocks like as in the 70s, as well as fragility because of the risk of war and civil disturbance in those countries abundant in fossil fuels.

Emerging economies and small to medium sized countries are leading the way with solar+wind because they don’t have the oligopolistic congolomerates in bed with energy policy cronies. For example, the Sahara desert has enough solar energy to power Europe. Australia has enough solar to power 500 million people. The efficiency will progress as demand forces companies to become more efficient. Right now the demand is not there yet.

What i meant was not much oil is used for electricity. Its mostly Coal and Natural Gas

 

Oil is mostly transportation and then products like: asphalt, shingles, paints, plastics, some types of glue, beauty products etc

 

something like electric cars would have an impact on oil demand

 

but the solar and wind your talking about would impact Coal and Natural Gas more. Only a handful of Oil Power Plants exist. Its not a very common form of producing electricity

[Economy 52,844]

9 hours ago, Lilmonzter said:

Renewable energy sources 

Or 

Nuclear power 

Bill Gates Nuclear Power...

 

Oh wait the Trade War killed it... Thanks Trump

 

[Lord Temptation 11,209]

1 hour ago, Economy said:

What i meant was not much oil is used for electricity. Its mostly Coal and Natural Gas

 

Oil is mostly transportation and then products like: asphalt, shingles, paints, plastics, some types of glue, beauty products etc

 

something like electric cars would have an impact on oil demand

 

but the solar and wind your talking about would impact Coal and Natural Gas more. Only a handful of Oil Power Plants exist. Its not a very common form of producing electricity

Sorry boo, I guess I was referring to fossil fuels as a whole rather than oil specifically, and with their aggregate use rather than how they are used between industries. 

I hope electric cars, driverless cars and mass transit cable cars takes off. And with regards to all the consumables that use oil and it’s derivatives (especially plastics, especially microplastics) well that will be harder to reduce. People just need to use less. Sadly we are in an age of disposability, where perfectly good things are thrown out because they’re not new anymore. It will take a massive cultural shift to get more people to spend less on things they don’t need.

[Economy 52,844]

Just now, Lord Temptation said:

Sorry boo, I guess I was referring to fossil fuels as a whole rather than oil specifically, and with their aggregate use rather than how they are used between industries. 

I hope electric cars, driverless cars and mass transit cable cars takes off. And with regards to all the consumables that use oil and it’s derivatives (especially plastics, especially microplastics) well that will be harder to reduce. People just need to use less. Sadly we are in an age of disposability, where perfectly good things are thrown out because they’re not new anymore. It will take a massive cultural shift to get more people to spend less on things they don’t need.

Yeah np. I totally agree with ur last point. Our economic ststem is built on constant consumption and replacing things for a new version and thats a problem

 

But yeah, green electricity would displace mainly Coal and Natural gas while electric cars would displace Oil. Combine fossil fuels as a whole would drop considerably 

 

The burning of fossil fuels is the worst at least for climate change. Many people dont know this but Coal is still responsible for the highest amount if CO2 emissions (despite the common belief that its oil) green electricity to shut down Coal plants, that alone would help a lot. Many Countries already have

 

As for Oil, transportation is the worst for emissions from oil cause we are straight out burning it. Other products we use from oil isnt as bad for the environment at least in terms of emissions although waste has other problems

 

But a shift to decarbonization wont eliminate need for oil because we use it for so many things. So i think theres a bit of ignorance for people who want to shut down Oil Industry entirely on the grounds that with green electricity and electric cars we wont need Oil Industry and thats simply not true

 

Forecasts estimate peak Oil Demand will occur between 2030 and 2040. Gasoline demand should start falling any year now but the reason overall oil consumption is expected to keep rising until then is because the decline in gasoline demand this coming decade is not exoected to be enough to offset the increased Oil use for other things like heavier forms of transportation (trucks, planes, boats) as well as petro-chemicals and products

 

And even when it starts to fall after 2030-2040, it will probably not be a drastic fall. By the time the world goes fully electric in cars our consumption for other things will have risen a lot too largely offseting declines in gasoline demand

 

In otherwords, there will be high demand for Oil for years thi come... the industry may slow down in growth and even shrink a little within a decade or two but it wont die anytime soon

 

Some even think demand might temporarily drop when electric car use is growing at its most agressive pace but Oil Consumption will resume growth once switch to electric cars is complete and other uses continue to grow

[Emvee 8,827]

Venezuela and Iran? It’s no wonder the U.S. is always so concerned about those countries and on the verge of a military intervention.