Oil Discoveries Hit 70 Year Low

[Economy 52,935]

9 minutes ago, Postboy said:

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.  

Meh. Maybe in the past it had something to do with it now

 

But the US with the fracking boom now produces over 60% of its own supply...

 

The rest of the less than 40% remaining come mostly from Canada and followed by Mexico at #2 and after that its Saudi Arabia at #3 

 

Very little oil comes to the US from Venezuela now and from Iran i think imports from there were outright banned

 

Also they are not among the biggest producers.

 

#1 USA: 12.3 Million Barrels a day

#2 Russia: 11 Million Barrels a day

#3 Saudi Arabia: 9.6 Million barrels a day

#4 Canada: 5 Million barrels a day

 

Iran and Venezuela both produce only like 1.5 Million. They may have large reserves but they both have sanctions to deal with and capital problems to develop the resource

 

I think even the small Country of Norway is producing more than Iran or Venezuela right now

[Lord Temptation 11,209]

45 minutes ago, Economy said:

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

So true, and my country Australia is one of the biggest coal producers and exporters, which is lame. I don’t think the need for oil will ever be fully substituted with some alternative. I think our lifestyles just have to change, the way we live in cities, the concept of ownership and public/private. As Captain Planet once said, reduce, reuse and recycle. Buy less, share more. Live closer to each other. Decentralise our dependancies. We need to change how we see ourselves and how see our community.

I sometimes have this daydream scenario of masses of people just one day deciding to quit their jobs and go for a walk (like in Forrest Gump, but walking not running). I feel everything we do and possess is a substitute for something deeper that we miss, like a connection to our community. Like a peaceful protest that just consumes the entire planet. Where we stop worrying about the future and the past and just focus on what’s around us. Oh well, a boy can dream.

[Emvee 8,846]

16 minutes ago, Economy said:

Meh. Maybe in the past it had something to do with it now

 

But the US with the fracking boom now produces over 60% of its own supply...

 

The rest of the less than 40% remaining come mostly from Canada and followed by Mexico at #2 and after that its Saudi Arabia at #3 

 

Very little oil comes to the US from Venezuela now and from Iran i think imports from there were outright banned

 

Also they are not among the biggest producers.

 

#1 USA: 12.3 Million Barrels a day

#2 Russia: 11 Million Barrels a day

#3 Saudi Arabia: 9.6 Million barrels a day

#4 Canada: 5 Million barrels a day

 

Iran and Venezuela both produce only like 1.5 Million. They may have large reserves but they both have sanctions to deal with and capital problems to develop the resource

 

I think even the small Country of Norway is producing more than Iran or Venezuela right now

Whether Venezuela and Iran are capable of producing as much as other countries right now is irrelevant to my point. They still hold the top 4 of the biggest reserves in the world. The potential to extract the resource in those countries is still high. Very little comes from Venezuela and Iran at the moment for obvious reasons. The American corporate interests are not going to say no to a situation that would privatize their oil industries. 

[Economy 52,935]

3 minutes ago, Postboy said:

Whether Venezuela and Iran are capable of producing as much as other countries right now is irrelevant to my point. They still hold the top 4 of the biggest reserves in the world. The potential to extract the resource in those countries is still high. Very little comes from Venezuela and Iran at the moment for obvious reasons. The American corporate interests are not going to say no to a situation that would privatize their oil industries. 

If u mean as a long term interest maybe... i dunno

 

But Canada is at #3 for reserves and the US has made it difficult to expand pipelines and increase exports there

 

if the US makes it difficult for Canada to export more oil there when we have such huge reserves and a good relationship...

 

why focus on other Countries like Venezuela and Iran for supply?

 

unless they want to control the supply in a way they know they wouldnt he able to in Canada thats the only explanation i can think of

 

Actually some new technologies to increase recovery rates in Oil Sands may almost double our proven reserves to 315 Billion barrels which would put Canada at #1 in the world but until the technology is proven and used commercially the reserves wont be upgraded from the current number

[Economy 52,935]

42 minutes ago, Lord Temptation said:

So true, and my country Australia is one of the biggest coal producers and exporters, which is lame. I don’t think the need for oil will ever be fully substituted with some alternative. I think our lifestyles just have to change, the way we live in cities, the concept of ownership and public/private. As Captain Planet once said, reduce, reuse and recycle. Buy less, share more. Live closer to each other. Decentralise our dependancies. We need to change how we see ourselves and how see our community.

I sometimes have this daydream scenario of masses of people just one day deciding to quit their jobs and go for a walk (like in Forrest Gump, but walking not running). I feel everything we do and possess is a substitute for something deeper that we miss, like a connection to our community. Like a peaceful protest that just consumes the entire planet. Where we stop worrying about the future and the past and just focus on what’s around us. Oh well, a boy can dream.

Too bad trying to change it now would be so distuptive and damaging the economy woukd go thru a serious painful transition that could last a lifetime

 

if only from the beggining of the industrial revolution things had been organized differently

 

we can produce many times more now with a fraction of the labor required 200 years ago. We should all be super wealthy and able to work only 3 or 4 hours a day with the level of productivity were capable in the 21st century

 

but the more techbology advances the more complicated modern life gets and the more stuff we need to function in it which wipes out our income gains and we remain struggling anyway

 

incomes have surged since industrial revolution but so have our bills to function in modern society

 

we need to pay for cellphones, internet, electricity, a lot of taxes to fund modern healthcare services etc

 

We have become so wealthy in terms of our standard of living vs in the past but at the same time were poor because these things which were suppostu inhance our lives have become so integrated with how we do things that they no longer are an option. They arent luxuries, they are now bills to pay as part of normal life

 

the current economic system will ensure that no matter how advanced we get, no matter how much automation may surge our productivity, we will always be introduced new things that overtime become necessities and have to pay for

 

we are wealthy yet were poor. A person 200 years ago might go in awe looking at our cushy standard of living and the stuff we gave and not understand a lot of it is non-optional and were practically forced to buy and pay for this stuff

 

And thats not gonna change

 

if the economic model doesnt change, i garantee u 100 years from now the middle class will have even more stuff than now yet will still be struggling to get buy and paying their bills

[Lord Temptation 11,209]

44 minutes ago, Economy said:

Too bad trying to change it now would be so distuptive and damaging the economy woukd go thru a serious painful transition that could last a lifetime

 

if only from the beggining of the industrial revolution things had been organized differently

 

we can produce many times more now with a fraction of the labor required 200 years ago. We should all be super wealthy and able to work only 3 or 4 hours a day with the level of productivity were capable in the 21st century

 

but the more techbology advances the more complicated modern life gets and the more stuff we need to function in it which wipes out our income gains and we remain struggling anyway

 

incomes have surged since industrial revolution but so have our bills to function in modern society

 

we need to pay for cellphones, internet, electricity, a lot of taxes to fund modern healthcare services etc

 

We have become so wealthy in terms of our standard of living vs in the past but at the same time were poor because these things which were suppostu inhance our lives have become so integrated with how we do things that they no longer are an option. They arent luxuries, they are now bills to pay as part of normal life

 

the current economic system will ensure that no matter how advanced we get, no matter how much automation may surge our productivity, we will always be introduced new things that overtime become necessities and have to pay for

 

we are wealthy yet were poor. A person 200 years ago might go in awe looking at our cushy standard of living and the stuff we gave and not understand a lot of it is non-optional and were practically forced to buy and pay for this stuff

 

And thats not gonna change

 

if the economic model doesnt change, i garantee u 100 years from now the middle class will have even more stuff than now yet will still be struggling to get buy and paying their bills

Yeah, the model sucks. People don’t realise how much wealth and power they have, compared to even a generation ago. Because we’re always comparing ourselves to celebrities with the illusion of the perfect life.

You may be right with your prediction about a hundred years from now. But if (and it’s a big if) we stopped coveting the elites - who pretend they have everything we want - and focused more on wanting the things we have rather than having the things we want, then anything could happen. Revolutions can be peaceful. They just require love (not hate) and self-sacrifice.