For anyone who really wants to know what is behind our high fuel
costs, here is an excellent and highly detailed piece of research that
points the way:

http://www.theoildrum.com/node/2470#more

From comments at the Wall Street Journal energy blog:
========
If you have not gone to the oil drum and taken a look at the post
referenced, written by Stuart Staniford, by all means do so.
It is an extremely involved work of research, and indicates a growing
consensus among outsiders (non oil company and Aramco experts) that
Ghawar, the largest oilfield in the world is either peaked, or very
close to it. If one accepts the view of Stuart and others, after VERY
involved analysis on their part, we are seeing a drop in production
now, and one that will grow to critical levels within 7 to 10 years.
=======

On Mon, 14 May 2007 23:22:17 -0400, Wayne.B
wrote:

For anyone who really wants to know what is behind our high fuel
costs, here is an excellent and highly detailed piece of research that
points the way:

http://www.theoildrum.com/node/2470#more

From comments at the Wall Street Journal energy blog:
========
If you have not gone to the oil drum and taken a look at the post
referenced, written by Stuart Staniford, by all means do so.
It is an extremely involved work of research, and indicates a growing
consensus among outsiders (non oil company and Aramco experts) that
Ghawar, the largest oilfield in the world is either peaked, or very
close to it. If one accepts the view of Stuart and others, after VERY
involved analysis on their part, we are seeing a drop in production
now, and one that will grow to critical levels within 7 to 10 years.
=======

Interesting - hard read, but he makes a good case for it.

Looks like we'll just have to invade Canada and take over their oil
sands fields.

And start working on the oil shale fields in Wyoming.

Wayne.B wrote:
For anyone who really wants to know what is behind our high fuel
costs, here is an excellent and highly detailed piece of research that
points the way:

http://www.theoildrum.com/node/2470#more

From comments at the Wall Street Journal energy blog:
========
If you have not gone to the oil drum and taken a look at the post
referenced, written by Stuart Staniford, by all means do so.
It is an extremely involved work of research, and indicates a growing
consensus among outsiders (non oil company and Aramco experts) that
Ghawar, the largest oilfield in the world is either peaked, or very
close to it. If one accepts the view of Stuart and others, after VERY
involved analysis on their part, we are seeing a drop in production
now, and one that will grow to critical levels within 7 to 10 years.
=======


No offense, but it's just another rationalization for "big oil"
producers and refiners to put the screws to us now and in the future.

On Mon, 14 May 2007 23:22:17 -0400, Wayne.B wrote:

For anyone who really wants to know what is behind our high fuel costs,
here is an excellent and highly detailed piece of research that points
the way:

http://www.theoildrum.com/node/2470#more

From comments at the Wall Street Journal energy blog: ========
If you have not gone to the oil drum and taken a look at the post
referenced, written by Stuart Staniford, by all means do so. It is an
extremely involved work of research, and indicates a growing consensus
among outsiders (non oil company and Aramco experts) that Ghawar, the
largest oilfield in the world is either peaked, or very close to it. If
one accepts the view of Stuart and others, after VERY involved analysis
on their part, we are seeing a drop in production now, and one that will
grow to critical levels within 7 to 10 years. =======

Peak oil can only be seen from hindsight, but there are many who study
the issue, that say it is now, give or take a few years. Of the 65
largest oil producing countries in the world, 54 have past their peak of
production.

http://abc.net.au/4corners/special_e...il_mapdata.htm

http://www.energybulletin.net/5655.html

On Tue, 15 May 2007 06:26:30 -0400, HK wrote:

No offense, but it's just another rationalization for "big oil"
producers and refiners to put the screws to us now and in the future.

No offense to you either but the author of the report has no axe to
grind other than getting the story right.

I own stock in most of the major oil companies and every single one
of them is having difficulty replacing their reserves. These numbers
are reported and analyzed in great detail, and it is to a company's
advantage to show an increasing level. Reserves, or oil still in the
ground, are a key measure of corporate valuation. No matter how high
current operating results are, if the reserves aren't there the
profits are considered unsustainable and that is quickly reflected in
the stock price.

Another key measure is the cost of discovering a new barrel of oil.
Those numbers are in a steep increase as the easily developed oil is
used up. No company that expects to stay in business will be selling
their oil for less than the cost of discovery and development.

Time to get a sail boat Harry. We'll all help out with showing you
"the ropes".

Wayne.B wrote:
On Tue, 15 May 2007 06:26:30 -0400, HK wrote:

No offense, but it's just another rationalization for "big oil"
producers and refiners to put the screws to us now and in the future.

No offense to you either but the author of the report has no axe to
grind other than getting the story right.

I own stock in most of the major oil companies and every single one
of them is having difficulty replacing their reserves. These numbers
are reported and analyzed in great detail, and it is to a company's
advantage to show an increasing level. Reserves, or oil still in the
ground, are a key measure of corporate valuation. No matter how high
current operating results are, if the reserves aren't there the
profits are considered unsustainable and that is quickly reflected in
the stock price.

Another key measure is the cost of discovering a new barrel of oil.
Those numbers are in a steep increase as the easily developed oil is
used up. No company that expects to stay in business will be selling
their oil for less than the cost of discovery and development.

Time to get a sail boat Harry. We'll all help out with showing you
"the ropes".


A. I don't believe the accounting reports of oil producing/refining
companies. There are too many ways for them to cook the books. I also
don't give a tinker's dam about oil company stock prices.


B. I learned to sail when I was eight or nine years old, and was
adequate in boat club one design racing until I was 19 years old. I
started out on a Sunfish, and raced BlueJays, Stars and Lightnings
almost every summer. In addition, my father owned an L16, which I sailed
on frequently. I also owned sailboats and chartered sailboats as an adult.

I don't mind sailing on the ocean on occasion, but the wind on the Bay
in the summer is sketchy. And sailing is too much around here.

"Short Wave Sportfishing" wrote in message
...

Interesting - hard read, but he makes a good case for it.

*Looks like we'll just have to invade Canada and take over their oil
sands fields.*

And start working on the oil shale fields in Wyoming.

Why bother...we'll give it to you for a truckload of yankee dollahs... as we
always do.

Harry Krause wrote:

A. I don't believe the accounting reports of oil producing/refining
companies. There are too many ways for them to cook the books. I also
don't give a tinker's dam about oil company stock prices.

AS A LABOR UNION FLACK, YOU ARE DEFINITELY QUALIFIED TO RECOGNIZE COOKED
BOOKS.

B. I learned to sail when I was eight or nine years old, and was adequate
in boat club one design racing until I was 19 years old. I started out on
a Sunfish, and raced BlueJays, Stars and Lightnings almost every summer.
In addition, my father owned an L16, which I sailed on frequently. I also
owned sailboats and chartered sailboats as an adult.

AND OF COURSE, YOU ALSO OWN A WONDERFUL LOBSTER BOAT.

On Tue, 15 May 2007 08:32:59 -0400, HK wrote:

I don't believe the accounting reports of oil producing/refining
companies. There are too many ways for them to cook the books. I also
don't give a tinker's dam about oil company stock prices.

One of the issues with the "oil company conspiracy theories" is that
it diverts attention away from where it belongs and encourages the
notion that there is a quick cure. What is realy needed is a
meaningful energy policy that stimulates development of petro
alternatives while also helping to stem increased demand.

Government subsidies for sailboats!

Wayne.B wrote:
On Tue, 15 May 2007 08:32:59 -0400, HK wrote:

I don't believe the accounting reports of oil producing/refining
companies. There are too many ways for them to cook the books. I also
don't give a tinker's dam about oil company stock prices.

One of the issues with the "oil company conspiracy theories" is that
it diverts attention away from where it belongs and encourages the
notion that there is a quick cure. What is realy needed is a
meaningful energy policy that stimulates development of petro
alternatives while also helping to stem increased demand.

Government subsidies for sailboats!



What? Collusion among the oil/refining companies? What an absurdity!

My comment was not about a conspiracy, but about oil company accounting
practices.