obsoleteaccount (88.55)

obsoleteaccount's CAPS Blog

Peak Oil

Recs

6

Report

July 22, 2010 – Comments (8) | RELATED TICKERS: USO , DBO , XOM

Does it exist, does it not exist, will it be years decades or centuries, will oil be taken over from electricity soon, will oil be around forever?

I would like to hear what some of you fools have to say about this.

8 Comments – Post Your Own

#1) On July 22, 2010 at 12:45 AM, SockMarket (97.58) wrote:

oil won't be around forever, its finite. After that it's anyone's guess.

Since it has proven true on a country by country basis I would say that peak oil is real. I would also guess, based on the lack of easily developable properties (very few left) and the lack of growth in production over the past 5ish years in reaction to extraordinarily high prices that we are somewhere on the "plateau" where production is about flat. Either growing a little or shrinking a little, but not doing much of anything on a long term basis.

Report this comment

#2) On July 22, 2010 at 1:25 AM, starbucks4ever (99.56) wrote:

The stone age did not end because we ran out of stones.

Report this comment

#3) On July 22, 2010 at 1:46 AM, WallstreetKnight (33.49) wrote:

The way the Gulf is looking you'd think we'd put that adage to the test.

Kidding of course.

Report this comment

#4) On July 22, 2010 at 1:52 AM, obsoleteaccount (88.55) wrote:

So how was that handled? Going long future stone contracts?

Report this comment

#5) On July 22, 2010 at 6:49 AM, ralphmachio (28.23) wrote:

We won't use electric until every bit of profit is taken from the ground, and by then, it won't matter. Most people don't even know that hemp fuel can run a car. Utilizing hemp, CO2 would be negated through the production of more fuel.

Peak oil is a little hard to believe considering what we just found in the Gulf of Mexico. It is easier to believe that we just hit our first artery, and up til now we have been hitting veins, and subcutaneous reserves. 'Peak oil' was a tool used to move large sums of money from our wallets to the bankers and oil companies. Luckily, I have been on the right side of that stupid trade...

I believe oil will continue to drop in price, and spike when tension in the middle east seems ready to overflow, maybe in the late summer/fall.

I wonder how much longer their will be a market to trade oil in, as socialism seems to be the path that is being laid out. I wonder, will we all get free electric cars, and a solar powered garage? A wonderful future, indeed.

Report this comment

#6) On July 22, 2010 at 7:50 AM, OneLegged (< 20) wrote:

I have a friend who is a senior petroleum engineer (company?). He travels all over the world helping to develop oil fields. He's been in the industry for nearly 30 years. He told me one night two years ago while sitting around a campfire, when I posed that same question to him, that we had "Undoubtedly" already passed peak oil.

Report this comment

#7) On July 22, 2010 at 8:28 AM, obsoleteaccount (88.55) wrote:

#5, What do you mean by "by that time it won't matter" ?

Report this comment

#8) On July 22, 2010 at 9:04 AM, ralphmachio (28.23) wrote:

Let's just say that the world I know is changing at an alarming rate, and not for the better. Or, maybe for the better, but it won't be fun to be around during the period that precedes. What do you think I am, some dude in a pointy hat writing quatrains in my mom's basement? I don't know the future! But, a have some ideas of what we will see, and sky high oil prices is one of them. So, yeah, I think oil is a good investment. Question is, how long will our currency be worth anything?

My order of bubbles is Dollar, oil, gold, guns/ammo, water, unscorched Earth, God, back to tulips again.

Report this comment