What is Digg?143 Comments
- frem001, on 10/12/2007, -24/+109in other news: mexico caught red handed with weapons of mass destruction
- Rexozord, on 10/12/2007, -19/+41Actually, this could be detrimental. Allow me to explain myself.
First, 10 billion barrels really isn't that much considering current consumption levels. The United States alone consumes more than 20 million barrels of petroleum per day, (actually closer to 21 million) meaning they consume more than 7.3 billion barrels annually. Thus, if we could get all of the oil out of the ground fast enough, the US alone could consume it all in a year and a third. It would be consumed in less than a year by the entire world.
Second, how much oil will actually come out of the well is not the same as what the well contains. Most oil pumps use pressure to get the oil out of the ground and into the pipes, but an oil well can only take so much pressure before cracking. The less oil in the well, the more pressure necessary. Thus, the actual production of the well will be less than 10 billion.
Third, this will cause a decrease in gasoline (and other petroleum based substances) prices. Yes, this is bad. If gasoline prices decrease, consumption will increase because it will be less strenuous on the budget to use more gasoline. This will cause world consumption of petrol to go up, which will more rapidly decrease its supply which will soon reach peak production.
Fourth, assuming the third, it will increase the national trade deficit because, as consumption would rise, so would our imports of refined petroleum products. (Realize that the oil field belongs to Mexico and not the US) We are currently producing and refining crude oil at near 100% capacity, and so, with an increase in consumption, an increase in the trade defecit must occur.
Thus, no digg. - ThePhilomath, on 10/12/2007, -21/+40In other news, president Bush reinforces long term friendship / declares war with Mexico.
- inactive, on 10/12/2007, -9/+26There's so many illegal aliens here that don't speak a word of English, I'm pretty well convinced Mexico has already invaded the USA.
- adolfojp, on 10/12/2007, -2/+18We already did. Where do you think that the southwest of the USA came from.
- padrebuf, on 10/12/2007, -3/+15we aren't raping mexico. the article said that oil is 1/3 of mexico's income. it's not like we're stealing it.
- boredzo, on 10/12/2007, -4/+16in other news, all alternative-fuel projects have died. again.
- lbermude, on 10/12/2007, -1/+12+22 digs for things like this???:
"Second, how much oil will actually come out of the well is not the same as what the well contains. Most oil pumps use pressure to get the oil out of the ground and into the pipes, but an oil well can only take so much pressure before cracking. The less oil in the well, the more pressure necessary. Thus, the actual production of the well will be less than 10 billion."
What are you talking about?????? What a bunch of BS!!!
I guess that tells a lot about the digg crowd.
An oil well does not contain anything. its just a hole in the ground. The reservoir is the one that contains the oil and wells are drilled trough the reservoir. Is not a single "well".
What oil pumps are you talking about? And what kind of pump would use pressure? the pumps use to extract oil from oil reservoirs are used mainly on shore. There are mechanical rod pumps (like the ones most are familiar with) that have a horse-head structure and move up and down. the head moves up and down and pushes a rod that goes downhole and operate a simple piston pump. So they use mechanical energy which can come from and electric or a gas engine.
Other pumps use an impeller connected to a electric motor and are placed downhole. Those are called ESP or electrical submersible pumps. In that case an electric cable is run from the surface to the bottom of the hole where the pump is. In this case is electricity that pumps the oil out of the ground.
Those are the two main types of pumps used. However, this mexican field is offshore so is not possible to use rod pumps or ESP due to logistics. Offshore fields are most of the time natural producers, which means that the wells dont require any pumps.
And about that whole story about "but an oil well can only take so much pressure before cracking" makes my head hurt. Its true that you can "crack" or hydraulic fracture a well, but that is done intentionally to some low productivity wells to improve the oil production. - Godel, on 10/12/2007, -8/+19Your first and second points don't contribute at all to the detriment argument. There's no reason to think that a small continuance of current production instead of no continuance of current production would be detrimental.
Your third argument is based on false assumptions. Oil is controlled by price fixing cartel economics, not supply and demand economics. Although Mexico is not part of the cartel, they are able to benefit from it by keeping their prices at the price determined by the cartel without fear of being undercut.
Thus, your fourth argument is wrong because it was based on an invalid assumption.
Thus, this is not in any way detrimental. It may not be positive, but not positive doesn't mean negative. - Xiol, on 10/12/2007, -2/+12Don't worry too much about it. When oil runs out people will feel like right idiots for not investing in alternative forms of transport (or production).
- bonlebon, on 10/12/2007, -0/+10FYI most of Mexico's oil production is for their own consumption, another thing is these news are based on speculation, for instance, Shell got to admit a reduction in their reserves because most of them were not possible to produce.
Throw in a hurricane and those drilling rigs in the gulf coast will go belly up. Don't claim victory or relief yet. - TopherT, on 10/12/2007, -2/+12All things on this planet are finite, certainly peak oil has been hyped, but think of the possibilities of decreased production of oil. Competition for one, our entire economy is based on oil; transportation of all our goods, our food, us. If oil became significantly scarcer there is little doubt that the US would likely go into cold war mode with China and/or Europe over whatever is left over. World War III anyone?
I for one am glad to see that we have an extra year or so before peak oil hits, now if only we could mobilize the economy to limit the damage when it does come... - brainwashed, on 10/12/2007, -3/+12bn = billion
- allenu, on 10/12/2007, -5/+13The world uses about 85 million barrels a day, so this gives us another 100 days before we run out.
- MrMysterious, on 10/12/2007, -0/+7Of course finding this huge oil field doesn't mean that gas prices will go down tomorrow...of course if anything negative happens gas prices go up the next day.
- TopherT, on 10/12/2007, -3/+9I cry for the uneducated who speak truth through ignorance.
- existent, on 10/12/2007, -4/+10The higher the cost of oil the better, because it will reduce relative consumption and at the same time increase the incentive to develop alternate technologies.
- lechatron, on 10/12/2007, -7/+13"whats worse is that humans are like viruses that eat and never give back"
What are you talking about? I take a crap at least once a day, that's giving back, isn't it? - allenu, on 10/12/2007, -5/+11Oops, can't do math. It gives us another 3 or so years. :-) 85 billion = 85 million x 1000
- royeiror, on 10/12/2007, -0/+6the article said something to the well being 60 or so miles off the coast, i think that's still continental waters
- VoraciousPanda, on 10/12/2007, -4/+10This will only delay the inevitable energy catastrophe. The only way to prevent it is to both come up with a new, rapidly scalable energy resource and to minimize our hunger for oil. Both of these things, of course, won't happen until we're already screwed.
- WackyT, on 10/12/2007, -8/+14I wonder how many of the Bush bashers here drive < 35 MPG vehicles with < 2 people in the vehicle?
- LeFrenzy, on 10/12/2007, -2/+8Dear Gaboon,
please do not reflect your knowledge of our importation of petroleum goods based on little news article. Read a few books that will explain to you how volatile the situation is. While our top 3 importers are Mexico, Canada, and Venezuela, the Saudis are the ones who really control the market. We depend on their ability to mass produce extra millions of barrels of oil when the ***** hits the fan (see 9/11, and how the extra barrels around that time saved the world economy from exploding). I suggest you start with Robert Baer's "Sleeping with the Devil". - smarusich, on 10/12/2007, -5/+10mexico has been aware, as have many major petrolium companies, of this reserve for quite some time. i'm kind of surprized this is making the news. i first heard about this reserve 4 years ago.
- Qubous, on 10/12/2007, -0/+5But it is only 10bn so you were right the first time. 100 days using your numbers.
- recursive, on 10/12/2007, -1/+6>Peak oil is a non-issue because we are not stuck using cars made in the year 2000 at 30mpg of "fossil" fuel from now until the end of time. Soon it will be 50, 100, 200, 1000, etc.
A gallon of gas contains a maximum amount of theoretical energy. There is a limit to how much energy can be generated by burning a gallon of gas. Imagine a driver who weighs 200 lbs. There is a theoretical minimum amount of energy it takes to move him up a given hill. Therefore, there is a theoretical mpg. - Barlo_Mung, on 10/12/2007, -7/+11I move that we rename the "Gulf of Mexico" the "Gulf of Texas" and claim stake to it.
Who's with me?!? - inactive, on 10/12/2007, -4/+8"When oil runs out people will feel like right idiots for not investing in alternative forms of transport"
Oil's been on the verge of running out for 25 years, but the world known reserves somehow keep growing. Forgive me if I'm skeptical. Peak oil! Peak oil! Oh, oops, I'll sound the alarm again later, with or without any proof, and definitely without recognizing I've been wrong for 25 years.
Second, I would feel more idiotic spending more money for a fuel than I have to. If biodiesel, or hydrogen, or ethanol, or whatever, was actually cheaper in reality (without subsidies), I'd be in a long line with everyone else. But until then, I'll use oil, because it's the cheapest thing available. It's called being rational. - jmiller520, on 10/12/2007, -0/+4More importantly, how many drive more than 10 miles every day?
I'd say living close to where you work and shop saves more gas than just having a more efficient vehicle - inactive, on 10/12/2007, -1/+5Or they'll freez to death during winter because there will be no more heating oil.
- isthisme2, on 10/12/2007, -0/+4Oil production follows a predictable curve, peak oil production means were near a theoretical 'peak' to that curve. Your right, were not running out of oil... the world is slowly running out of cheap oil. There will be oil in the ground... long after economics has rendered it's retrieval completely pointless. Not sure that counts as duped?
- dnder, on 10/12/2007, -4/+7Wow, shows what a complete uneducated fool you are. Before you speak you should check your facts. The vast majority of the scientific community believes that global warming is occuring and it is cause by humans. Who the ***** are YOU to disagree with the scientific communities of the world huh?
- inactive, on 10/12/2007, -0/+3tuxidomasx:
Do you have a car? Do you have a job? Do you have to commute every day to garantee food on the table for your family? I didn't think so...
Alot of people may be saying 'the oil prices arent that bad' or 'the price should be increased to encourage alternative forms of trravel' but that is insane. My commute to work can not be done by bus, train, bike, or walking. My car isn't a gas hog, but its not great on gas either (15city up to 24mpg on highways). I own this car simply because it is all that I can afford. I can not remember the last time I have worked less than 50 hours in a week. And in my entire working life, I have only taken 1 vacation (spent 4 days in Oregon).
So, I am already spending 50 a week on gas (that is if i only drive to/from work, never run to the store, never go on a car trip, etc) That is 200 dollars a month, which granted may not seem like much.... But when you combine the fact that at best, I manage to put only a 200 bux or so into savings at the end of the month, if the gas prices go up again..... bye bye savings. I don't buy extravogant things, I dont splurge, I goto work and home, thats it... no spending on entertainment.
Im not saying 'let me cry on your shoulder' I am simply saying, there are a LOT of people like me, working their asses off, and just barely getting by. If you raise the price of something so needed like gas, You will SEVERELY damage many families. - merlyn, on 10/12/2007, -1/+4"Peak oil" is a myth. Google for "Eugene Island 330" and read http://en.wikipedia.org/wiki/Abiotic_petroleum for some interesting information. Seems that the earth can just churn out more oil as needed, or at least we're not sure how oil actually got there anyway.
- Opiate, on 10/12/2007, -1/+4Guys peak oil means peak oil production, we aren't running out of oil, they just can't refine it fast enough by design so they can make more by selling less thanks to gov regulation of the "free market". You guys are so duped it's not even funny.
- recursive, on 10/12/2007, -2/+5My vehicle doesn't run on gasoline or have room for more than one person. I bike. In fact, I'm about to ride 10.4 miles to work in the midst of a winter weather advisory.
- existent, on 10/12/2007, -3/+5All the naysayers are wrong and will always be wrong because they are not including future advances made in technology. Peak oil is a non-issue because we are not stuck using cars made in the year 2000 at 30mpg of "fossil" fuel from now until the end of time. Soon it will be 50, 100, 200, 1000, etc. The higher the cost of gas gets the more incentive there is to develop better and more efficient uses of the available resources. It's happened in the past and it'll keep happening.
- tonage, on 10/12/2007, -1/+3@goffy
Did you forget your meds this morning? - Alexalamode, on 10/12/2007, -13/+15Yes, this is true. Though still, no matter how big it is, the first thing in my head was "Good.. Another country for us to rape for their resources.. At least they are close this time"
No matter how much we find, we can't stop the inevitable. Just delay it a generation, but it doesn't look like that's going to happen. And when the oil cartel (Ok, it isn't quite.. But still) has so much power and so many friends..
Excuse my pessimism. - santaclaws, on 10/12/2007, -2/+4Peak Oil skeptics need to give it up. Rather than try to convince you why, just read the facts for yourself. This is a US Army report from 2005:
http://stinet.dtic.mil/oai/oai?&verb=getRecord&metadataPrefix=html&identifier=ADA440265
Quote:
World oil production is at or near its peak and current world demand exceeds the supply. Saudi Arabia is considered the bellwether nation for oil production and has not increased production since April 2003. After peak production, supply no longer meets demand, prices and competition increase. World proved reserve life-time for oil is about 41 years, most of this at a declining availability. Our current throw-away nuclear cycle will consume the world reserve of low-cost uranium in about 20 years. Unless we dramatically change our consumption practices, the Earth’s finite resources of petroleum and natural gas will become depleted in this century. Coal supplies may last into the next century depending on technology and consumption trends as it starts to replace oil and natural gas. We must act now to develop the technology and infrastructure necessary to transition to other energy sources. Policy changes, leap ahead technology breakthroughs, cultural changes, and significant investment is requisite for this new energy future.
Time is essential to enact these changes. The process should begin now. - mckinnej, on 10/12/2007, -0/+2I wish like hell that I could! Most companies still want to see your miserable face before they will give you a paycheck. I can't think of one single thing that I do at work that I couldn't do from home, the park, or, egads...India! Yes, stupid, but that's reality. I could save a staggering amount of money by working from home. It could even afford to share those savings with the company too. I've done the numbers and I could take a $10K/year cut and still come out ahead. The problem is old-school behaviors and lack of trust. The managers assume that since they can't see you, you must be screwing off. Is it just human nature?
- CosmicJustice, on 10/12/2007, -0/+2Mexico exports 1.8 million barrels a day.
- g30ph, on 10/12/2007, -0/+2I'm still hoping the earth naturally produces oil. There is an ongoing debate about whether oil is a fossil fuel or the earth naturally produces it somehow. I don't think there is any direct evidence that the dinosaurs turned into oil, it's just an assumption. If it's not a fossil fuel, there can't be any peak oil. We just have to wait for more. Either way hopefully we'll all be driving on corn within the next 10-20 years. Then the gov't can stop paying those guys to not grow corn.
- hockeygoon, on 10/12/2007, -1/+3There ya go. A few more barrels to keep the western fatties in their cars for a few years. I often wonder what will happen when/if it runs out. 3rd world countries that are used to using things like bicycles to get around will mock the heart attack ridden west when they first try to cycle tot he market.
- punisher18, on 10/12/2007, -0/+2stupid poster peak oil isnt real!! http://www.thermaldepolymerization.org/
we can make our Oil from our land fills ...we can make oil from ANYTHING but nuclear waste.
its called : Thermal Depolymerization
the only reason why this hasnt gained attention is because all the higher ups like us shelling out huge amounts of money so they can become richer!
cast away the blind folds an say hello to the energy crisis solution!! - ocularsinister, on 10/12/2007, -0/+2allenu: You assertion may indeed be correct, but there certainly is good reason for them to undercut OPEC prices. Would you buy oil at $60/barrell if Mexico was selling at $50/barrell? Indeed, I believe that Russia was undercutting OPEC prices for a while last year...
- tastypastry, on 10/12/2007, -1/+3We definitely need to raise the cost of gas in this country. We as Americans take oil for granted. We expect to pay half of that of Europe. Americans (not all) but most are just getting fatter and lazier. Have you noticed how many fat kids you see nowadays. Its terrible. Although I do live in the fattest city in the US (Houston).
- anagami, on 07/02/2008, -1/+3yey! some more months before Peak Oil!
- matthiasgoodman, on 10/12/2007, -1/+2I'm not so sure about that, I have a friend that used to own a few gas stations and he says that it was much more profitably when prices were lower.
Not to be demeaning or anything, but this kind of thinking could be one of the reasons he works at a gas station. - Beanlover, on 10/12/2007, -5/+6Everyone please block johnjoseph12 for spamming these stupid links in all the frontpage stories.
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