Dude, you just keep posting the same thing over and over...
Yes, I noticed YOU are doing that and without raising any valid information!
1)No, as a Geologist I believe that observable natural processes that can be replicated in a lab are a pretty good indication of reality. Like it or not, Oil is actually a renewable resource and all the indications are that the commonly held belief that it takes hundreds of thousands of years is incorrect.
Well, I don't know about you being a geologist, but it is apparent that your reading & comprehension skills are lacking! the question you responded to above, is the question I put below, in which I plainly asked if you agreed that to "create Oil from natural processes", is hundreds of thousands of years.
1) As a geologist, you would be aware of the time frames, to "create Oil from natural processes", is hundreds of thousands of years.
Why you would then talk about replicated in a lab, is beyond comprehension!
What I am saying is that any none man made Oil (Natural Crude) takes hundreds of thousands of years to be formed and we have drawn down on over half of what are the supposedly known Reserves, in about 150 years!
2) I say again, the term reserve is an economic one, perhaps we will have consumed 50% of the reserves in 150 years time, at $60 a barrel...but what would the reserves look like at $150 a barrel? even if the relationship between resource and reserve was purely linear,(which it just isn't!) it would push out to 300 years and who knows what we'll be getting power from by then? maybe they'll figure out how to make thorium reactors run efficiently....
Again, the question you are responding to was -
2) Depending on who you believe, we have already Consumed over half of the worlds Reserves of Conventional Oil, in around 150 years.
Again, this is Conventional Oil (natural, not man made) & of prime consideration here is that all of the easy to get at, cheap to Produce Reserves were all found quite some time ago, so we are now forced into going into out of the way places, the cost of production is much higher and the size of newer Reserves is much smaller, irrespective of how much we spend.
And, it's not that we may consume half in the next 150 years, WE HAVE ALREADY CONSUMED HALF OF THE KNOWN NATURAL CRUDE RESERVES OVER THE LAST 150 YEARS!
In any event, Production Growth has slowed & now Peaked, which is what has driven prices higher over the last 10 years or so.
Around 1999 a barrel was about $10, it reached $147 before falling to $30 or so, now it's back over $100, but I would suggest that faltering Global Economy & a Decline in Oil Consumption will probably see Oil dip again to around $60-70 a barrel, before it starts its last march upwards to $300, $500, $1000.
Btw, we don't have 300 years, for the thorium reactor issues to be sorted out & they won't drive cars anyway!
3)Look, in the early 80's oil went from $40 a barrel to $80 a barrel. therefore the reserves increased!! do you get it?? The price doubled! A reserve is a quantity of material that can be extracted for less than you can sell it (putting it simply) therefore an increase in cost results in deep wells, offshore difficult wells, politically unstable sites for wells...ect ect...becoming worth exploiting, THIS INCREASES THE RESERVES Do you understand!!?
Again, this is responding to my question -
3) A large portion of the worlds Conventional Oil Reserves are supposedly based in OPEC countries and those countries all arbitrarily increased their Reserves during the 1980's, purely because of jockeying for position on "export quotas".
All I can say, is catch up on history!
THERE WERE NO NEW RESERVES DISCOVERED IN OPEC COUNTRIES, they were simply jockeying for export quotas!
DO YOU COMPREHEND?
4) WTF dude? I used that as an example of known reserves that have at current mining rates, going to be all gone in 10 years time....for the last 40 years...Its an example, as Gold becomes more valuable, lower grade deposits become viable...it's supply and demand. Exactly the same as oil.
Again this is responding to -
4) Gold doesn't fuel the Global Economy, Oil does!
Both Gold & Oil are growing in Price, because of the same reasoning, DEMAND IS GROWING FASTER THAN SUPPLY CAN KEEP UP!
That said, my earlier comment is still valid, "Gold doesn't fuel the Global Economy, Oil does"!
(edit for poor spelling)
Now, I'm off to sign a lease deal...I think I'm gonna drive my V8....
Btw, you do know there is a spell check?
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