I really beg to differ on that ... who is he working for, an oil company or a service company just outta curiosity?

The single reason I don't think we're ever truly going to "run out" of oil is because in any given reservoir, you're lucky if you can recover %10 of what is estimated to be in place there with current technology. That number used to be lower, and for a lot of unconventional reservoirs that are being produced today, that number is less ... we didn't even have the technology 20 years ago to produce in some of the places we are now.

I really fail to see how we're going to just stop inventing new technology ... as the technology progresses, so does the amount of oil and gas you can produce.

We're not.

10 years ago we were lucky if we could get 40% out of well, now we're upwards of 60-75%. Who knows where we'll be in 10 more years. And the number of exploration finds is growing as the technology gets better. One of the largest projects in offshore drilling should start pumping in the next few weeks.

The most recent oil price increases have a lot to do with a crappy dollar, poor futures trading, and worrisome investors.

I'ts pretty safe to say investors worry because of the media coverage on the supposed recession.

Not to give anecdotal info, but my buddy's dad is pretty "in the know" at Exxon and says prices are supposed to be coming back down.

That is pretty much the stance they had. They stated that with current technology and usage increasing as it is, that the known and projected future reserves would last 50 years. Therefore, their goal is to develop the technology to get the 80-90% that's left in the well.

Well it's honestly kinda pointless to make a 50 year prediction based on current technology.

When? By how much?

Seriously wanting to know this...fucking hell I want to stop getting my ass reamed every time I get fuel.

I'll try and pick his brain next time I see him. He told me about it when I mentioned jobs at various other companies. He said don't go to work for Valero, that they're grossly over-hiring/over-spending and that when the prices go back down there will be mass layoffs.

And the stupid fucking media is scaring the shit out of people by saying that prices are expected to be between $3.80 and $4.00/ gal in June.

well we're not all that far off from that now... hell diesel is $4 right now.

heh I didn't see much change... I just changed from every tank 93 octane to every 2-3 tanks. price stayed the same

I noticed a big difference. *shrug*

This is being speculated all over. Prices are expected to drop back down to $3 or less.

for how long. i think thats the important question

I know in Nebraska they go around and cut it down about every 2 months. That would be roadside service



Of course he is going to say that.

http://en.wikipedia.org/wiki/Peak_oil

Good read ...

I guess it's really an issue that's so complicated with so many variables, it's really true to say "we will only know when production peaked in retrospect" ...

It's kinda scary to look at the trend from Saudi Arabia ... in 2000, oil was $20 a barrel .... in 2004, it was $50 a barrel ... Saudi Arabie was increasing supply to try to stabilize prices, then in 2006 they said they could no longer do so, indicating they were literally producing as much as they were able to produce.

Who knows, maybe I should have gone to work building wind turbines and hydrogen fuel cells instead of working in the oilfield