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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 10:54 AM
Original message
BREAKING: CNN just now reported that we have reached peak oil...
Financial reporter said that high gas prices are here to stay as supply will not be able to meet demand. Investors are encouraged to pursue as many alternatives as possible.

And, no, they did not use the words "Peak Oil". Six of one, half a dozen of another.

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Tesha Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 10:55 AM
Response to Original message
1. Wow! Right this very minute, the peak??? Aren't they good (and precise!)!
Edited on Mon Jul-16-07 10:55 AM by Tesha
Is this like the top of a roller-coaster hill,
and we should all throw our hands up in the
air and scream now???

Tesha
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Schema Thing Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 10:56 AM
Response to Reply #1
3. 3:17 am, to be precise
:P
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meegbear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 10:55 AM
Response to Original message
2. If they didn't use the words "Peak Oil", then what words did they use?
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Bluebear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 10:59 AM
Response to Reply #2
6. Eakpay Udecray.
Edited on Mon Jul-16-07 11:11 AM by Bluebear
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xultar Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:01 AM
Response to Reply #6
7. DUZY!!! BUHWAWAWAWA!
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The2ndWheel Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:02 AM
Response to Reply #6
8. Alright, my side hurts now
That was one of those jokes that pushes the right button at the right moment.
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Bluebear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:03 AM
Response to Reply #8
9. :)
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meegbear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:03 AM
Response to Reply #6
10. D'oht!
:spank:
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endarkenment Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:09 AM
Response to Reply #10
14. Ohtday! nt.
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endarkenment Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:09 AM
Response to Reply #6
13. Udecray .
If you move the consonant to the front then you drop it in the suffix, or at least that was the way I learned it.

-- the pig latin grammar nazi
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Bluebear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:12 AM
Response to Reply #13
16. You are ightray of course
OK so how WOULD you latinize "oil" lol!
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meegbear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:14 AM
Response to Reply #16
18. What's pig latin for 'ebay'?
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ananda Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:59 AM
Response to Reply #18
28. ebayhay
lol
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endarkenment Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:12 PM
Response to Reply #16
35. oilay nt.
I had friends who spoke fluent 'opbop' which inserts op syllables evoperopy wherop. Really annoying.
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MilesColtrane Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:33 PM
Response to Reply #16
50. How would you latinize Oil of Olay?
It hurts my brain.
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blondeatlast Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:44 AM
Response to Reply #6
22. I love it when you speak French!
Swoon...

:loveya:
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July Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 03:26 PM
Response to Reply #22
66. Is that you, Gomez? nt
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robinlynne Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:27 PM
Response to Reply #6
45. my god you're funny.
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nini Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:32 PM
Response to Reply #6
48. *snort*
:rofl:
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:35 AM
Response to Reply #2
20. ADDENDUM TO OP: Actually, I incorporated into the OP
Edited on Mon Jul-16-07 12:17 PM by Texas Explorer
my opinion as to why supply can no longer meet demand is because oil production seems to have peaked at around 84.5 mbpd since 2005. In fact, we are on a plateau and there is nowhere else to go but down. This being a fairly enlightened community, I assumed most here already possessed knowledge of our current energy situation and would know that oil production has maxed. I also assumed that most here considered oil perhaps the biggest driver of contemporary world events.

I can see how my post may have left some dubious as to my grasp of the energy situation. I assure you that I don't make such comments lightly as I research this issue daily. I believe we have already reached Peak Oil and I've been waiting for some confirmation of it in the MSM. CNN's report came as close as it possibly could to admitting that supply will "for decades" no longer be able to meet demand. The part they left out is why supply could not meet demand.

Speaking economically, we have reached Peak Oil in the sense that the economic consequences that are part and parcel of the Peak Oil scenario are, and have been, taking place. But for CNN to say the words "Peak Oil" would not only give some amount of validation to us Peakists, it could potentially cause an economic disaster as the realization that economic growth was esentially dead sends tsunamis through the market.

In light of the careless wording of my OP, the light-hearted jabs at my expense are deserved and expected. But, please, no pies. I just took a shower.
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trashcanistanista Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:56 PM
Response to Reply #20
55. The only problem I have with that is
that right now, supply is meeting demand, we are just paying more for it. If supply were reduced, we would have shorter hours at gas stations, lines, and stations would run out. The other problem is that it came from CNN.
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northzax Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 10:56 AM
Response to Original message
4. that's not Peak Oil
Peak Oil says that supply will decrease, not that supply will fail to meet demand.
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radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:04 AM
Response to Reply #4
12. if it's not peak oil, is it then GOUGE OIL?
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Terran Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 01:33 PM
Response to Reply #12
57. DING!
"You are correct sir/madam!"

If more oil refinery capacity was built, prices would probably drop...for a while...until peak oil really does take effect. Like a storm, it's comin'.
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JanMichael Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:15 AM
Response to Reply #4
19. The way I understand it is that the "peak" is when its at a maximum.
Not at decrease per se. The decline is past peak when reserves cannot be maintained by any new drilling.
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Solon Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 04:39 PM
Response to Reply #4
69. Actually that's also incorrect, at least DURING the peak...
Peak means you hit the maximum amount of production, period, and since demand is always increasing, you can no longer meet the demand, and prices rise to correspond with it. Its AFTER the peak that oil supplies decline, leading to sharper price increases, they just acknowledged that we are at the plateau.
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Tandalayo_Scheisskopf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 10:58 AM
Response to Original message
5. I cannot help but wonder...
If this has anything to do with congressional Dems saying they were going to start investigating hedge fund manipulation of the petroleum markets.
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mzmolly Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:04 AM
Response to Original message
11. Well I am glad that "investors" are looking at other options.
eom
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Skink Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:10 AM
Response to Original message
15. Did they seem suspicious.
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JacquesMolay Donating Member (413 posts) Send PM | Profile | Ignore Mon Jul-16-07 11:14 AM
Response to Original message
17. There was a report today that North Sea production was dropping ...
http://online.wsj.com/article/SB118459721257067580.html...

Mexico is in decline, Saudi Arabia (it's big field Gawar) is probably not far behind. The only countries that could appreciably increase production are Iraq and Iran, and those have fairly obvious political obstacles.

History is set to some serious change now.
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Exultant Democracy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:39 AM
Response to Reply #17
21. We live in interesting times n/t
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BlooInBloo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:46 AM
Response to Original message
23. That doesn't mean we've reached peak oil.
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FogerRox Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 03:04 PM
Response to Reply #23
61. This might be a little more "suggestive"
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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:50 AM
Response to Original message
24. That is just their way of telling us we are going to pay higher prices
without telling us that the problems with US refineries is the cause.

Can't have the public mad at Exxon. Spreading fear is their standard fallback position.
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OPERATIONMINDCRIME Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:51 AM
Response to Original message
25. Please Educate Yourself On What Peak Oil Is Before Starting Topic On It In The Future. Thanks.
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TahitiNut Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:05 PM
Response to Reply #25
29. New DU Rule?
:eyes:
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OPERATIONMINDCRIME Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:10 PM
Response to Reply #29
32. Nope. Just A Sincere Request To Spare Embarrassment Of Premises Based On Ignorance.
I'd say that's probably a wise personal rule for each of us to hold. Ya know, like knowing what terms actually mean before starting glaring dramatic threads on them for discussion. Not too much to ask right?

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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:12 PM
Response to Reply #32
37. Oh, OK, you win. I'm ignorant. n/t
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OPERATIONMINDCRIME Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:21 PM
Response to Reply #37
39. No One Said You Were Ignorant.
But even the most educated person can speak about a subject from a standpoint of ignorance. That doesn't make them as a whole ignorant, merely that they expressed ignorance on the subject at hand.

I felt that's what you did here by wording the OP the way you had. After reading your post #20 I see that you gave a completely wrong impression in the OP and weren't in fact ignorant on the subject, though now I consider you to have a skewed perception on it.

Either way, the whole "Breaking News!" thing was not only misleading and false, but even your post 20 didn't justify its existence in the first place. Based on your explanation, it appears you jumped the gun and posted an overly dramatic OP just because you heard something about supply and demand on the news, even though it had nothing to do with peak oil. It would seem that rather than using solid fundamental reasoning, you instead knee jerked in an amazingly eager manner the second you heard such news, just to be able to have a catalyst to preach your peak oil agenda.

So maybe you weren't in fact ignorant on the subject, but now I'd ask that you use a little bit more integrity towards the subject you're presenting when you post a thread stating "Breaking News!". Otherwise, you may only serve to mislead people who don't know better.
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endarkenment Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:26 PM
Response to Reply #39
43. Actually you did.
perhaps you should consider the implications of your post before posting?
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OPERATIONMINDCRIME Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:33 PM
Response to Reply #43
49. Actually, I Didn't. If You Bothered To Actually Read My Reply That You Responded To, The Concept
Edited on Mon Jul-16-07 12:33 PM by OPERATIONMINDCRIME
would be clear to you.

When it comes to the mating habits mollusks, I'm ignorant to the premise. That doesn't equate to me being 'ignorant' overall as a person.

If ya can't get a concept that basic, well then I don't know what to tell ya. :shrug:
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Commie Pinko Dirtbag Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 03:50 PM
Response to Reply #43
68. You are talking with a master of the no-so-fine art of Saying Without Saying
Which is a specialization of the larger field of knowledge known as Having One's Cake And Eating It Too.
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:40 PM
Response to Reply #39
53. Well, you are right about three things...
1. It was a kneejerk reaction in response to a news item I've been on the edge of my seat waiting to hear, as much so as I am waiting to hear that Cheney will be impeached, or as much as I want to hear that the war is over and our troops are coming home. Hell, I'm on the edge of my seat just waiting for one tiny shred of truth...about ANYTHING GODDAMN THING!

2. "...you instead knee jerked in an amazingly eager manner the second you heard such news, just to be able to have a catalyst to preach your peak oil agenda." Also true. Because I believe in Peak Oil, and the implications that come with it, I will make any opportunity I can a "catalyst to preach your peak oil agenda". My goal is to enlighten everyone I can about what declining energy resources means.

3. My post was poorly worded, but using the word "BREAKING" in the subject line was appropriate as the news item was "new" and they were talking about it at that monment on television. Using the words "peak oil" in the subject line probably was not. Considering this thread seems to be getting a lot of views and my unfortunate use of the language it communicating the importance (to me anyway) of this news, I apologize if anyone feels their time and effort has been wasted on my confusing words. I will slow down next time and I'll get something to put on that jerky knee.
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JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:23 PM
Response to Reply #29
41. It wouldn't hurt for people to get their shit straight before posting
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TahitiNut Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 02:39 PM
Response to Reply #41
60. If DUers stopped pulling it out of their asses ...
... the posting volume would drop by about 75%. :shrug:
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JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 03:21 PM
Response to Reply #60
65. Well then maybe the signatures wouldn't be turned off so frequently
It would be a good thing
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DS1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:06 PM
Response to Reply #25
30. I see we're still sufferning from CCD
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JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:10 PM
Response to Reply #30
31. Confraternity of Christian Doctrine?
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OPERATIONMINDCRIME Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:12 PM
Response to Reply #30
36. You And Who Else?
You said 'we'. I gather the you part, but who else are you talking about? Is someone sitting next to you? Were you referring to yourself only but in the terms used by royalty for some weird reason?

Either way, pretty silly post ya got there.
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:15 PM
Response to Reply #36
38. Pot. Kettle. n/t
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OPERATIONMINDCRIME Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:22 PM
Response to Reply #38
40. You're Talking About What Now?
:boring:
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:24 PM
Response to Reply #40
42. I've wrought your wrath for what now?
A "silly" post? And to just what level of insight or intelligence can we assign your writings?
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OPERATIONMINDCRIME Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:35 PM
Response to Reply #42
51. What On Earth Are You Talking About?
Did you mistake my post above (two above) as having been to you? The one in which I used the word silly wasn't to you. It was to someone else.
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:11 PM
Response to Reply #25
34. Please read my Post #20. n/t
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ThomWV Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:51 AM
Response to Original message
26. If supply was not meeting demand, as he said, there would be gas lines. You see any gas lines?
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Subdivisions Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:11 PM
Response to Reply #26
33. Not yet, but maybe there are some here from SD, NE, WI, IA and
a couple other midwest states who can answer that.
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snappyturtle Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 01:08 PM
Response to Reply #33
56. I read here on DU, no, I don't have it bookmarked, that there were
severe shortages in NE at the truck stops....one supposedly closed in Lincoln...out of gasoline. I'll see what I can find.

I thank you for posting Texas Explorer! We're arguing semantics here.....I agree that the Peak is coming if we haven't already passed it. We'll know soon. In the mean time the oil people may be artificially limiting supply to get the most dollars for the oil they have.
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endarkenment Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:29 PM
Response to Reply #26
46. Global supply, global demand.
Supply not meeting demand does not imply lines everywhere.
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John Q. Citizen Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 11:58 AM
Response to Original message
27. It refining capacity.
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jsamuel Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:32 PM
Response to Reply #27
47. .
Yes refining capacity is different than the capacity of the source.
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BlooInBloo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:26 PM
Response to Original message
44. How many threads repeating this false implication are there going to be?
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formercia Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:35 PM
Response to Original message
52. I'm just waiting to see
a 20 Mule Team Hummer. :evilgrin:
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immoderate Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 12:45 PM
Response to Original message
54. As I understand it...
Edited on Mon Jul-16-07 01:00 PM by IMModerate
Peak oil has little to do with supply or demand. It's the point at which more energy is required to extract the oil, than can be extracted from it.

This is due to various reasons. As surface deposits of light sweet crude are exhausted, drilling goes deeper, oil needs more refining. Even if demand were eliminated, these limits would obtain.

No post allows for this definition of peak oil. Am I wrong here? Reference? :shrug:

On edit:
I looked around, and the usage of "peak oil" has me convinced that it refers to a point, after which, oil production drops off. Not much chance of that being because demand drops off. The economic (energy) and environmental costs of extracting fuel from oil shale and tar sands will make those sources marginal. I guess you could say it's a matter of supply.

--IMM
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AntiFascist Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 02:24 PM
Response to Reply #54
58. Which is why Iraqi oil is so important...
less energy is required to extract it, or so I read a few years ago. (That doesn't include the cost of dealing with insurgents).
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FogerRox Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 03:09 PM
Response to Reply #54
63. EROEI vs peak oil
ERORI= Energy returned on Energy invested.

Peak oil = when half the oil has been pumped out. Re: world production starts to decline.

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AntiFascist Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 02:28 PM
Response to Original message
59. This post should be a real downer (to certain people)....
with my limited understanding of economics, even if gas prices go sky high, if the supply drops oil company profits will eventually drop as well.
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Bushwick Bill Donating Member (605 posts) Send PM | Profile | Ignore Mon Jul-16-07 03:09 PM
Response to Original message
62. You've Described "Peak Lite."
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FogerRox Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 03:12 PM
Response to Reply #62
64. TOD= good reading. To all those who dont frequent the TOD, I recommend it.
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robertpaulsen Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jul-16-07 03:26 PM
Response to Original message
67. Whatever they're saying, they're following not leading.
The week peak oil went mainstream - July 15
http://www.energybulletin.net/32054.html
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