Oil Production

This is a question brought up by my econ teacher. i found totals for daily consumptions and production for today but any predictions for five years from now appericate the help.

I believe that we will start to experience world wide shortages of oil within five years and will then more vigorously pursue alternative fuels, such as bio-fuel generation from switch grass or nuclear generation of hydrogen.

This is a question brought up by my econ teacher. i found totals for daily consumptions and production for today but any predictions for five years from now appericate the help.

I believe that we will start to experience world wide shortages of oil within five years and will then more vigorously pursue alternative fuels, such as bio-fuel generation from switch grass or nuclear generation of hydrogen.

we have livedwith the threat of peak oil ,yet never even come close,
but with uranium ,we have gone beyond the half use ,into the half abuse stage ,its peak lies well past
if all energy needs were based on unranium ,uranium couldnt supply one years worth of supply
clearly it fails on grounds of sustainability alone
so proove we havnt reached peak radiation,
is shortage of supply going to raise its cost?
does the huge conglomerate that paid $1 for the rights syill controle all the alternatives ,betwen now and when the first of these delusional solutions could be built of govt moneys ,as usual
can dupont meatrly advise the patents office to suppress new teqnoligy?
i9s it is very reasonable that it can ?
interesting responses
attact the spelling and have another saying we got enough for 10 ,000 years,
sources would no doudt firm that up.
reports on nuclear stuff dosnt just float out there ,its a select elite , that never has yet paid full price by those playing with it ,and never will ,what else is available data so i can educate my self
the first respondant and the third may spell well but are low on information ,to educate
picking on the obvious ,they keep thier facts to them selves ,only expressing opinion by available fact
i provided these intelligent people witrh heaps of words ,they respond with mindless critique of the words because the question is too hard to reply?
please repair my ignorants with the best of your source material ,ie try to answer the questions with corrective truths not insult.

every resource will have a production peak. It is not unique to oil. However is just a matter of how fast we get to it and how much of an inconvience it poses. At current usage rates, such a peak should be a long, long way in the future, but should a significant portion of the world’s electricity generation be moved over to nuclear fission, the peak could come fairly soon (I have heard numbers as low as 30-50 years)

we have livedwith the threat of peak oil ,yet never even come close,
but with uranium ,we have gone beyond the half use ,into the half abuse stage ,its peak lies well past
if all energy needs were based on unranium ,uranium couldnt supply one years worth of supply
clearly it fails on grounds of sustainability alone
so proove we havnt reached peak radiation,
is shortage of supply going to raise its cost?
does the huge conglomerate that paid $1 for the rights syill controle all the alternatives ,betwen now and when the first of these delusional solutions could be built of govt moneys ,as usual
can dupont meatrly advise the patents office to suppress new teqnoligy?
i9s it is very reasonable that it can ?
interesting responses
attact the spelling and have another saying we got enough for 10 ,000 years,
sources would no doudt firm that up.
reports on nuclear stuff dosnt just float out there ,its a select elite , that never has yet paid full price by those playing with it ,and never will ,what else is available data so i can educate my self
the first respondant and the third may spell well but are low on information ,to educate
picking on the obvious ,they keep thier facts to them selves ,only expressing opinion by available fact
i provided these intelligent people witrh heaps of words ,they respond with mindless critique of the words because the question is too hard to reply?
please repair my ignorants with the best of your source material ,ie try to answer the questions with corrective truths not insult.

every resource will have a production peak. It is not unique to oil. However is just a matter of how fast we get to it and how much of an inconvience it poses. At current usage rates, such a peak should be a long, long way in the future, but should a significant portion of the world’s electricity generation be moved over to nuclear fission, the peak could come fairly soon (I have heard numbers as low as 30-50 years)

There is alot of talk about offshore drilling and drilling in ANWR to help reduce the cost of fuel here in America. Firstly, actual drilliing for crude wouldn’t begin until around 2018. Now prices are set on the global market, right? So let’s say we get more oil offshore and in ANWR. It won’t make up for all oil imported in the U.S. Why wouldn’t foreign oil companies just slow production to keep prices right where they are and keep the delicate supply/demand balance at it’s optimum return rate? You can drill all you want, it won’t make up for all the oil the U.S. consumes and all the foreign oil companies need to do is limit production to keep the prices high. I don’t see, from a business stand point, how increasing domestic supply is going to affect prices since it won’t make up for all the oil we need. Why can’t we just concur that this is a business and we really need to stop feeding our addiction? Our dependancy on foreign oil may be slightly diminished, however, we will still need to buy foreign oil to keep us running at our frantic pace. Oil futures are based on the international market, so somebody help me here. Why would a business propose a program to make less money? These are for profit corporations. They want to drill more to make less money? Does that make sense to anyone?
Leann and Whatthe? The Energy Information Administration states this:
For the lower 48 OCS [Outer Continental Shelf], annual crude oil production in 2030 is projected to be 7 percent higher—2.4 million barrels per day in the OCS access case compared with 2.2 million barrels per day in the reference case (Figure 20). Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant.

And further more:
ANWR oil production is not projected to have a large impact on world oil prices. […] Assuming that world oil markets continue to work as they do today, the Organization of Petroleum Exporting Countries (OPEC) could neutralize any potential price impact of ANWR oil production by reducing its oil exports by an equal amount.

Go to this link:
http://www.eia.doe.gov/oiaf/servicerpt/anwr/results.html
Hey, I’m getting great responses, albeit, some are rather misinformed. Go to the link I posted and find out this will truly affect oil prices as stated EIA. (yes, they are bi-partisan). No one has addressed the fact that foreign oil countries will reduce production to reduce supply, thusly, keeping the supply the same as pre drilling.
By the way, the number culprit in stopping offshore drilling is not envir-whackos, as some would like to think. Two Republican Governors vetoed legislation in FL and CA for offshore drilling…they were heavily influenced by the tourism lobby. Lobbyists influence legislation…and no one else.
Eelfins: Water’s free where you live? Hmm…I better stop paying my water bill then and drown my lawn, eh?

With the US still being the largest consumer of OPEC oil, if we reduce our purchases it will cause a major action by OPEC. Just the fact that we have been consuming less oil in light of the recent prices, it has resulted in a price reduction already. If we are able to produce more oil and lower our consumption even more, the price will go down to make their oil more desirable and to cause a cut back in our production. This type of thing has been going on for years. The OPEC nations don’t want to lose business and they can afford to cut the price of a barrel of oil substantially to insure that they sell their oil.

There is alot of talk about offshore drilling and drilling in ANWR to help reduce the cost of fuel here in America. Firstly, actual drilliing for crude wouldn’t begin until around 2018. Now prices are set on the global market, right? So let’s say we get more oil offshore and in ANWR. It won’t make up for all oil imported in the U.S. Why wouldn’t foreign oil companies just slow production to keep prices right where they are and keep the delicate supply/demand balance at it’s optimum return rate? You can drill all you want, it won’t make up for all the oil the U.S. consumes and all the foreign oil companies need to do is limit production to keep the prices high. I don’t see, from a business stand point, how increasing domestic supply is going to affect prices since it won’t make up for all the oil we need. Why can’t we just concur that this is a business and we really need to stop feeding our addiction? Our dependancy on foreign oil may be slightly diminished, however, we will still need to buy foreign oil to keep us running at our frantic pace. Oil futures are based on the international market, so somebody help me here. Why would a business propose a program to make less money? These are for profit corporations. They want to drill more to make less money? Does that make sense to anyone?
Leann and Whatthe? The Energy Information Administration states this:
For the lower 48 OCS [Outer Continental Shelf], annual crude oil production in 2030 is projected to be 7 percent higher—2.4 million barrels per day in the OCS access case compared with 2.2 million barrels per day in the reference case (Figure 20). Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant.

And further more:
ANWR oil production is not projected to have a large impact on world oil prices. […] Assuming that world oil markets continue to work as they do today, the Organization of Petroleum Exporting Countries (OPEC) could neutralize any potential price impact of ANWR oil production by reducing its oil exports by an equal amount.

Go to this link:
http://www.eia.doe.gov/oiaf/servicerpt/anwr/results.html
Hey, I’m getting great responses, albeit, some are rather misinformed. Go to the link I posted and find out this will truly affect oil prices as stated EIA. (yes, they are bi-partisan). No one has addressed the fact that foreign oil countries will reduce production to reduce supply, thusly, keeping the supply the same as pre drilling.
By the way, the number culprit in stopping offshore drilling is not envir-whackos, as some would like to think. Two Republican Governors vetoed legislation in FL and CA for offshore drilling…they were heavily influenced by the tourism lobby. Lobbyists influence legislation…and no one else.
Eelfins: Water’s free where you live? Hmm…I better stop paying my water bill then and drown my lawn, eh?

With the US still being the largest consumer of OPEC oil, if we reduce our purchases it will cause a major action by OPEC. Just the fact that we have been consuming less oil in light of the recent prices, it has resulted in a price reduction already. If we are able to produce more oil and lower our consumption even more, the price will go down to make their oil more desirable and to cause a cut back in our production. This type of thing has been going on for years. The OPEC nations don’t want to lose business and they can afford to cut the price of a barrel of oil substantially to insure that they sell their oil.

(i.e. technology, business) for a better economy?

Japan is a good example of a modern state that has little natural resources. It brings in most of the raw materials and processes them to export it back.

Also one can be a commerce hub for the region, like Hong Kong was for a long period of time.

(i.e. technology, business) for a better economy?

Japan is a good example of a modern state that has little natural resources. It brings in most of the raw materials and processes them to export it back.

Also one can be a commerce hub for the region, like Hong Kong was for a long period of time.

The experts seem in disagreement about when the world will reach the halfway point in oil production and global consumption increases in India and China are only adding to the problem. Given the dependence on petrochemicals in nearly all parts of modern infrastructure from food production, transportation, energy, manufacturing how are will the US cope with oil prices greater than $100 per barrel and how can we prepare?

We’ll spend $6 or $7 a gallon for gas because:

- We’re willing to.
- Supply and Demand will dictate that price or higher.

I saw a segment on 60 Minutes a couple weeks ago about huge reserves of oil in Canada. The reserves reside within soil.

The experts seem in disagreement about when the world will reach the halfway point in oil production and global consumption increases in India and China are only adding to the problem. Given the dependence on petrochemicals in nearly all parts of modern infrastructure from food production, transportation, energy, manufacturing how are will the US cope with oil prices greater than $100 per barrel and how can we prepare?

We’ll spend $6 or $7 a gallon for gas because:

- We’re willing to.
- Supply and Demand will dictate that price or higher.

I saw a segment on 60 Minutes a couple weeks ago about huge reserves of oil in Canada. The reserves reside within soil.