Crude O I L Price

[ExpatOilWorker]

I was talking more production and finding resources, there have been few major finds since that time that ( 1970's) that are easy to get at, the one off Brazil which has been found is going to be a challenge, the carving up of the arctic will present new challenges, they will get them but they will not be cheap, the days of finding big new fields are gone, reserves and proven reserves are only going one way, that is a worry for us all because there is no obvious replacement, whilst the price rises you who have interests in oil will prosper but when the panic sets in your paper money will be nothing.

Plenty of oil and gas left in the world, the problem is the cost of getting it out the ground...

Peak US production was 10 million bbls/day and happened in 1971. Interesting enough it was predicted 15 years earlier by a guy named Hubbert.

You can argue if World oil production has already peaked or we have just reached a plateau, before yet another peak. Crude oil production sure is declining in many old oil fields, but with a increasing gas production large volumes of condensate is added to the liquid mix. The oil industry is also doing a great job of cleaning Mother Nature’s biggest oil spill by extraction heavy crude from the tar sand fields in Canada.<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break">Interesting site with production data here: http://mazamascience.com/OilExport/