Oil. It's everywhere. $60-$80 oil on the horizon again
Discussion
Can't move for all the oil knocking about.
http://www.telegraph.co.uk/finance/newsbysector/en...
"UK offshore reserves of shale gas could exceed one thousand trillion cubic feet (tcf), compared to current rates of UK gas consumption of 3.5 tcf a year, or five times the latest estimate of onshore shale gas of 200 trillion cubic feet.
Reserves of 200 tcf would put the UK in the top 20 countries with the highest shale reserves, alongside Brazil, and 1,000 tcf would put Britain in the same league as estimates for China, the United States and Argentina, top dogs in global shale potential. "
...
"One senior petroleum geologist working for a major oil company estimates that offshore oil production from shale could drop to $60 and $80 per barrel once the exploration technology matures and is used on a larger scale around the world. Oil currently sells at $120 a barrel."
http://www.telegraph.co.uk/finance/newsbysector/en...
"UK offshore reserves of shale gas could exceed one thousand trillion cubic feet (tcf), compared to current rates of UK gas consumption of 3.5 tcf a year, or five times the latest estimate of onshore shale gas of 200 trillion cubic feet.
Reserves of 200 tcf would put the UK in the top 20 countries with the highest shale reserves, alongside Brazil, and 1,000 tcf would put Britain in the same league as estimates for China, the United States and Argentina, top dogs in global shale potential. "
...
"One senior petroleum geologist working for a major oil company estimates that offshore oil production from shale could drop to $60 and $80 per barrel once the exploration technology matures and is used on a larger scale around the world. Oil currently sells at $120 a barrel."
Its not that oil is particularly expensive, its the dollar its priced in (and pound) that are a lot more worthless than they used to be, and will continue to be so long as Bernanke and Merv keep printing currency. Priced in local currencies, between early 2002 and early 2012, the pump price has gone up about 35% in Switzerland (ie, similar to the general inflation rate)where the currency still has faith in it, compared to nearly 100% in the UK, and over 200% in the US.
There being more, recoverable oil/gas than we know about today is likely.
That oil/gas becoming economically viable to extract is likely.
The price of pump fuel ever going down (considerably) in the UK, regardless of cost price is unlikely.
Too many people like f*****g the motorist for the status quo to change much.
That oil/gas becoming economically viable to extract is likely.
The price of pump fuel ever going down (considerably) in the UK, regardless of cost price is unlikely.
Too many people like f*****g the motorist for the status quo to change much.
We've known theres plenty of Oil out there for ages. Scare stories about it running out anytime soon have always been a load of nonsense. We still cannot be anywhere on Earth without being far from plenty of Oil. The price of Oil isn't whats going to price everyone off UK roads and destroy the economy - tax will.
There is, of course, s
t loads of oil. Anyone who talks about it 'running out' doesn't really understand the problem. The real problems are extracting it at a rate that meets demand, extracting it for an economically viable price and extracting it in a manner that has a reasonable EROI.
t loads of oil. Anyone who talks about it 'running out' doesn't really understand the problem. The real problems are extracting it at a rate that meets demand, extracting it for an economically viable price and extracting it in a manner that has a reasonable EROI. davemac250 said:
MissChief said:
OPEC will slash production to keep the price high.
Afraid I have to agree with this. Cannot see OPEC giving up the levels of price, and profit, the world has shown itself prepared to accept and sustain.
Libya, Tunisia, Algeria will be the next oil hotspots followed by South America but they are deepwater reserves so higher Cost of Extraction (COE).
.psychoR1 said:
But opec will run out of oil and loose the ability to control price eventually. Iran, Iraq, Kuwait and Afghanistan has all been about who has the biggest pipe drawing from the same field.
Libya, Tunisia, Algeria will be the next oil hotspots followed by South America (Venezuela and Ecuador) but they are deepwater reserves so higher Cost of Extraction (COE).
I hate to say it but those in bold are already members so finding oil in these places will do little. besides, if a large amount of oil is found in Tunisia it wouldn't take much to make them join OPEC. They'll likely get a better price being part of OPEC than being separate. it's not like their oil won't sell is it?Libya, Tunisia, Algeria will be the next oil hotspots followed by South America (Venezuela and Ecuador) but they are deepwater reserves so higher Cost of Extraction (COE).
LukeSi said:
Oh god please let fuel become affordable again.
Not when we have 1 trillion is debt and will climb a further 126billion this tax year then £90billion the next then £50billion the next then £20billion the next.
It's another 4 years until we balance the books. We need to cut the total structural debt.
Remember that currently we are spending more in debt interest than the whole tax take from the VED and fuel duty plus VAT.
Would you rather income tax went up a few %?
It's another 4 years until we balance the books. We need to cut the total structural debt.
Remember that currently we are spending more in debt interest than the whole tax take from the VED and fuel duty plus VAT.
Would you rather income tax went up a few %?
There are many arguments that an increase on base rate income tax and further for higher tax payers is more likely to help the economy recover, rather than hitting all of industry with fuel duty hikes.
The government may have to look at this ad revenue from fuel tax decreases from more efficient cars, lower usage from costs etc.
I'd rather the income tax was addressed instead of fuel tax and hen income tax. Not like the fuel tax will drop.
The government may have to look at this ad revenue from fuel tax decreases from more efficient cars, lower usage from costs etc.
I'd rather the income tax was addressed instead of fuel tax and hen income tax. Not like the fuel tax will drop.
I was recently in Canada with work, speaking to some of the mining guys they said that the oil sands in Canada produce 500,000 barrels of oil a day.
Madness, the second largest oil reserve in the world but its never banged on about in the news.
They also pay haul truck drivers ~$150-300k per year to work there with a $25,000 a year bonus for staying....not a bad little earner if your young or looking to do a few years and retire early.
Saying that its in the middle of knowhere and its 2 weeks on 2 weeks off.
Madness, the second largest oil reserve in the world but its never banged on about in the news.
They also pay haul truck drivers ~$150-300k per year to work there with a $25,000 a year bonus for staying....not a bad little earner if your young or looking to do a few years and retire early.
Saying that its in the middle of knowhere and its 2 weeks on 2 weeks off.
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