Re:The Saudis Are Lying About Their Oil Production?
by BlueTemplar on Wednesday September 25, 2019 @03:04PM
(#21074104)
AFAIK, the US tight oil has nearly peaked (and they still aren't profitable !!), and I don't think that there's much additional production capacity left there, though higher prices will certainly help. (The depletion rate is just too great to sustain the production for long...)
I am indeed unsure (and a bit scared) about the potential from oil sands (and maybe shale oil = kerogen).
Re:The Saudis Are Lying About Their Oil Production?
by BlueTemplar on Wednesday September 25, 2019 @02:04PM
(#21073391)
As you might know, peak oil is not about literally "running out of oil" (and the article I have linked expands on it), and my point is that we are in the very process of hitting peak (conventional+unconventional) oil - actually those attacks on Saudi oil infrastructure might mark this precise point... (or not, but we certainly don't have decades left...)
Re:The Saudis Are Lying About Their Oil Production?
by stale2002 on Wednesday September 25, 2019 @02:27PM
(#21073664)
Ok, but we aren't currently in that process.
The potential oil production capacity of the world has massively increased, because of fracking.
And if oil prices go up, a whole lot of oil in the US and Canada , become immediately profitable to extract.
I think you are severely underestimating how much non conventional oil there is, that we could start extracting, if it became profitable.
And I am saying that it is going to take us a much longer time to run out of oil, than it is to build all that new infrastructure. Not because building the infrastructure is easy, but because there is a whole lot of oil in the ground, and therefore we have a lot of time.
IE, people will stop using oil, because the price of solar, ect has gone down, way before we come close to actually running out of oil.