tag:blogger.com,1999:blog-568852931152106119.post7700475735870587728..comments2024-03-17T18:53:05.139-07:00Comments on CycaLogical: Oil is a Risk to the Economycrossriderhttp://www.blogger.com/profile/00896858165635612158noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-568852931152106119.post-39752480579130486302011-01-06T06:51:14.356-08:002011-01-06T06:51:14.356-08:00While AFAICT, everything you say is true, this:
&q...While AFAICT, everything you say is true, this:<br />"Predicting oil prices is an inexact science, partly because the amount of reserves or the spare extraction capacity is regarded as commercially sensitive information by producers."<br />Doesn't tell the whole story.<br /><br />There is strong evidence that oil reserves in the Middle-East and elsewhere are based, in part upon pure invention.<br /><br />I direct you to this:<br />http://www.energyandcapital.com/articles/opec-oil-reserves/436<br /><br />And to this:<br />http://images.energyandcapital.net/20070524_opecreserveboosts.JPG<br /><br />IIRC, there were no major discoveries. However, reported reserves jumped suspiciously in sequence:<br />In Iraq 1982-1983 reserves jumped from 29.7 bbl to 41.0 bbl, a jump of 38%.<br />In Kuwait 1984-1985 reserves jumped from 63.9 bbl to 90.0 bbl, a jump of 40.8%.<br />In Abu Dhabi 1987-1988 reserves jumped from 31.0 bbl to 92.21 bbl, a jump of 197%.<br />In Dubai 1987-1988 reserves jumped from 1.35 bbl to 4.0 bbl, , a jump of 196%.<br />In Iran 1987-1988 reserves jumped from 48.8 bbl to 92.85 bbl, a jump of 90%.<br />In Iraq 1987-1988 reserves jumped from 47.1 bbl to 100.0 bbl, a jump of 112%.<br />In Saudi Arabia 1989-1990 reserves jumped from 169.97 bbl to 258.00 bbl, a jump of 52%.<br />In Venezuela 1987-1988 reserves jumped from 25.0 bbl to 56.0 bbl, a jump of 124%.<br />E&OE<br /><br />These additional reserves are fictional, related more to OPEC's internal politics, rather than oil in the ground.<br /><br />It's in OPEC's interests to keep us in the dark. While we swallow the lies, they will benefit from increasing prices, and we'll have to pay, whatever the price, because we're just as hooked as an addict is. We'll buy and burn every last drop of oil. If we knew the true state of reserves, we'd be serious about reducing our oil dependency and moving to renewables. <br /><br />Oil in the ground is worthless if nobody wants it, as OPEC knows only too well. It's a shame that our politicians can't acknowledge this. <br />Reposted to correct errors / minor rewording.amoebahttps://www.blogger.com/profile/15783694650121687459noreply@blogger.comtag:blogger.com,1999:blog-568852931152106119.post-91342600903761115372011-01-06T06:26:10.945-08:002011-01-06T06:26:10.945-08:00While AFAICT, everything you say is true, this:
&q...While AFAICT, everything you say is true, this:<br />"Predicting oil prices is an inexact science, partly because the amount of reserves or the spare extraction capacity is regarded as commercially sensitive information by producers."<br />Doesn't tell the whole story.<br /><br />There is strong evidence that oil reserves in the Middle-East and elsewhere are based, in part upon pure invention.<br /><br />I direct you to this:<br />http://www.energyandcapital.com/articles/opec-oil-reserves/436<br /><br />And to this:<br />http://images.energyandcapital.net/20070524_opecreserveboosts.JPG<br /><br />IIRC, there were no major discoveries. However, reported reserves jumped suspiciously in sequence:<br />In Iraq 1982-1983 reserves jumped from 29.7 bbl to 41.0 bbl, a jump of 38%.<br />In Kuwait 1984-1985 reserves jumped from 63.9 bbl to 90.0 bbl, a jump of 40.8%.<br />In Abu Dhabi 1987-1988 reserves jumped from 31.0 bbl to 92.21 bbl, a jump of 197%.<br />In Dubai 1987-1988 reserves jumped from 1.35 bbl to 4.0 bbl, , a jump of 196%.<br />In Iran 1987-1988 reserves jumped from 48.8 bbl to 92.85 bbl, a jump of 90%.<br />In Iraq 1987-1988 reserves jumped from 47.1 bbl to 100.0 bbl, a jump of 112%.<br />In Saudi Arabia 1989-1990 reserves jumped from 169.97 bbl to 258.00 bbl, a jump of 52%.<br />In Venezuela 1987-1988 reserves jumped from 25.0 bbl to 56.0 bbl, a jump of 124%.<br />E&OE<br /><br />These additional reserves are fictional, related more to OPEC's internal politics, rather than oil in the ground.<br /><br />It's in OPEC's interests to keep us in the dark. While we swallow the lies, they will benefit from increasing prices, and we'll have to pay, whatever the price, because we're just as hooked as an addict is. We'll buy and burn every last drop of oil. If we knew the true state of reserves, we'd be serious about reducing our oil dependency and moving to renewables. <br /><br />Oil in the ground is worthless if nobody wants it, as OPEC knows only too well. It's a shame that our politicians can't acknowledge this. <br />Reposted to correct errors / minor rewording.amoebahttps://www.blogger.com/profile/15783694650121687459noreply@blogger.comtag:blogger.com,1999:blog-568852931152106119.post-47233017850694631502011-01-06T04:47:30.075-08:002011-01-06T04:47:30.075-08:00While AFAICT, everything you say is true, this:
&q...While AFAICT, everything you say is true, this:<br />"Predicting oil prices is an inexact science, partly because the amount of reserves or the spare extraction capacity is regarded as commercially sensitive information by producers."<br />Doesn't tell the whole story.<br /><br />There is strong evidence that oil reserves in the Middle-East and elsewhere are based, in part upon pure invention.<br /><br />I direct you to this:<br />http://www.energyandcapital.com/articles/opec-oil-reserves/436<br /><br />And to this:<br />http://images.energyandcapital.net/20070524_opecreserveboosts.JPG<br /><br />IIRC, there were no major discoveries. However, reported reserves jumped suspiciously in sequence:<br />In Iraq 1982-1983 reserves jumped from 29.7 bbl to 41.0 bbl, a jump of 38%.<br />In Kuwait 1984-1985 reserves jumped from 63.9 bbl to 90.0 bbl, a jump of 40.8%.<br />In Abu Dhabi 1987-1988 reserves jumped from 31.0 bbl to 92.21 bbl, a jump of 197%.<br />In Dubai 1987-1988 reserves jumped from 1.35 bbl to 4.0 bbl, , a jump of 196%.<br />In Iran 1987-1988 reserves jumped from 48.8 bbl to 92.85 bbl, a jump of 90%.<br />In Iraq 1987-1988 reserves jumped from 47.1 bbl to 100.0 bbl, a jump of 112%.<br />In Saudi Arabia 1989-1990 reserves jumped from 169.97 bbl to 258.00 bbl, a jump of 52%.<br />In Venezuela 1987-1988 reserves jumped from 25.0 bbl to 56.0 bbl, a jump of 124%.<br />E&OE<br /><br />These additional reserves are fictional, related more to OPEC's internal politics, rather than oil in the ground.<br /><br />It's in OPEC's interests to keep us in the dark. While we swallow the lies, they will benefit from increasing prices, and we'll have to pay, whatever the price, because we're just as hooked as an addict is. We'll buy and burn every last drop of oil. If we knew the true state of reserves, we'd be serious about reducing our oil dependency and moving to renewables. <br /><br />Oil in the ground is worthless if nobody wants it, as OPEC knows only too well. It's a shame that our politicians can't acknowledge this.<br /><br />Reposted to correct errors / minor rewording.amoebahttps://www.blogger.com/profile/15783694650121687459noreply@blogger.comtag:blogger.com,1999:blog-568852931152106119.post-74921721756549975672011-01-06T04:11:45.988-08:002011-01-06T04:11:45.988-08:00This comment has been removed by the author.amoebahttps://www.blogger.com/profile/15783694650121687459noreply@blogger.com