I moved the 2 posts that were in the, now eliminated, thread 'Peak Oil and Russia' to this thread and changed the title. We don't need several threads about the same thing.
Musicinventor
Jedi Master
There definitely is a ‘peak oil‘ phenomenon going on, but it depends on your definition. If you look at it from the individual oil well, the normal course is that the well will eventually run out of oil to extract. Often the predictions from geologists are way too low and are upgraded over the course of the well, pointing to at least some ‘replenishment’ of the wells.
If you look at it from an industry perspective, there is some ‘peak oil’ phenomenon visible, too. But the problem is mainly one of capital expenditure (aka exploration for oil). For the last probably 10 years the industry has suffered from a lack of investment into finding and developing new oil fields to the tune of 1 Billion $ PER DAY. Because of political, legislative uncertainty and administrative barriers, the oil industry as a whole has chosen to rather buy back their own shares (thus lifting their share price without any change of fundamentals) than invest into their future. This is highlighted by some big projects being cancelled once the political winds shifted (see Keystone XT pipeline cancelled on the first day of Biden’s presidency). Investors are not willing to risk their money in this financial climate.
It doesn’t necessarily mean that the TOTAL worldwide oil reserves are past their peak and are declining. It may just be another vector of attack to decarbonise the world - to make it hard or even impossible for oil companies to extend their business, meanwhile the oil price goes up steadily and the oil companies make a mozza - so they keep their mouth shut and collect the coin.
In regard to the ‘abiotic theory of oil’ I’d like to point out again the book by Thomas Gold, an American astrophysicist, called The Deep, Hot Biosphere - The Myth of Fossil Fuels. He goes into great details why and how the abiotic theory of oil makes a lot more sense than the fossil fuel theory. He and his research team even drilled into igneous rock in Sweden and found a small amount of oil, where according to the fossil fuel theory there should be no oil at all. They were unable to reach the projected drilling depth due to some technical isses (described in extenso in the book). Apart from the fact that the same theory was simultaneously and independently proposed by some very famous Soviet scientist.
If you look at it from an industry perspective, there is some ‘peak oil’ phenomenon visible, too. But the problem is mainly one of capital expenditure (aka exploration for oil). For the last probably 10 years the industry has suffered from a lack of investment into finding and developing new oil fields to the tune of 1 Billion $ PER DAY. Because of political, legislative uncertainty and administrative barriers, the oil industry as a whole has chosen to rather buy back their own shares (thus lifting their share price without any change of fundamentals) than invest into their future. This is highlighted by some big projects being cancelled once the political winds shifted (see Keystone XT pipeline cancelled on the first day of Biden’s presidency). Investors are not willing to risk their money in this financial climate.
It doesn’t necessarily mean that the TOTAL worldwide oil reserves are past their peak and are declining. It may just be another vector of attack to decarbonise the world - to make it hard or even impossible for oil companies to extend their business, meanwhile the oil price goes up steadily and the oil companies make a mozza - so they keep their mouth shut and collect the coin.
In regard to the ‘abiotic theory of oil’ I’d like to point out again the book by Thomas Gold, an American astrophysicist, called The Deep, Hot Biosphere - The Myth of Fossil Fuels. He goes into great details why and how the abiotic theory of oil makes a lot more sense than the fossil fuel theory. He and his research team even drilled into igneous rock in Sweden and found a small amount of oil, where according to the fossil fuel theory there should be no oil at all. They were unable to reach the projected drilling depth due to some technical isses (described in extenso in the book). Apart from the fact that the same theory was simultaneously and independently proposed by some very famous Soviet scientist.
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to the forum:
i indicate a paper by russ mcglenn, "oil is a renewable resource", link below:
he has several papers on the net.
he appears to me to be a lone voice in the desert, as i am a lone voice on the innocence of co2.
oil is a gift from earth, necessary for a specific phase of human evolution.
i indicate a paper by russ mcglenn, "oil is a renewable resource", link below:
he has several papers on the net.
he appears to me to be a lone voice in the desert, as i am a lone voice on the innocence of co2.
oil is a gift from earth, necessary for a specific phase of human evolution.
I have no idea why you think you are a lone voice for the innocence of CO2. I think that most people here are quite aware that CO2 does not cause global warming and that it is needed for life on this planet.
Also, your Russ McGlenn is not a lone voice in the desert about "peak oil". There has been others who have said it is a scam. One being L Fletcher Prouty in his book The Secret Team. It's a very interesting book.
Also, your Russ McGlenn is not a lone voice in the desert about "peak oil". There has been others who have said it is a scam. One being L Fletcher Prouty in his book The Secret Team. It's a very interesting book.
