Oil – Will we run out?

By Andy May – Re-Blogged From http://www.WattsUpWithThat.com

“Prediction is very difficult, especially about the future” (old Danish proverb, sometimes attributed to Niels Bohr or Yogi Berra)

In November, 2016 the USGS (United States Geological Survey) reported their assessment of the recent discovery of 20 billion barrels of oil equivalent (technically recoverable) in the Midland Basin of West Texas. About the same time IHS researcher Peter Blomquist published an estimate of 35 billion barrels. Compare these estimates with Ghawar Field in Saudi Arabia, the largest conventional oil field in the world, which contained 80 billion barrels when discovered. There is an old saying in the oil and gas exploration business “big discoveries get bigger and small discoveries get smaller.” As a retired petrophysicist who has been involved with many discoveries of all sizes, I can say this is what I’ve always seen, although I have no statistics to back the statement up. Twenty or thirty years from now when the field is mostly developed, it is very likely the estimated ultimate hydrocarbon recovery from the field will be larger than either of those estimates.

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Slippery Oil Prices Plunge Over Cliff Into Bear Market

By David Haggith – Re-Blogged From Great Recession Blog

Oil today plunged quickly below $40 per barrel, taking oil prices down more than 20% from their high a little over a month ago. That officially defines a bear market in oil. As of today, oil has also moved below its 50-day, 100-day and 200-day moving averages. July has again turned out to be a huge disappointment for oil producers who mistakenly thought price recovery had come to stay.

In addition to the dark clouds I presented last week, here is a list of newly developing reasons and ways that oil prices are continuing to slide toward $30 per barrel … as I’ve predicted all along:

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Peak Oil Re-visited

By Mike Jonas – Re-Blogged From http://www.WattsUpWihThat.com

In 2012, I said that it was getting ever more difficult to increase production, and that I suspected that we were already at or close to Peak Oil, but that it was still mathematically possible that Peak Oil was many years away. Do I still think that? In a way, yes, but … well, read on …

In this article, I look at the major factors affecting oil supply, look at past oil market behaviour and how the future may develop, see what lessons can be learned from Hubbert’s Peak, and speculate on when Peak Oil will occur and what it may feel like.

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An amazing chart of an amazing job-creating state; we owe a debt of gratitude to ‘Saudi Texas’ and the shale boom

Since the Great Recession started in 2008, employment has fallen along with the Labor Participation rate. It is only in the last 2 months that employment has gotten back to pre-recession levels for the US as a whole.

But, contrast two oil rich states: “Saudi” Texas and the anti-energy California. California still has 7.3% unemployment, and people & businesses are fleeing the socialist level over-regulation. In Texas, employment never fell below pre-recessionary levels, and in the last year, provided fully 1/6 of all new US employment – over 420,000 new jobs in the last year!

Please read on for the story of the Texas Miracle. (Bob Shapiro)

Mark Perry AEI   By Mark J. Perry

(Reblogged from the American Enterprise Institute)

US vs Texas Employment

The chart above shows a most amazing economic phenomenon: Since

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