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.

Continue reading

End Energy Intervention

By Jerry Taylor and Peter Van Doren – Re-Blogged From http://www.downsizinggovernment.org

Large-scale federal intervention into America’s energy markets began in the 1930s and lasted for four decades. Many rules were imposed to control prices, restrict imports, and distort markets in various other ways. The shortcomings of this heavy regulatory climate became apparent during the energy crises of the 1970s, prompting policymakers to reverse course and begin deregulating oil, natural gas, and coal markets.

Continue reading

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.

Continue reading