If it were found that large quantities of gold were lying around on the surface of the moon (or just under it) people would be building their own rockets to go to the moon and collect it.

You're probably right, Bob. ;~)

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The mind is a weird and mysterious place

If it were found that large quantities of gold were lying around on the surface of the moon (or just under it) people would be building their own rockets to go to the moon and collect it.

Not. Two reasons.
1) Cost of extraction is higher than the price for selling it.
2) The bigger the available supply the lower the price.

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If it were found that large quantities of gold were lying around on the surface of the moon (or just under it) people would be building their own rockets to go to the moon and collect it.

Not. Two reasons.
1) Cost of extraction is higher than the price for selling it.
2) The bigger the available supply the lower the price.

That's reasonable logic, but I still think it would get more people interested in a trip. :~)

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The mind is a weird and mysterious place

Well, I wonder what OPEC has in mind for when oil's demand is finally exhausted, or the supply itself is gone?

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The mind is a weird and mysterious place

What is clear is that oil is getting harder to extract, which is reflected in rising prices. A barrel worth $10 in 1998 now costs over $135.

Must be an old article, when i checked last week crude was trading at $53.65 a barrel.

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Life on earth is the global equivalent of not storing things in the fridge.

Silly propaganda !!!

Since 1980 and the forming of OPEC all oil reserves have been increasing however they haven't found enough oil to account for the increase ...
And figures don't seem right when you take into count the increase in oil usage around the world .

I smell a rat somewhere

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Silly propaganda !!!

Since 1980 and the forming of OPEC all oil reserves have been increasing however they haven't found enough oil to account for the increase ...
And figures don't seem right when you take into count the increase in oil usage around the world .

I smell a rat somewhere

They have been found. More Oil/Gas in Southern California than Booming Montana, but Not being exploited.

All NEW Petroleum Production's, inside USA, are on State and Private Lands. Not Federal Lands (Political).

The Present, and near term price of oil: Is being driven by a combination of Chinese, Russian and Western Europe Economic Slowdown. In an addition to a New Competition between Saudi Arabia's, and Internal American Producer's.

'Smell A Rat'? Yes.

Just Silly, Agenda Driven, Propaganda.

What a silly post, he was talking about OPEC countries, specifically about Saudi Arabia, who have announced any new fields in 40 years, but their reserves never seem to decrease.

There are some analysts that predict Saudi will run out of oil by 2030, and they have gone past the point of been able to increase production significantly.

He 'Thinking' did not understand that there is Always 30 Years of Copper Available. Economics' 101.

That's the one thing I could never understand myself. If there is a "finite" amount of a resource, there has to be a time when it no longer exists.

I stated what I believe, not to get caught up in an issue. I still don't see it.

That's the problem with the Internet - someone posts what they either know or believe to be correct, only for others to attack or ridicule rather than explain.

Oil reserves are the amount of technically and economically recoverable oil.

And these are the figures I was talking about.

http://en.wikipedia.org/wiki/Oil_reserves#OPEC_countries

OPEC countries

There are doubts about the reliability of official open reserves estimates, which are not provided with any form of verification that meet external reporting standards.

Since a system of country production quotas was introduced in the 1980s, partly based on reserves levels, there have been dramatic increases in reported reserves among OPEC producers. In 1983, Kuwait increased its proven reserves from 67 Gbbl (10.7×109 m3) to 92 Gbbl (14.6×109 m3). In 1985–86, the UAE almost tripled its reserves from 33 Gbbl (5.2×109 m3) to 97 Gbbl (15.4×109 m3). Saudi Arabia raised its reported reserve number in 1988 by 50%. In 2001–02, Iran raised its proven reserves by some 30% to 130 Gbbl (21×109 m3), which advanced it to second place in reserves and ahead of Iraq. Iran denied accusations of a political motive behind the readjustment, attributing the increase instead to a combination of new discoveries and improved recovery. No details were offered of how any of the upgrades were arrived at.

ANd the report about Saudi oil running out in 2030 was in the http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9523903/Saudis-may-run-out-of-oil-to-export-by-2030.html

I stated what I believe, not to get caught up in an issue. I still don't see it.

That's the problem with the Internet - someone posts what they either know or believe to be correct, only for others to attack or ridicule rather than explain.

Therefore...

You agree what 'Reserve's' mean.

Where oil is concerned, it can mean one of two things: -

1: The amount of reserves held by each nation.

2: The amount of oil left to be recovered(personally, I think that is just guesswork based on what has already been recovered).

Oil reserves are the amount of technically and economically recoverable oil.

And these are the figures I was talking about.

http://en.wikipedia.org/wiki/Oil_reserves#OPEC_countries



OPEC countries

There are doubts about the reliability of official open reserves estimates, which are not provided with any form of verification that meet external reporting standards.

Since a system of country production quotas was introduced in the 1980s, partly based on reserves levels, there have been dramatic increases in reported reserves among OPEC producers. In 1983, Kuwait increased its proven reserves from 67 Gbbl (10.7×109 m3) to 92 Gbbl (14.6×109 m3). In 1985–86, the UAE almost tripled its reserves from 33 Gbbl (5.2×109 m3) to 97 Gbbl (15.4×109 m3). Saudi Arabia raised its reported reserve number in 1988 by 50%. In 2001–02, Iran raised its proven reserves by some 30% to 130 Gbbl (21×109 m3), which advanced it to second place in reserves and ahead of Iraq. Iran denied accusations of a political motive behind the readjustment, attributing the increase instead to a combination of new discoveries and improved recovery. No details were offered of how any of the upgrades were arrived at.




ANd the report about Saudi oil running out in 2030 was in the http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/9523903/Saudis-may-run-out-of-oil-to-export-by-2030.html

When opec was formed those country's that where to sign up increased there reserves not because there was more oil but simply so they could increase there shear of production so if they raised there reserves how much oil is there actually , it must be at least 15-25% less which is what they put there reserves up buy . Cylde you should be asking how can ISIS still get money and I don't believe the Suadis are doing it because of market share .
I know how there doing it and it is so ironic hahahahahahaha
But you Yanks keep thinking in terms of economics , you have no idea at all.

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Oil reserves are the amount of technically and economically recoverable oil.

Technically correct, but misunderstand what it really means.

ALL is dependent upon the 'Base Price' (will not be less) of a Barrel of Oil.

At $40... At $60... At $90... At $100... At $120... Of course it doesn't mean the True Amount of Oil. But, the Amount at a certain price.

BTW: The 'Old Wells' used, and depilated, from the 1880's to the 1920's, during the 'Pennsylvania Oil' Drilling Period: Have Re-Filled with Oil. Abet 'Dirtier' and therefore more expensive to refine.

Please understand what these 'numbers' really mean.

I understand those numbers completely. It is obvious that the recoverable reserves should rise and fall depending on the current price. Hence there are oil companies laying off workers, closing fields and not putting resources into new fields in the North sea off Scottish and Shetlands waters. Because the present price is below the economical price.

But OPEC does not work that way, they allocate each countries monthly production numbers based on the claimed reserves, and which way they want the market price to go.

This has lead to countries overstating their reserves, so that they have a bigger say in the pricing decision.

But OPEC does not work that way, they allocate each countries monthly production numbers based on the claimed reserves, and which way they want the market price to go.

This has lead to countries overstating their reserves, so that they have a bigger say in the pricing decision.

your 100% write winterknight


There is more afoot here than market share or price .

I find it amazing that since 1980's Afghanistan war the Saudi's have pumped money into terrorist organisations and still governments of the world think the "kingdom", where there is still beheadings is our friend

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Clyde I would like to know how Isis is getting there money (I already know )

I would also like to know how they commumicate with each other ( I also now know how this can be done )

No fantasy mate . And to think the country the made it possible is at war with them .

How can ISIS get money when the governments of the world control the banking system and there are sanctions .

I won't say how or why Clyde that for you and others to work out all I will say is there is more afoot than what people think .

I would not have understood this if it was for something I have gotten into of late .

Clyde have you played much chess ?

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But OPEC does not work that way, they allocate each countries monthly production numbers based on the claimed reserves, and which way they want the market price to go.

This has lead to countries overstating their reserves, so that they have a bigger say in the pricing decision.

I was under the impression that when OPEC said they weren't cutting production, they were just going to keep running the same volume they're at now indefinitely, not taking into account any other factors(like monthly reserves).

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The mind is a weird and mysterious place

Some people think there way smarter than everyone else but there not

U.A.E announced back in 1998 that it would start running out of oil buy 2016 . They have been using all there money to build Dubai

Saudi Arabia will also start running out all be it 2040 when this happens if we believe they do have the reserves they say they have .

Now knowing all those country's and kingdoms around them what do you think there going to relise if they haven't already .

They will not have funds to protect them self's from the extermeists
They know there are people inside there own country that wish to remove the king .
It's the holy of holy sites for Muslims
It's laws are still not that far removed from what ISIS is doing beheading people
Every year there are millions that go there for the haji and yet I don't here there arresting the terrorists that go there
The price of oil goes down just before the old king die's so he didn't make this call so that leaves me to ask who did ?
And why can't the security services intercept and read messages set from one cell to another and all the security services can say is they have herd chatter but can't read any messages or get places or times .....why ?
Now any tech savyy young westerner that has gone over there would know about the tech I'm talking about that let' you send messages that can't be read and how to transfer funds outside the normal banking system .

maybe some are naïve and live in a fantasy world but I don't if food smells off it is off no matter how many times you tell me it ok to eat I won't eat it if it smell off but then some are so dumb they would eat the food even if it smells off and wonder why there in hospital .

I was going to go back through this thread to name those that said the oil price was to harm Russia but na we all know whom those where and they where wrong even tho they think there the smartest people here

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I was going to go back through this thread to name those that said the oil price was to harm Russia but na we all know whom those where and they where wrong even tho they think there the smartest people here

Naw... It is not to punish Russia, though it does INVOLVE Russia...

It is part Russia's doing. They do not want the USA to do all the Fracking. The state-owned oil company in Russia has been caught funneling money to anti-fracking groups in the USA.

Politics makes strange bedfellows, and in this case you have Obama, Putin, and the OPEC nations all under a blanket 'doing a number 6' on the US Fracking industry.

Cheap oil on the world market -> less use of fracking until the Russian oil interests can provide enough funding to get fracking banned over bogus reasons (as in outright lies).

kong I'm shore what you said in your post is correct but Russia can't influence the oil price much simply because they are just not big enough to effect the oil price as much as it has .

I will agree that Russia will and is probably trying to use it seeing as Putin is trying to start a big war in Europe but there only a bit player in the oil pricing .

I'll say it again there is more afoot than people relize

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kong I'm shore what you said in your post is correct but Russia can't influence the oil price much simply because they are just not big enough to effect the oil price as much as it has .

I will agree that Russia will and is probably trying to use it seeing as Putin is trying to start a big war in Europe but there only a bit player in the oil pricing .

I'll say it again there is more afoot than people relize

Glenn...

Uhh... 'not big enough'??

You DO realize, don't you, that Russia is the world's 2nd largest net exporter of oil, behind ONLY Saudi Arabia??

Top World Oil
Net Exporters, 2013
(Thousand Barrels per Day)

Country Exports
1 Saudi Arabia 8,733
2 Russia 7,249
3 United Arab Emirates 2,743
4 Kuwait 2,345
5 Iraq 2,289
6 Nigeria 2,070
7 Venezuela 1,905
8 Qatar 1,847
9 Angola 1,756
10 Canada 1,643
11 Norway 1,603
12 Kazakhstan 1,400
13 Algeria 1,383
14 Iran 1,322
15 Mexico 864

http://www.eia.gov/countries/index.cfm?topL=exp