Friday, December 05, 2008

Oiling The Economy

Oil is now trading below $42 a bbl. Will it go below $40 a bbl by Christmas? Maybe. It would be quite a Christmas present for the economy if it did. What ever happened to my peak oil doods?

Posted by M. Simon at 12/05/2008 08:04:00 PM

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3 comments:

Anonymous said...

I will put some simple clarity on the subject.

I have a business where a specialized truck goes out on the road and I make money charging two different rates one retail, and one subcontractor rate for larger companies in the trade who hire me. I do more work as a sub

when gas hit 4 bucks an hour it was getting close to impossible to make a living becuase so much of the gross profit went in the tank.

now, tonight, I filled up the tank for 1.49 a gallon.

im breathing a sigh of relief, living to "fight another day"

I came real close to raising rates and when I did I might have lost business. and now im putting money back in my pocket because gas is down. I can do maintenance, set aside for new equipment, its that extra ammount back in my pocket for my business that is meaning the difference between surviving and going under.

it really is that important for this small business

Saturday, December 6, 2008 at 3:47:00 AM UTC
cde said...

Peak oil predictions haven't really changed. This crisis is purely an economical phenomenon that is not changing the geology that is behind the peak oil theories.

We have used about 52% of the "available" oil (as in we can pump it up at an EROI of > 1).

That means energy generation from oil is certainly not going to last 30 years anymore.

May God give that one of the fusion reactors is operational by then. Otherwise ...

Thursday, December 11, 2008 at 12:27:00 PM UTC
M. Simon said...

Christophe,

I have been listening to the "end of oil" stories since I was a kid in the 50s.

I think the estimates are wrong. In fact the US and Canada have enough mineable oil for at least 100 years and more likely 200 or more years.

It is way too soon to panic.

Thursday, December 11, 2008 at 12:41:00 PM UTC

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