chicken little wrong again

[tirebird]

Those of us old enough to remember the oil embargo and long lines at gas stations were reminded again by the recent doomsayers claiming that the world is running out of oil. Time to switch to bicycles and electric cars. Now, avoiding the environmental arguments, two recent stories this week emphasized just how much oil is out there.

The first involved the mining of oil shale in Colorado and Canada where deposits of energy far outstrip what has and was available in the middle east. Now, with new super heating technology, oil companies can provide billions of gallons of high quality crude for the next several decades.

http://sfgate.com/cgi-bin/article.cgi?f=...001&sc=1000

The second development occured in the Gulf of Mexico where Chevron and other companies just discovered another huge pool of high quality crude sitting more than 20,000 feet beneath the ocean floor.

http://news.yahoo.com/s/nm/20060905/...y_chevron_dc_5
All this new capacity is in addition to the Saudi Arabian size deposits north of Japan and east of Siberia, near the Kamchatkan Peninsula, that the Russians, Americans, and others are beginning to drill for the first time.

Now this doesn't mean that we'll be able to buy gas for a buck a gallon in the near or even distant future, but it does mean that our kids won't have to push our LS-6's and Hemi's to the next car show.

[nuch_ss396]

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....Now this doesn't mean that we'll be able to buy gas for a buck a gallon in the near or even distant future, but it does mean that our kids won't have to push our LS-6's and Hemi's to the next car show.

[/ QUOTE ]

You're right John. However, what it does mean that the oil
companies will have unbelieveable profits during this time.
Perhaps I should invest in these oil companies now........

[Jeff H]

While it's great that there are more resources than we thought, we still need to change people's thinking and habits on how we use these resources. We waste a lot of energy and regardless of cost, we need to change. As for oil company profits, don't get me started on that one!

[Rick H]

[ QUOTE ]
As for oil company profits, don't get me started on that one!

[/ QUOTE ]

Hmmm, you mean something like this? From USA Today 1/31/2006.

[ QUOTE ]
ExxonMobil amasses record $36B 2005 profit

ExxonMobil (XOM) reported the largest annual profit in U.S. corporate history Monday, a $36.1 billion jackpot that included a record-setting fourth quarter.
Exxon earned $10.7 billion, or $116 million every 24 hours, in 2005's final quarter, up 27% from the same period one year earlier.

Quarterly revenue of $99.7 billion was 19.5% higher than last year's fourth quarter. For the year, Exxon took in $371 billion — equal to the total annual economic output of Argentina and Thailand.

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And why the increase in gas prices?????? DUH!!!!!!!

Rick H.

[mrtimstik]

Looking very closely at the shale activity in Colorado. I had just agreed to have my mineral rights there excavated for just that purpose.