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Re: Hubberts Peak Theory [Re: Rebirtha]
    #5274920 -

http://www.peakoil.com/article11752.html

Budget doesn't allocate funds to build oil reserve
Public Policy; Political and Legal NewsPresident proposal has no provision to satisfy Congressional requirement that strategic reserve grow to 1 billion barrels.

WASHINGTON (Reuters) - Congress is requiring the Bush administration to add almost 300 million barrels to the nation's emergency oil stockpile, but the White House on Monday did not seek money to buy the crude in its proposed budget for the 2007 spending year sent to Congress.

In sweeping energy legislation signed into law last year, Congress required the administration to boost capacity of the Strategic Petroleum Reserve to 1 billion barrels from its current 727 million barrels.


The stockpile was created by Congress in 1975 after the Arab oil embargo. It currently holds about 684 million barrels of crude in underground caverns at four sites in Texas and Louisiana.

The administration loaned 9.8 million barrels of crude to oil refineries and sold another 11 million barrels last autumn after Hurricane Katrina disrupted supplies.

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Re: Hubberts Peak Theory [Re: VoidOfsPg]
    #5275600 -

Too much of a hassle? I already agreed with you that everything will change, but saying too much of a hassle suggests the tar sands wont be tapped, which is absurd because they're already doing massive extractions of the place. I'm just saying there's going to be enough oil left to prevent cannabalism in the streets :P


--------------------
Dosin' up my Dharma with a drop of gasoline.
There's a tome by Terrence McKenna in my Frontline Library

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Re: Hubberts Peak Theory [Re: FluShu]
    #5278391 -

Even at full production they won't be able to extract much more than a couple million barrels of oil per day through oil/tar sands by the year 2015.

http://www.energybulletin.net/358.html

Global consumption is over 80 mil/day- you're talking literally about a drop in the bucket. Negligible impact on price since demand grows each year with Chindia industrializing at unheard of rates. We are projected to need 120 million barrels per day by 2020. Think about that.

Given human nature, I expect little will be done about this huge problem until it knocks us on our asses. In the intervening years we will experience massive economic and geopolitical disruptions. Have a nice day.  :laugh:


--------------------
I am what Willis was talkin' bout.

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Re: Hubberts Peak Theory [Re: Tien]
    #9740596 -

Blast from the past.
Who knew..I was right =D

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