Ah well, why let the facts get in the way of a good story?

A very few years ago, the Bushes could ask their dear friend Prince Bandar to have the Saudis produce a bit more crude and calm the market. But Bandar’s gone home now, and the Saudis say they are producing more than they can sell. To some extent that’s true because the Saudis are producing lots of heavy, sour crude that can’t be refined in refineries built for light, sweet crude.

But Peak Oilers suspect the Saudis are already producing flat out and simply can’t increase production.

Today, Ben Bernanke and the federal reserve is printing money again. The dollar’s real value is plummeting. Gold closed yesterday at $972 per ounce! In other words, that 1972 $3 barrel of oil should cost about $83 dollars.

I expect these price increases to spread to cars in the next five to ten year too. Imagine an entry level Hyundai or Kia in 2018 with an MSRP over $24,000.

Should be:

There hasn’t been a single oil company that has reported greater reserves found than oil recovered in 2007.
Get used to reports such as this one -
Chevron Oil Reserves Drop to 10-year Low:

http://www.mercurynews.com/breakingnews/ci_8393535

Note that Chevron had boosted exploration spending by 21% to a record 15.5 billion USD.

Speculators are driving the price of oil significantly beyond its rational supply/demand level, but then what’s rational about today’s markets? Analysts have stated that with a cooling of the world economy, oil should slide to 55USD, but then the dollar has lost so much value that producers are seeking compensation for that (and you wouldn’t believe how much the dollar will slide if they should decide they want euros instead.)

Peak Oil? There hasn’t been a single oil company that has reported greater reserves found than oil recovered this year .
Get used to reports such as this one –
Chevron Oil Reserves Drop to 10-year Low:

http://www.mercurynews.com/breakingnews/ci_8393535

Note that Chevron had boosted exploration spending by 21% to a record 15.5 billion USD.

I’m not sure if whale blubber costs more or less today than it did 150 year ago. But it doesn’t really matter.

Better get use to high prices and ethanol. That’s what’s ahead.

But the growing appetite of the Chinese and Indians for cars and consumer gooss; that’s a major market force. It’s hard to see oil production keeping up with that and that spells higher prices.

Here he is, blaming the Russians back in 2004: “If it weren’t for Yukos, we wouldn’t have crossed the $45 mark,” said Fadel Gheit, oil analyst at Oppenheimer & Company.
$45! LOL!

I predict that next year this time he will still be talking about a bubble, blaming [your favorite scapegoat here] while oil prices cross the $(100 + [your prediction here])/bbl…

I heard the Tundra/Land Cruiser/Sequoia/Titan/Armada/Infinti whatever-the -hell-they-call-it are thirsty too.

This is not the only research of this sort. Nonetheless, I can remember all to well writing about the glamorous Genex Corp growing trees for fuel back in ‘81, and similar stuff that never went anywhere. Still, Venter, and someone else I know of doing similar stuff are true giants, whereas the Genex boys weren’t.

The last bubble: Tech companies – you can only sell something for a loss (and make it up in volume) for so long, investors will finally want their money

The current bubble: Housing prices – there’s only so many times you can flip a house until no one wants to buy it at your inflated price

The next bubble: Energy prices? Don’t know if it’s a bubble or not, but it could be – it looks suspicious to me.

http://afp.google.com/article/ALeqM5iYXm1UNEI-ViI-p5S6TAaogyDv8Q

It’s about creating microbes that eat CO2 and make octane.