BREAKING: CNN just now reported that we have reached peak oil...

[Subdivisions]

Financial reporter said that high gas prices are here to stay as supply will not be able to meet demand. Investors are encouraged to pursue as many alternatives as possible.

And, no, they did not use the words "Peak Oil". Six of one, half a dozen of another.

[Tesha]

1. Wow! Right this very minute, the peak??? Aren't they good (and precise!)!

Is this like the top of a roller-coaster hill,
and we should all throw our hands up in the
air and scream now???

Tesha

[Schema Thing]

3. 3:17 am, to be precise

:P

[meegbear]

2. If they didn't use the words "Peak Oil", then what words did they use?

[Bluebear]

6. Eakpay Udecray.

[xultar]

7. DUZY!!! BUHWAWAWAWA!

[The2ndWheel]

8. Alright, my side hurts now

That was one of those jokes that pushes the right button at the right moment.

[Bluebear]

9. :)

[meegbear]

10. D'oht!

:spank:

[endarkenment]

14. Ohtday! nt.

[endarkenment]

13. Udecray .

If you move the consonant to the front then you drop it in the suffix, or at least that was the way I learned it.

-- the pig latin grammar nazi

[Bluebear]

16. You are ightray of course

OK so how WOULD you latinize "oil" lol!

[meegbear]

18. What's pig latin for 'ebay'?

[ananda]

28. ebayhay

lol

[endarkenment]

35. oilay nt.

I had friends who spoke fluent 'opbop' which inserts op syllables evoperopy wherop. Really annoying.

[MilesColtrane]

50. How would you latinize Oil of Olay?

It hurts my brain.

[blondeatlast]

22. I love it when you speak French!

Swoon...

:loveya:

[July]

66. Is that you, Gomez? nt

[robinlynne]

45. my god you're funny.

[nini]

48. *snort*

:rofl:

[Subdivisions]

20. ADDENDUM TO OP: Actually, I incorporated into the OP

my opinion as to why supply can no longer meet demand is because oil production seems to have peaked at around 84.5 mbpd since 2005. In fact, we are on a plateau and there is nowhere else to go but down. This being a fairly enlightened community, I assumed most here already possessed knowledge of our current energy situation and would know that oil production has maxed. I also assumed that most here considered oil perhaps the biggest driver of contemporary world events.

I can see how my post may have left some dubious as to my grasp of the energy situation. I assure you that I don't make such comments lightly as I research this issue daily. I believe we have already reached Peak Oil and I've been waiting for some confirmation of it in the MSM. CNN's report came as close as it possibly could to admitting that supply will "for decades" no longer be able to meet demand. The part they left out is why supply could not meet demand.

Speaking economically, we have reached Peak Oil in the sense that the economic consequences that are part and parcel of the Peak Oil scenario are, and have been, taking place. But for CNN to say the words "Peak Oil" would not only give some amount of validation to us Peakists, it could potentially cause an economic disaster as the realization that economic growth was esentially dead sends tsunamis through the market.

In light of the careless wording of my OP, the light-hearted jabs at my expense are deserved and expected. But, please, no pies. I just took a shower.

[trashcanistanista]

55. The only problem I have with that is

that right now, supply is meeting demand, we are just paying more for it. If supply were reduced, we would have shorter hours at gas stations, lines, and stations would run out. The other problem is that it came from CNN.

[northzax]

4. that's not Peak Oil

Peak Oil says that supply will decrease, not that supply will fail to meet demand.

[radfringe]

12. if it's not peak oil, is it then GOUGE OIL?

[Terran]

57. DING!

"You are correct sir/madam!"

If more oil refinery capacity was built, prices would probably drop...for a while...until peak oil really does take effect. Like a storm, it's comin'.

[JanMichael]

19. The way I understand it is that the "peak" is when its at a maximum.

Not at decrease per se. The decline is past peak when reserves cannot be maintained by any new drilling.

[Solon]

69. Actually that's also incorrect, at least DURING the peak...

Peak means you hit the maximum amount of production, period, and since demand is always increasing, you can no longer meet the demand, and prices rise to correspond with it. Its AFTER the peak that oil supplies decline, leading to sharper price increases, they just acknowledged that we are at the plateau.

[Tandalayo_Scheisskopf]

5. I cannot help but wonder...

If this has anything to do with congressional Dems saying they were going to start investigating hedge fund manipulation of the petroleum markets.

[mzmolly]

11. Well I am glad that "investors" are looking at other options.

eom

[Skink]

15. Did they seem suspicious.

[JacquesMolay]

17. There was a report today that North Sea production was dropping ...

http://online.wsj.com/article/SB118459721257067580.html?mod=googlenews_wsj

Mexico is in decline, Saudi Arabia (it's big field Gawar) is probably not far behind. The only countries that could appreciably increase production are Iraq and Iran, and those have fairly obvious political obstacles.

History is set to some serious change now.

[Exultant Democracy]

21. We live in interesting times n/t

[BlooInBloo]

23. That doesn't mean we've reached peak oil.

[FogerRox]

61. This might be a little more "suggestive"

[Robbien]

24. That is just their way of telling us we are going to pay higher prices

without telling us that the problems with US refineries is the cause.

Can't have the public mad at Exxon. Spreading fear is their standard fallback position.

[OPERATIONMINDCRIME]

25. Please Educate Yourself On What Peak Oil Is Before Starting Topic On It In The Future. Thanks.

[TahitiNut]

29. New DU Rule?

:eyes:

[OPERATIONMINDCRIME]

32. Nope. Just A Sincere Request To Spare Embarrassment Of Premises Based On Ignorance.

I'd say that's probably a wise personal rule for each of us to hold. Ya know, like knowing what terms actually mean before starting glaring dramatic threads on them for discussion. Not too much to ask right?

[Subdivisions]

37. Oh, OK, you win. I'm ignorant. n/t

[OPERATIONMINDCRIME]

39. No One Said You Were Ignorant.

But even the most educated person can speak about a subject from a standpoint of ignorance. That doesn't make them as a whole ignorant, merely that they expressed ignorance on the subject at hand.

I felt that's what you did here by wording the OP the way you had. After reading your post #20 I see that you gave a completely wrong impression in the OP and weren't in fact ignorant on the subject, though now I consider you to have a skewed perception on it.

Either way, the whole "Breaking News!" thing was not only misleading and false, but even your post 20 didn't justify its existence in the first place. Based on your explanation, it appears you jumped the gun and posted an overly dramatic OP just because you heard something about supply and demand on the news, even though it had nothing to do with peak oil. It would seem that rather than using solid fundamental reasoning, you instead knee jerked in an amazingly eager manner the second you heard such news, just to be able to have a catalyst to preach your peak oil agenda.

So maybe you weren't in fact ignorant on the subject, but now I'd ask that you use a little bit more integrity towards the subject you're presenting when you post a thread stating "Breaking News!". Otherwise, you may only serve to mislead people who don't know better.

[endarkenment]

43. Actually you did.

perhaps you should consider the implications of your post before posting?

[OPERATIONMINDCRIME]

49. Actually, I Didn't. If You Bothered To Actually Read My Reply That You Responded To, The Concept

would be clear to you.

When it comes to the mating habits mollusks, I'm ignorant to the premise. That doesn't equate to me being 'ignorant' overall as a person.

If ya can't get a concept that basic, well then I don't know what to tell ya. :shrug:

[Commie Pinko Dirtbag]

68. You are talking with a master of the no-so-fine art of Saying Without Saying

Which is a specialization of the larger field of knowledge known as Having One's Cake And Eating It Too.

[Subdivisions]

53. Well, you are right about three things...

1. It was a kneejerk reaction in response to a news item I've been on the edge of my seat waiting to hear, as much so as I am waiting to hear that Cheney will be impeached, or as much as I want to hear that the war is over and our troops are coming home. Hell, I'm on the edge of my seat just waiting for one tiny shred of truth...about ANYTHING GODDAMN THING!

2. "...you instead knee jerked in an amazingly eager manner the second you heard such news, just to be able to have a catalyst to preach your peak oil agenda." Also true. Because I believe in Peak Oil, and the implications that come with it, I will make any opportunity I can a "catalyst to preach your peak oil agenda". My goal is to enlighten everyone I can about what declining energy resources means.

3. My post was poorly worded, but using the word "BREAKING" in the subject line was appropriate as the news item was "new" and they were talking about it at that monment on television. Using the words "peak oil" in the subject line probably was not. Considering this thread seems to be getting a lot of views and my unfortunate use of the language it communicating the importance (to me anyway) of this news, I apologize if anyone feels their time and effort has been wasted on my confusing words. I will slow down next time and I'll get something to put on that jerky knee.

[JVS]

41. It wouldn't hurt for people to get their shit straight before posting

[TahitiNut]

60. If DUers stopped pulling it out of their asses ...

... the posting volume would drop by about 75%. :shrug:

[JVS]

65. Well then maybe the signatures wouldn't be turned off so frequently

It would be a good thing

[DS1]

30. I see we're still sufferning from CCD

[JVS]

31. Confraternity of Christian Doctrine?

[OPERATIONMINDCRIME]

36. You And Who Else?

You said 'we'. I gather the you part, but who else are you talking about? Is someone sitting next to you? Were you referring to yourself only but in the terms used by royalty for some weird reason?

Either way, pretty silly post ya got there.

[Subdivisions]

38. Pot. Kettle. n/t

[OPERATIONMINDCRIME]

40. You're Talking About What Now?

:boring:

[Subdivisions]

42. I've wrought your wrath for what now?

A "silly" post? And to just what level of insight or intelligence can we assign your writings?

[OPERATIONMINDCRIME]

51. What On Earth Are You Talking About?

Did you mistake my post above (two above) as having been to you? The one in which I used the word silly wasn't to you. It was to someone else.

[Subdivisions]

34. Please read my Post #20. n/t

[ThomWV]

26. If supply was not meeting demand, as he said, there would be gas lines. You see any gas lines?

[Subdivisions]

33. Not yet, but maybe there are some here from SD, NE, WI, IA and

a couple other midwest states who can answer that.

[snappyturtle]

56. I read here on DU, no, I don't have it bookmarked, that there were

severe shortages in NE at the truck stops....one supposedly closed in Lincoln...out of gasoline. I'll see what I can find.

I thank you for posting Texas Explorer! We're arguing semantics here.....I agree that the Peak is coming if we haven't already passed it. We'll know soon. In the mean time the oil people may be artificially limiting supply to get the most dollars for the oil they have.

[endarkenment]

46. Global supply, global demand.

Supply not meeting demand does not imply lines everywhere.

[John Q. Citizen]

27. It refining capacity.

[jsamuel]

47. .

Yes refining capacity is different than the capacity of the source.

[BlooInBloo]

44. How many threads repeating this false implication are there going to be?

[formercia]

52. I'm just waiting to see

a 20 Mule Team Hummer.:evilgrin:

[immoderate]

54. As I understand it...

Peak oil has little to do with supply or demand. It's the point at which more energy is required to extract the oil, than can be extracted from it.

This is due to various reasons. As surface deposits of light sweet crude are exhausted, drilling goes deeper, oil needs more refining. Even if demand were eliminated, these limits would obtain.

No post allows for this definition of peak oil. Am I wrong here? Reference? :shrug:

On edit:
I looked around, and the usage of "peak oil" has me convinced that it refers to a point, after which, oil production drops off. Not much chance of that being because demand drops off. The economic (energy) and environmental costs of extracting fuel from oil shale and tar sands will make those sources marginal. I guess you could say it's a matter of supply.

--IMM

[AntiFascist]

58. Which is why Iraqi oil is so important...

less energy is required to extract it, or so I read a few years ago. (That doesn't include the cost of dealing with insurgents).

[FogerRox]

63. EROEI vs peak oil

ERORI= Energy returned on Energy invested.

Peak oil = when half the oil has been pumped out. Re: world production starts to decline.

[AntiFascist]

59. This post should be a real downer (to certain people)....

with my limited understanding of economics, even if gas prices go sky high, if the supply drops oil company profits will eventually drop as well.

[Bushwick Bill]

62. You've Described "Peak Lite."

http://www.theoildrum.com/node/2757

[FogerRox]

64. TOD= good reading. To all those who dont frequent the TOD, I recommend it.

http://www.theoildrum.com/

[robertpaulsen]

67. Whatever they're saying, they're following not leading.

The week peak oil went mainstream - July 15
http://www.energybulletin.net/32054.html