Exxonmobil suit gives speech and poo poos peak oil

[donsu]

saw this on c-span this a.m.

he said, if only the oil men got more money from the gov. they could suck all the oil we needed for decades.

that wind power doesn't work when there is no wind.

that solar power doesn't work at night.

hydrogen takes a lot of money and they need more from the gov.

and in a roundabout way he said the world's oil was our oil first.

but, whatever, they need more gov. money.
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you know smirk will give to them

[trof]

1. Saw that weasel.

"Gonna cost a LOT of money for research and exploration."
Translation: $5 a gallon.

[WVhill]

3. Five bucks a gallon

will change the eneregy picture. OPEC knows that and so does big oil. The idea is not to kill the goose that lays the golden eggs (the consumer).

[Peak_Oil]

5. $5 a gallon will be nothing. Europe pays that today.

The problem will come when gas hits $25 a gallon. Driving an hour to work every day will cease to exist. Property values waaaay out in the suburbs will decline.

Getting food will be a problem.

Getting water will be a major problem.

[Peak_Oil]

2. Damn shame.

These guys should just give up the ghost and look for alternatives. We don't have all the time in the world.

[JohnyCanuck]

4. Sonds like he is supporting Peak Oil theory.

The Peak Oilers say we can pump oil for decades as well (but not as much as we will need). The question is how much will it cost. As existing fields go past peak and go into decline and as finds of new reserves appear to tail off, exploration costs along with the price of oil is bound to rise. In a roundabout way if this guy is saying they need more gov't subsidies to find and pump oil he would be confirming the predictions of the peak oilers like Campbell, Simmons etc.

Here's another quote from an ExxonMobil suit.


Major challenges ahead

“Our industry can certainly be proud of its past achievements. Yet the challenges we will face in the coming years will be every bit as great as those encountered in the past, due in part to ever-increasing global energy use.

For example, we estimate that world oil and gas production from existing fields is declining at an average rate of about 4 to 6 percent a year. To meet projected demand in 2015, the industry will have to add about 100 million oil-equivalent barrels a day of new production. That’s equal to about 80 percent of today’s production level. In other words, by 2015, we will need to find, develop and produce a volume of new oil and gas that is equal to eight out of every 10 barrels being produced today. In addition, the cost associated with providing this additional oil and gas is expected to be considerably more than what industry is now spending.

Equally daunting is the fact that many of the most promising prospects are far from major markets — some in regions that lack even basic infrastructure. Others are in extreme climates, such as the Arctic, that present extraordinary technical challenges."

Quote from A revolutionary transformation by Jon Thompson President of ExxonMobil Exploration.