For my +30 year career in the oil business Ive watched the Western Majors totally eviscerate the concept of peak oil. Ive attended oil conventions where theyve lambasted astute speakers on this subject. Theyve financed campaigns to slant public opinion towards the false notion that theres plenty of oil and nothing to worry about. Oil production potential was constantly overstated, as it is now with fracking (small trickles of net energy losers for long term problems) The majors didnt want any shifts toward energy conservation or alternatives. Unlike Europe (with less than half our per-capita oil and energy consumption), we in the U.S. bought into it. Well guess what? Now that its too late the majors are saying they arent getting adequate returns on E&P expenditures, the low hanging cheap and easy plays are gone, theyre cutting budgets, buying up their own stock and other smaller producers and basically saying (via these E&P cutbacks) the peak oil concept was right all along. Good luck with your escalating oil prices, Mideast dependency and CO2 problems (another concept they falsely undermined) and theyre taking their peak oil windfall profits and running. Yes the U.S. will pay the price, but places like Libya and Iraq are already paying a much higher toll. GREED.
Posted on: Thu, 31 Jul 2014 13:08:48 +0000
Trending Topics
© 2015