60 Minutes - 'Oil Story' Last Night.

[BarneyG]

Did any off you guys see this story last night, the Oil task force guy claiming in 10years the worlds oil supplies will be dried up and a global recession off epic proportions will happen:confused: , then the Oil company guys just blurts out we will never run out off Oil due to the fact that they (oil companys) have more money for exploration.

Not good news if the Oil task force guy is right:bawl:

[VT LS1]

Neither seems to be right to me.
The figure that seems to get bandied about is 30 years for dry up, with no more finds. That being said, it has to run out some time
However, do you realy think that the oil companies will let us know if they do have major finds? Of course they wont, if they did, they price would drop. They will just continue to keep us scared, to keep prices up, but keep it (sort of) affordable, to keep consumption up. Supply and demand sux when you are the one demanding....

[BarneyG]

Neither seems to be right to me.
The figure that seems to get bandied about is 30 years for dry up, with no more finds. That being said, it has to run out some time
However, do you realy think that the oil companies will let us know if they do have major finds? Of course they wont, if they did, they price would drop. They will just continue to keep us scared, to keep prices up, but keep it (sort of) affordable, to keep consumption up. Supply and demand sux when you are the one demanding....

Very good point, I think the key is that Australia needs to find an oil reserve within its borders that will help us not to buy oil from overseas.

[Stevotski]

Very good point, I think the key is that Australia needs to find an oil reserve within its borders that will help us not to buy oil from overseas.


we do, but oil is traded globally so the australian resevres would be bought by other countries if they were cheaper - unless the govt took them over communist style.

The ONLY oil we have to import is bitumen because our crude high quality and is classified as 'light sweet' and does not contain the heavier fractions (ie: bitumen etc) and shit that mid east crude does

[Crusty]

Very good point, I think the key is that Australia needs to find an oil reserve within its borders that will help us not to buy oil from overseas.

We will always be subject to world Oil prices though as our oil goes onto the world market, AFAIK it was that way back when we produced 100% of our own Oil.

[EddieVE06]

Was told yesterday that the fuel price in Iran or Iraq or somewhere in the middle east...cant remember exactly is 2.4 cents per litre.....

[Holden Man]

Didn't they say all this stuff in the seventies !!

Conspiracy by Oil company's to raise the cost (which is still cheap really..compared to coke!)

Why do governments hold back on funding for alternative fuels ? because they make more money from oil.

[dj007]

Why doesn't Australia pull away from worldwide trading and sell its own oil directly to its own country? Cheap fuel for all of us....

[warlobo]

I saw a documentary on 'peak oil' quite some time ago and it was pretty close to 60min story. 'Experts' believe there is only a very remote chance there are major undiscovered oil fields left to discover. World reserves are past the halfway point and current fields now half empty. This results in higher costs to pump it to the surface and extraction rates much slower than when the fields were full, thus the price rises. By 2010 fuel looks like being $6 a litre, and the oil guy from the story claims they have higher profits and more money to search with however this still relies on the fact we will be paying much higher prices to sustain the profits and future finds wont result in price drops merely a slowing of the inceasing costs perhaps..

The truth perhaps we'll never know.. the effects if the claims are true will be substantial.. How was when they removed everything not directly produced with petroleum.. An absolutely emtpy room!

[exploder]

Things that struck me about this story:

There wont be another Saudi Arabia - thats a pretty bold statement and there are oil reserves greater than Saudi in Canada, its just in solid form and is mined. The refining process needs to be perfected.

There is oil under the Barrier Reef.

There is likely to be oil in Antarctica

There are vast areas of ocean that cant be explored because currently its too deep - too deep may change

[BarneyG]

I saw a documentary on 'peak oil' quite some time ago and it was pretty close to 60min story. 'Experts' believe there is only a very remote chance there are major undiscovered oil fields left to discover. World reserves are past the halfway point and current fields now half empty. This results in higher costs to pump it to the surface and extraction rates much slower than when the fields were full, thus the price rises. By 2010 fuel looks like being $6 a litre, and the oil guy from the story claims they have higher profits and more money to search with however this still relies on the fact we will be paying much higher prices to sustain the profits and future finds wont result in price drops merely a slowing of the inceasing costs perhaps..

The truth perhaps we'll never know.. the effects if the claims are true will be substantial.. How was when they removed everything not directly produced with petroleum.. An absolutely emtpy room!

I was stunned aswell when they revealed the room was empty with everything that was related to petroleum:shock: $6 a litre by 2010, I shudder at the thought.

[cwhast]

There wont be another Saudi Arabia - thats a pretty bold statement and there are oil reserves greater than Saudi in Canada, its just in solid form and is mined. The refining process needs to be perfected.
Is that the oil in the sand in Alberta? :bow:


There is oil under the Barrier Reef.
Well if it gets bleached to the shithouse, we might as well dig through the bastard in order to save the world :bravo:


There is likely to be oil in Antarctica
It'll probably thore out soon :yup:

[VT LS1]

Why doesn't Australia pull away from worldwide trading and sell its own oil directly to its own country? Cheap fuel for all of us....




Because its not 'Australia' selling the oil, it is Australian oil companies, and they, like any business, will sell to whoever pays the most.

[forcedindction]

Scaremongering in my opinion. They didn't mention anything about alternative fuel sources at all. This dude predicts doom and gloom and says we should start re-engineering our way of life now !! Yes we may reach PEAK oil soon, but that will be offset by either other finds or energy sources to the point that it will not matter.

[CLUB_819]

They still haven't tapped oil in the black sea, which is remoured to be extremely large. Why they don't promote alternative fuel is just money.

This is a thread I did a while back about using water to power you car, this guy has made it happen, got to http://www.savefile.com/files/6630286

Cheers
Scotty

[Mikey]

Because its not 'Australia' selling the oil, it is Australian oil companies, and they, like any business, will sell to whoever pays the most.

That is the first and most valid reason.

The second is that we can only supply 80 percent of our demand now. We still need to top up our thirst from the world supply.

The third reason is the oil companies actually need to maximise their profits (by raising the overall cost of production now) to ensure exploration and oil retrieving costs are met in the future. For example, if a new reserve was discovered in much deeper water than in comparison to now, but cost $80 a barrel to retrieve it, why would they bother exploring in the first place?

[possum22]

They still haven't tapped oil in the black sea, which is remoured to be extremely large. Why they don't promote alternative fuel is just money.

This is a thread I did a while back about using water to power you car, this guy has made it happen, got to http://www.savefile.com/files/6630286

Cheers
ScottyERROR File not found

[JNP304]

I saw the segment but think it was a fair bit of scaremongering going on. Alternative fuels are being looked at by the govt, however I think they could do more in this area in reguard to alternitive fuels. Ethanol, CNG, LPG ect. I disagree that by 2010 the world will be back in the stone ages. Only a Holden add on TV shows everyone in the stone age!

[A^K^T]

Here is another alternative energy site .

http://hytechapps.com

[exploder]

Is that the oil in the sand in Alberta? :bow:





Thats the one..

[tuff304]

Lets just try and forget about this fuel issue/dilema/drama and enjoy our v8's as long as there is petrol to fuel them :goodtime:

[lukey73]

I notice that the dooms day GovCo person was driving his nice shiney Commodore with GovCo supplied fuel card i bet. If Fuel is going to be that scarse like he is prediciting then i would have thought the "right" thing to do was drive a hybrid.

There was a report a month or so ago from BP saying that they believe oil will come down to $40 per barrel early in the new year.

I also seem to recall figures of 5-10% of Australia has been scoured looking for oil, if thats the case then surely there must be more out in own backyard. I also here that there is heaps they know of in Alaska that they cant touch for environmental reason's.

[JNP304]

lukey, I was thinking the same thing. Why was Mr Doomsday driving a petrol powered Commo? Maybe a penny farthing would have been more appropriate?
Or at least a Honda civic hybrid or Prius? Must have been a case of do as I say not as I do.

[VZ HSV #1]

Car manfacturers are not stupid as well.
Why would Holden spend a Billion Buck$ developing a big car, with a big V8 knowing fuel would go up to $6.00 a litre, not good business, they wouldn't sell cars, me thinx they know more than they let on.

On the other side, i am reading a book on making your own Bio- Diesel, out of new/used vegie oil, very interesting read and quite achievable.

Cheers
Scotty:rofl:

[LRL82]

80% of the world is water yeah & we've only just started looking for oil in the ocean.... I wouldn't be worrying...

[VZGEN4]

Have a crack at this! So much for this dude saying $2 by chrissy!

http://www.theage.com.au/news/national/petrol-at-115-by-christmas/2006/08/28/1156617257697.html

I loved it how when he was asked questions, most of the time he would say "Most of the people I've spoken to...(then he'd pull some stats and big figures)..." Who are theses people? His missus, bloke next door.... BAH!

[shnad]

Did anyone see the doco on SBS shortly after 60 Minutes on bacteria. They had a rather large speil on how the chinese use faecal matter (yes poo) from humans and animals to produce biogas, being methane based something like natural gas i suppose. The chinese have apparently millions (including home installations) of these vats that they use to collect and ferment the poo already in use and have a power generating plant pumping out 900,000kwh of electricity running purely on this biogas. Whats stopping something like that powering out cars.

Heck i'd poo all day to power my car for next to nothing :rofl:

[GM_NISSAN_RENO]

This is pure media masturbation.

[Carby]

Scaremongering in my opinion. They didn't mention anything about alternative fuel sources at all. This dude predicts doom and gloom and says we should start re-engineering our way of life now !! Yes we may reach PEAK oil soon, but that will be offset by either other finds or energy sources to the point that it will not matter.


I have to agree - the show was a total waste of time - what did it tell us? We are Fu*king running out of oil ? as if someone on the planet didn't know!!

They would have been far better getting a show together on showing us how the many alternatives to oil are progressing - Hydrogen in particular. I believe a council is running a fleet of Hydrogen cars in the US (California?) Apparently early signs are very encouraging but the biggest problem is producing the Hydrogen which consumes more energy than what is produced - think they were looking at doing it with solar energy. Anyway, I would have been much more interested in that than some dopey piece on how we are running out of oil.

[SS_Fury]

Car manfacturers are not stupid as well.
Why would Holden spend a Billion Buck$ developing a big car, with a big V8 knowing fuel would go up to $6.00 a litre, not good business, they wouldn't sell cars, me thinx they know more than they let on.

On the other side, i am reading a book on making your own Bio- Diesel, out of new/used vegie oil, very interesting read and quite achievable.

Cheers
Scotty:rofl:

my old man runs both his hilux's on biodiesel. He sometimes puts a little bit in from the pump, but his diesel costs him something like 25c a litre to make himself. Just get on the good side of a fish and chip shop who cook with vegie oil and your laughin.

[pta78]

Get out your stills boys. We will have to make our own Moonshine like to Duke boys to run our V8's. The General Lee ran like a shower of s**t on moonshine.:yup:

Daz

[TigerMon]

Right on!

See you on the road...

http://www.script-o-rama.com/movie_scripts/m/mad-max-road-warrior-script.html

[IH84DS]

I think it a bunch of b*llsh!t, just an excuse to raise the price of the barrel. Antarctica is believed to have natural gas and oil reserve that hasn't even been touched yet.

[chevypower]

Yep, the Earth is just one big bottomless petrol bowser, millions and millions of cars operating around the world, consuming billions of litres per day, should not have any impact on the price of petrol - strain on our oil supply? who are they trying to kid? We should all be consuming 100 litres per day! I will end my sarcasm now

[maxter]

The second is that we can only supply 80 percent of our demand now. We still need to top up our thirst from the world supply.


Have a read of this page... Some interesting facts although a bit dated...

https://www.cia.gov/cia/publications/factbook/geos/as.html#Econ

[loudvtss]

I posted this in another thread also. Found this article in The Age. Headline is: Petrol at $1.15 by Christmas...

Go figure.

http://www.theage.com.au/news/national/petrol-at-115-by-christmas/2006/08/28/1156617257697.html

[VT LS1]

[
QUOTE=shnad;708394]Did anyone see the doco on SBS shortly after 60 Minutes on bacteria. They had a rather large speil on how the chinese use faecal matter.......


There was a thing on beyond tomorrow with a euro city making fuel for all of their busses as taxis using cow crud. Here we just use it to run our politicians.



[QUOTE=VZ HSV #1;708320]
On the other side, i am reading a book on making your own Bio- Diesel, out of new/used vegie oil, very interesting read and quite achievable.

I am soon to make biodiesel, i have 200ltr of methanol (thanks GHZ28) and about 400ltr of used vege oil, just need to make the 'plant'. That should help reduce the cost of the missus patrol.

[the big fist]

Water powered car and also gas cutting.
interesting stuff !
http://hytechapps.com/

[220kph]

We have Synthetic Oil eg Transmax Z, Mobile 1 etc
Why not Synthetic fuels?.... there are alternatives that work but while oil is cheap why bother. read something in school how the Germans used alternative fuels during WW2

And when was the last time 60 minutes let the Truth get in the way of Biased ,Hyped , Crappy journalsim:soap:

[Mikey]

Have a read of this page... Some interesting facts although a bit dated...

https://www.cia.gov/cia/publications/factbook/geos/as.html#Econ

That’s interesting stuff! When I was at school, (you don’t want to know) it was just under 20 percent top up from world reserves. It now looks like it is getting ever so much closer to 50 percent top up. Won't be long now!

And we think we are at their mercy already

[220i]

Check out this website, very comprehensive and pretty scary when the facts are outlined in detail. Its a long read but informative. I never really knew the extent of the Peak Oil concept but the facts are clear:

http://www.lifeaftertheoilcrash.net/

[SS-Z LS1]

Renewable Oil - anyone read this before....

h t t p: / / w w w . worldnetdaily . com / news / article . asp?ARTICLE_ID=38645

remove the spaces

Cheers

[mad.ed]

[quote=exploder;708059]Things that struck me about this story:

There wont be another Saudi Arabia - thats a pretty bold statement and there are oil reserves greater than Saudi in Canada, its just in solid form and is mined. The refining process needs to be perfected.

There is oil under the Barrier Reef.

There is likely to be oil in Antarctica


Australia has massive reserves too, its called shale oil and coal.Due to the enviromental issues of the mining and extraction processes involved with turning oil rock into liquid, australia,s shale oil plant was knocked on the head.What sort of brew did it make ?, high grade naptha that was refined into jet fuel. And as for the oil reserves under the barrier reef, forget about it , it was 1 of the enviromental issues that helped close the shale oil pilot plant in the 1st place , issues with transporting oil through a enviromentally sensitive area ,think EXXON VALDEZ. Its not so much as the refining process that has to be perfected , they have got that down pat , its the issue of how to deal with ,and clean the emissions .

[dean]

There supposidly is a heap of oil reserves left to last 100's of years. Problem is there may be a link to pumping all this oil out of the ground and increased volcanic activity - something to do with creating huge underground voids and causing underground rock formations & plates to shift.

[Mikey]

Check out this website, very comprehensive and pretty scary when the facts are outlined in detail. Its a long read but informative. I never really knew the extent of the Peak Oil concept but the facts are clear:

http://www.lifeaftertheoilcrash.net/

After reading this and a lot of the attached links, I feel depressed now.

It appears that we don’t really appreciate the true nature of the actual problem, well at least I didn't and I have never really heard it discussed around BBQ's or on these forums etc., with any real detail before.

The real problem is not actually running out of the last drop, it is the half way mark of running out of the last drop called world "Peak Oil Production", and coming to a society near you soon! so they say.

While these dooms day theorist share their well researched opinion on the possible repercussions of world "Peak Oil Production" (most of which is still very subjective although they do make a very compeling case), all the experts including the "Oil Companies" themselves do agree that is a real and happening phenomena. They just disagree on the timing that’s all.

I now see that Australia has well and truly passed its "Peak Oil Production" probably around the same time as America did (1970) and I also found it interesting that America was able to force the former USSR to pass its "Peak Oil Production" (by introducing the StarWars program in the early 80’s) by 1987 which ultimately lead to the Soviet Union’s eventual break up in 1989.

I think whether you believe it or not, it is well worth the read none the less.

[muzza]

Yes - peak oil is the "top of the hill" - the downhill side is where production cannot meet demand and the price will keep going up.

My general opinion is that peak oil will occur sometime in the next 10 years.

Most "experts" seem to think oil will be a spent force as an energy source within 50 years.

Enjoy the V8 while we can ladies and gentlemen - this is truly the golden era of the clean hi-po engine (albeit a little thirsty, but waaaaaaay better than 20 yrs ago in emissions, econonmy and performance).

What is annoying is the Aus Gov't's reluctance to fully invest in using our massive gas reserves to reduce our dependence on oil. We are a net exporter of gas - cars can run sweetly on this (LPG or methane) with some more development.

[ti0350]

Did anyone catch the news tonight and report of a huge oil find iin the gulf of mexico looks like we havent hit peak yet..

[joffa]

Yeah they reckon around 50 billion barrels worth. Glad I kept the LS1!

[dean]

Russia has huge reserves as well

[Crusty]

Be interesting to see if this find has any effect on global oil prices.

[VT LS1]

Did anyone catch the news tonight and report of a huge oil find iin the gulf of mexico looks like we havent hit peak yet..



Still doesn't explain why fuel was $1.12 (reg ulp) at 8am but $1.29 by 4pm.
I know this is cheap even at the end of the day campared to some areas, but why the big increase every wed arvo?

[Crusty]

Still doesn't explain why fuel was $1.12 (reg ulp) at 8am but $1.29 by 4pm.
I know this is cheap even at the end of the day campared to some areas, but why the big increase every wed arvo?

Cause thats when people buy fuel and good old supply and demand means people will happily buy fuel even at the inflated prices, they'll usually sell sometimes at a loss to attract people but then recoup those losses on peak days, damn servo's.

[`redoctober]

oh god i'm glad that this new oil source was found.


oil will run low, oil companies will charge more, thus making more profit. when it hits rock bottom, rest assured, they'll have more, they're not prepared to go broke just yet.

[wetwork65]

I think we went through all this in the 70's - oil running out, conspiracies about running cars on water and people disappearing who knew too much......etc

[Crusty]

I think we went through all this in the 70's - oil running out, conspiracies about running cars on water and people disappearing who knew too much......etc

I wasn't born till '80 :D

[RegentV]

I think we went through all this in the 70's - oil running out, conspiracies about running cars on water and people disappearing who knew too much......etc
The situation in 70's and now are a lot different, there are now more cars, more planes, more boats and developing countries (China + India = 2 Billion) are starting to use a lot of oil.