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At one point I started worrying about oil, after watching some documentary about it, and my friend made two really good points in about 2014. 1). Peak oil will
by servytor 5y ago
At one point I started worrying about oil, after watching some documentary about it, and my friend made two really good points in about 2014.
1). Peak oil will never happen, and in fact OPEC is scared of high oil prices, because it will automatically create an insane demand into research into synthesizing oil at an industrial scale instead of just being university research postings.
2). America has the best oil refineries of any other country; we might be dependent on oil but other nations are dependent on our export of gasoline.
I have no clue if those statements are accurate, but his claims made sense to me.
- okl 5y agoRegarding 1): There already are such projects, notably used by Nazi-Germany during WWII: https://en.wikipedia.org/wiki/Coal_liquefaction https://en.wikipedia.org/wiki/Coal_liquefaction Coal prices are currently at insane levels compared to crude oil, however. Regarding 2): US has been a net importer of distillates since 2012.
- xhrpost 5y ago2.) You mean net exporter? https://www.usitc.gov/research_and_analysis/documents/foreso_petroleum_products-12-1-14_final_0.pdf https://www.usitc.gov/research_and_analysis/documents/foreso... https://www.eia.gov/todayinenergy/detail.php?id=49596 https://www.eia.gov/todayinenergy/detail.php?id=49596
- okl 5y agoOh, yep, sorry. Held the chart upside down and looked at the sum of crude+products. Thanks for the correction.
- xhrpost 5y ago1) What I heard is that we will never "run out" of oil because there will always be oil that is more expensive to extract than the current market price. Thus, the price can always increase if there is sufficient demand and then that oil is profitable to extract.