No long-term global oil shortage: US

[jpak]

http://www.theaustralian.news.com.au/story/0,25197,22598542-643,00.html

THERE is no long-term global oil shortage, a senior US official said in Australia yesterday, on a day when the oil price went almost to $US87 a barrel because of the Turkey-PKK situation.

James A. Slutz, deputy assistant secretary for oil and natural gas, made it clear yesterday that the US position is that any worries about oil supply are caused more by slow technological take-up by oil explorers than by any specific oil shortage.

Or, as the industry puts it, a low rate of change in the approach to non-conventional oil.

"Globally, oil prices are not the thing that is going to cause us problems," he said. "The key thing is that hydrocarbons are becoming more difficult to develop, taking more time, and the cumulative effect of this is a more challenging supply situation," he said.

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[sakabatou]

1. O RLY, Slutz?

[endarkenment]

2. Lying is an art form with these asshats.

Yes indeed there is no current shortage of oil, it is just cheap oil that can no longer keep up with planetary demand. Instead non-conventional oil which happens to be very expensive to extract (frequently requiring huge energy inputs to do so) and massively damaging to the environment to extract, will replace cheap oil, feeding directly into the Catastrophic Climate Change crisis and causing severe economic dislocations along the way.

Nothing to worry about.


If you are a member of the Global Ruling Elite.

[tom_paine]

4. Oh, I would call it a science - Mengele for the mind.

[Tandalayo_Scheisskopf]

3. And, in a large respect...

Hedge Funds pushing the markets where they want it to go.

[IDemo]

5. Well, that's certainly a relief

time to sell that damned bike.. :eyes:

[eppur_se_muova]

6. "Finite resources" is just a name, doncha know. nt

[phantom power]

7. Just two days ago, I was talking with my neighbor...

and he was telling a story about how they are building new developments up in northeast AZ, and he was going on and on about how they are tapping some aquifer that is (his words) "so large, they'll never use it up."

I cannot understand why people think this way, in the 21st century. But lot of people still do. My father-in-law is another one. He is convinced beyond argument that there are natural gas reserves in PA that "will last us another hundred years."

I think the next 20 years are going to be an enormous surprise to a lot of people.

[Javaman]

8. how does this guy get by without a room full of giggles?

"and now I would love to introduce the representitive from the US Gas and Oil industry, mr. slutz!"