RE: E-Day for Oil

I will get Dennis off the hook. Someone posted remarks by a oil company
VP who said that oil was not in short supply. I didn't say the guy was
lying. I said, something happens to people as they move up the ladder.
They see the world entirely differently. That doesn't amount to lying.
However, it is clear to me that since I first became concerned with this
area back in 1998, and submitted my short piece to PSCF in 1999
(http://www.asa3.org/ASA/PSCF/2000/PSCF12-00Morton.html#The%20Coming%20E
nergy%20Crisis} that more and more people in the oil industry are
becoming concerned. When I first started saying this in the corridors of
my company, lots of people thought I was a wee bit wacko. Today, I can
say the same things and worse, and people agree with me. As I have
related here before, when I went to the UK, I told a colleague, who
later became my boss that the UK had peaked in oil production. He simly
didn't believe it. When, shortly after he became my boss, he
capitulated and had me and my wife over for a wonderful Malaysian
dinner, prepared by his lovely Malay wife, there were few in the halls
at Aberdeen who would disagree about the UK production. Last May the UK
produced 7.9 million tonnes of oil. In Dec. 1998, they produced 12.5
million tonnes. Nothing is really going to turn it around. Norway is
declining, Oman is declining. Indonesia is declining and is now a net
importer, the US is declining, Australia, Gabon, Peru are declining.
Countries currently increasing production can't continue to increase it
forever--that would be a perpetual motion machine.
 
Anyway, I think Dennis is referring to my statement a few months ago.

-----Original Message-----
From: asa-owner@lists.calvin.edu [mailto:asa-owner@lists.calvin.edu] On
Behalf Of Dawsonzhu@aol.com
Sent: Sunday, August 08, 2004 9:27 AM
To: dennis@innovatia.com; asa@calvin.edu
Subject: Re: E-Day for Oil

Dennis wrote:

>From what Glenn has said about oil company executives seeing the oil
picture through rose-colored glasses, is this perhaps true? As early as
the '50s?

He can also simply be closer to knowing what is out
there. Whether oil companies have lied in the past
or not is not evidence they are lying now.

At least, it might be wise to hold such insinuating remarks
for a few more years and see where the direction is really
going. And why the conspiracy anyway? Don't you think
someone would squeal? OPEC was well documented effort,
no such evidence has surfaced for Big Oil in recent times.

Actually, I can remember some crazy neighbors tossing gasoline
onto the street and burning it back in the late 60s. Gas was
really cheap back then. I think it wasn't until OPEC that people
even considered gas mileage. It was there to be consumed,
that's all.
Received on Sun Aug 8 17:51:46 2004