On Tue, Dec 23, 2014 at 7:08 PM, 'Chris de Morsella' via Everything List < [email protected]> wrote:
> > >> I was under the mistaken impression that you understood that >> historically the proven oil reserves of a country have remained about as >> constant as the New York Stock Exchange, it changes every time a new oil >> discovery is made, and even more important, it changes every time a new >> technology is developed that allows for the economic extraction of oil in >> places where it had previously been uneconomic. >> >> > If that is the case can you kindly point these new super giant fields > that must have been discovered > I'll do better than that, I'll give you a chart of all the oil and gas reserves of all the super giant fields combined in all of the USA *as they have changed* from 1073 to 2013. [image: http://www.usnews.com/cmsmedia/69/cb/488ad887410c904878caf6f3a11d/141204-eiareserves-graphic.png] > > the bubble mania that was being frothed up in the media > There you go again, oil and gas prices are dropping like a rock and you're still babbling about a bubble. >> So your theory is that the price of oil collapsed from $130 to $60 >> because of some sort of byzantine conspiracy of the Saudi's, but your >> theory just does not fit the facts. >> > > > You have not been following the news coming from recent OPEC meetings > have you. > > Saudis block OPEC output cut, sending oil price plunging <http://www.reuters.com/article/2014/11/27/us-opec-meeting-idUSKCN0JA0O320141127> For god's sake, don't you at least read the title of articles before you recommend one to the list?! The title of the article is "Saudis block OPEC output cut" ; the key words are BLOCK and CUT! The Saudis decided NOT to decrease production but to keep it CONSTANT. Meanwhile the USA INCREASED oil production from 5.0 million barrels per day in 2008 to 7.4 million in 2013 and 8.5 million this year and it is expected to be 9.3 million in 2015. Knowing that do we really need conspiracy theories to explain the huge drop in oil prices since 2008? >> And the free market ensures that the sort of silly conspiracy you're so >> concerned about could never work. I manufacture 99% of the worlds widgets, >> you make 1%. I want to drive you out of business, so I figure I'll lower my >> price until you go broke and then I can jack them up to anything I want. So >> now you lose money on each widget you sell, the trouble is I do too. I have >> 99 times as much money as you do, but I'm losing it 99 times faster. Even >> worse, because the price is very low the demand for widgets is huge, and if >> prices are to remain low I must build more factories (or oil wells) and >> increase production. I'm losing money faster and faster, meanwhile you just >> temporally halt production in your small factory and wait for me to go >> broke. It won't be a long wait. >> > > > How can I possibly benefit from an economics 101 lesson from a man who > swallows cornucopean reserve statements hook line and sinker. > >From that non-response would I be correct in assuming that you have no logical counter argument? John K Clark ========================================================================================== > <http://www.reuters.com/article/2014/11/27/us-opec-meeting-idUSKCN0JA0O320141127> [image: image] <http://www.reuters.com/article/2014/11/27/us-opec-meeting-idUSKCN0JA0O320141127> <http://www.reuters.com/article/2014/11/27/us-opec-meeting-idUSKCN0JA0O320141127> VIENNA (Reuters) - Saudi Arabia blocked calls on Thursday from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices,... View on www.reuters.com <http://www.reuters.com/article/2014/11/27/us-opec-meeting-idUSKCN0JA0O320141127> Preview by Yahoo > -- You received this message because you are subscribed to the Google Groups "Everything List" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/everything-list. For more options, visit https://groups.google.com/d/optout.
