On Tuesday, December 23, 2014 9:12:09 PM UTC, John Clark wrote: > > On Mon, Dec 22, 2014 'Chris de Morsella' via Everything List < > [email protected] <javascript:>> wrote: > > >> In the USA oil production rose by more than half a million barrels per >>> day between 2007 and 2011 to the highest level in 15 years, and in that >>> same year the USA exported more gasoline and diesel than it imported for >>> the first time since 1949. And in 2012 USA oil production increased by >>> another 760,000 barrels a day, the largest yearly increase since records >>> about oil production started in 1859. But incredibly 2013 beat even that >>> record, oil production in the United States rose by another 992,000 barrels >>> a day! And in 2014 the USA overtook Saudi Arabia to become the largest >>> producer of oil on planet Earth, it was already the largest natural gas >>> producer in the world and has been since 2010. >>> >> >> > Yes, so what? >> > > So the "false projections" about the USA becoming the next Saudi Arabia > turned out to be true. > > > I was under the mistaken impression that you understood what reserves >> mean, >> > > And 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. > > >> > Reserves measure what is in the ground that can be recovered. >> > > Reserves measure what is known to be in the ground that can be recovered > economically with existing technology. > > >> Explain to me how the Saudi's will make more cash when oil is selling >>> at $60 a barrel then it did when it was selling at $130 a barrel. Is this >>> some new form of mathematics? >>> >> >> > Are you trying to be ironic or cute? Clearly the Saudi's feel they can >> endure the loss now in order to drive a large portion of the higher cost >> producers out of business. >> > > 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. During the time of the oil collapse Saudi Arabia > did NOT increase their oil production, they kept on using the same old > technology and their production remained constant. However during that time > the USA started using a new technology, and they increased their oil > production, and did so DRAMATICALLY. And the USA increased its gas > production even more. There is no need to invoke sinister plots by James > Bond style villains, it's a simple rule of economics that when the supply > of commodity X increases the price of commodity X falls. > > 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. > > John K Clark > Before I issue...this...perhaps unnoteworthy semi-intoxicated response to the untrained eye. While to others more seasoned, a reply of momentus historic import. How you read and judge it...is known only to thee....thy training be in the dock here, no less, for what thee say. And ne'er the writer me.
Well anyway, if you must know what I was going to say, it was this: Yes sir Chris is one of those left wing creatures of the night. A man should keep his mouth zipped and wear short trousers until he has made his first million. I should say. Hear here. Wot. And you are Johnny Boy. All American kid. Made a fortune in the biotech seed capital business angel's industry. Made a mint my johnny boy oh baby yeah. The drove his way across the USA. On a Harley D they say. Some say Tom Petty wrote this song for Johnny Boy https://www.youtube.com/watch?v=nUTXb-ga1fo But I digress. With all the above said, and a very loving sycophantic 'I Love You' kiss blown...and a merry xmas to you and yours....... Yes with all that in place. I was just going to say the Free Market doesn't guarantee anything what you say except in special conditions. Those special conditions existed in times and places in the past. Free market ideology hacks tend to draw on those times and places, at leas tin their minds. The other thing they do, is formulate arguments that are basically the same thing Islamic fundies form arguments out of. That is to say.....if there's anything that's wrong in a given instance...or even in all instances....that's because the free market is not being allowed to function properly. The free market, hence, has become this Shangri-La....a totally unfalsifiable set of claims. Some say claims based on Atlantis. Others, the lovely period between 1740 and 1870. Those who believe the miracle of Science has been explained, also believe the miracle of the economic picture at around the say time, is explained. Those who regard Science as UNEXPLAINED, tend to regard the economic and Market miracles that occurred in tandem as also, unexplained. I love you Johnny Boy. I'm a chick by the way. Just wanted you to know that. In case you're thinking of becoming unattached. -- 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.
