Oil Supplies -- Stossel In The Classroom

America is running out of oil. Truth or myth?

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• Stossel In The Classroom
• John Stossel
• Peak Oil
• Big Government

[seban678]

I don't understand how this is even a debate.

Oil does not regenerate (that is, not in a few million years). This is just a fact.

Therefore oil reserves are limited.

Therefore, at some point in time, oil production will decline. This is also just a fact.

This point in time is called "peak oil".

You can debate when it will happen, or if it has happened, but you can't debate whether it is a real thing or not.

Saying "I don't think we will ever run out of oil" is just irresponsible and delusional

[StosselClassroom]

@seban678 What you have posted is true, but first, Stossel does not take the position that oil supplies are infinite. He notes there may be 100 years of oil in Canada. If prices to extract increase, it makes sense that cost of oil will increase, which means demand at that higher price will significantly decrease. It's unfair to use the numbers of three years ago as companies become more energy-efficient, use different fuels, and will see it more profitable in the future to use even less oil.

[seban678]

@StosselClassroom I find the "no growth" scenario to be an already overoptimistic view. A decrease in demand seems highly unlikely, since the population is growing and needs food, which requires agriculture, which depends on fossil fuels. There is no viable alternative fuel.

I also think that technology will possibly slow down the growth, but reversing it is asking a bit much..

In any case, spreading the word that everything will be fine is probably not beneficial.

[StosselClassroom]

@seban678 There may not be a viable alternative at the moment, but we do not have to worry abut peak oil for decades. When oil prices begin to increase due to cost increases in extraction, alternatives will become more competitive, which will become increasingly cost-effective with technology. What's nice about a lack of excessive regulations and technology subsidies is in allowing an orderly move away from fossil fuels. Fear-mongering, however, will lead to short-sighted solutions.

[StosselClassroom]

seban678 has made a comment [edited]:

"The tar sands of Alberta alone contain enough hydrocarbon to fuel the entire planet for over 100 years"

That's easy to check:

- the reserve is estimated at 1.7 trillion barrels

- oil consumption (in 2007): 85 million barrels/day

Now let's ASSUME we can get ALL of the oil, not even considering how much energy that would take, AND that there is NO GROWTH in consumption.

That would last 1.7 trillion / 85 million = 20 000 days = 55 years.

[InnocentByproduct]

@jubeikiba6 You're falling victim to the fallacy that it takes money to get energy. But truth is it takes energy to get energy. If we don't have base energy to get future energy, it won't matter how much money we have. Green pieces of paper can't make a nodding donkey pump. You're also buying the fallacy that technology trumps energy -- cart/horse. Technology is the cart, but energy is the horse. So if you have just a horse, you're good. But if you have just a cart, you're going nowhere.

[PatriotsRepublic]

@narcolepsy2006 thats because the only others that are out there have been the ones who have consistantly been wrong... like the global warming freaks... the peak oil people are just as wrong and just as insane.

[Vintexen]

@seban678 The world is going to end in 2012 so we will have enough oil to last till then easily

[luizcadu]

He's right on this. I just don't agree with how he makes the oil problem seem like "we're going to have to spend a little more on gas, what's the big deal"? The oil barrel is more than four times more expensive than it was 15 years ago, that increases costs on everything that depends on oil to be produced. Left and right wingers are trying to blame each other for the global crisis, well, maybe this is the reason.

[seban678]

@Pikabolch3 Oh ok.. in that case I'd be quite interested to know how it could be made into a renewable resource.

[Pikabolch3]

@seban678 Well, by "oil" I also meant petroleum.

[seban678]

@Pikabolch3 By "oil" I mean petroleum, a.k.a. crude oil. This is also what they are referring to in this video. Besides, I don't want to be associated with Ruppert in any way, he's a nutcase too.

[Pikabolch3]

@seban678 "Oil does not regenerate (that is, not in a few million years). This is just a fact." No, it isn't. Oil can be, in fact, be made into a renewable resource. As long as algae, CO2 and the sun exist... we are still gonna have oil (even if the underground oil productions declines). I uploaded a short video about Michael Ruppert (prophet of peak oil) in my channel with some links.

[austenbosten]

To anyone who fear about Peak Oil, look at England in the 14th century. England's industry was dependent upon timber, and of course people were afraid that society would collapse as soon as we ran out of timber...and soon enough England and much of Europe was practically out of timber. Did society collapse?.....No, they just switched to coal. When we run out of oil, we will have already had switched to a different source thanks to the free market.

[jwka2001]

@seban678 yes but in 100 years i think we'll be off oil for fuel,,we might still use it for plastics but im sure well have solar tech or of course nano tech will be the future. In fact we already have nano-solar paint that we can paint on houses,cars,billboards etc but its in research right now.

[prodprod]

@jubeikiba6 You seem to mistake the market's capacity to *regulate* with an ability to *create.*

So, obviously if there is a high demand for energy and a low supply of a certain kind of energy, the regulating effects of the market will create a high *demand* for other kinds of energy.

But market demand will not magically cause other forms of energy to come into existence. A drought produces an enormous demand for water - but that doesn't *produce* water. Often it just produces death.

[jubeikiba6]

@prodprod that may be but then let someone come in and create something better outside of government subsidies. because if it is developed free of a government push we will make the switch right when the market determines it and that will give us the best prices and the lowest long term cost.

so yes oil is becoming less and less viable because of the way we have to get it it will become more expensive but it will work itself out. we'll switch to alternative energy when we do. go with the flow..