So much for ‘Peak Oil’

[riggerrob 558]

Backing lippy,

We will never drill for the last barrel of oil because it will be too deep and too far offshore. By then, only the rich will be able to drive petroleum-fueled cars.

Hopefully by then we will have found enough alternate energy sources. No single source is perfect, so we will depend upon a variety of over-lapping energy sources.

Just like those Germans who are now regretting their earlier fixation on cheap natural gas from Russia. Germany will need two or four years to wean their country off of Russian petroleum.

One saving grace will be that our declining population will need less energy. 

[SkyDekker 1,121]

17 hours ago, riggerrob said:

We will never drill for the last barrel of oil because it will be too deep and too far offshore.

Which is why Peak Oil is defined by extraction rate and not by oil reserve estimates.

[Bigfalls 110]

5 hours ago, SkyDekker said:

We will never drill for the last barrel of oil because it will be too deep and too far offshore.

And humans will be extinct.

[brenthutch 383]

On 7/28/2022 at 3:12 PM, riggerrob said:

Just like those Germans who are now regretting their earlier fixation on cheap natural gas from Russia.

Agreed 

[brenthutch 383]

9 hours ago, SkyDekker said:

Which is why Peak Oil is defined by extraction rate and not by oil reserve estimates.

And extraction rate is determined by economics, pure and simple.

[SkyDekker 1,121]

29 minutes ago, brenthutch said:

And extraction rate is determined by economics, pure and simple.

Which is why none of that oil mention in your first post has been extracted.

[brenthutch 383]

10 minutes ago, SkyDekker said:

Which is why none of that oil mention in your first post has been extracted.

But it will be my friend, it will be.

[SkyDekker 1,121]

3 minutes ago, brenthutch said:

But it will be my friend, it will be.

Maybe, maybe not. And we don't know what the extraction rate would be at that time. So really, there is no way to extrapolate anything related to Peak Oil from the "recent discovery" of these oil reserves.

[billvon 2,392]

1 hour ago, brenthutch said:

But it will be my friend, it will be.

Just like we got the last drop of whale oil?

[Phil1111 910]

1 hour ago, brenthutch said:

And extraction rate is determined by economics, pure and simple.

Cute. More republican propaganda in the guise of "economics". Every American knows that oil production is directly related to subsidies and political payoffs.

Except FOX fans that are too vested in the network to understand subsidies.

[JoeWeber 2,297]

58 minutes ago, billvon said:

Just like we got the last drop of whale oil?

Aren't the Norwegians and Japanese still working on that? Tell you what, if anyone could figure a way to ditch the whale oil thing brand it AstroWhale that would be the end of them fast. 

[Phil1111 910]

11 hours ago, brenthutch said:

And extraction rate is determined by economics, pure and simple.

"Joe Manchin III, Democrat of West Virginia, managed to win several major concessions for the fossil fuel industry...The measure requires the federal government to auction off more public lands and waters for oil drilling. It expands tax credits for carbon capture technology that could allow coal or gas-burning power plants to keep operating with lower emissions. Mr. Manchin also secured a promise from Democratic leaders to vote on a separate measure to speed up the process of issuing permits for energy infrastructure, potentially smoothing the way for projects like a natural gas pipeline in West Virginia."

Just some of the examples of oil subsidies, payoffs for the fossil energy industry.

[brenthutch 383]

9 hours ago, Phil1111 said:

"Joe Manchin III, Democrat of West Virginia, managed to win several major concessions for the fossil fuel industry...The measure requires the federal government to auction off more public lands and waters for oil drilling. It expands tax credits for carbon capture technology that could allow coal or gas-burning power plants to keep operating with lower emissions. Mr. Manchin also secured a promise from Democratic leaders to vote on a separate measure to speed up the process of issuing permits for energy infrastructure, potentially smoothing the way for projects like a natural gas pipeline in West Virginia."

Just some of the examples of oil subsidies, payoffs for the fossil energy industry.

the proposed $369 billion Senate energy and climate-spending package jolted the sector to its best week in 18 months.

Private investors who continued to pour cash into speculative industries like green hydrogen and carbon capture during the stock-market downturn earlier in the year would be among the biggest beneficiaries of tax subsidies that are part of the bill. Renewable energy and battery producers would get the certainty of tax credits that would last for a decade, which they say will encourage investment.

Just some of the examples of wasted taxpayer dollars lining the pockets of the green lobby.

[JoeWeber 2,297]

38 minutes ago, brenthutch said:

the proposed $369 billion Senate energy and climate-spending package jolted the sector to its best week in 18 months.

Private investors who continued to pour cash into speculative industries like green hydrogen and carbon capture during the stock-market downturn earlier in the year would be among the biggest beneficiaries of tax subsidies that are part of the bill. Renewable energy and battery producers would get the certainty of tax credits that would last for a decade, which they say will encourage investment.

Just some of the examples of wasted taxpayer dollars lining the pockets of the green lobby.

Joe Manchin for President? 

[brenthutch 383]

1 hour ago, JoeWeber said:

Joe Manchin for President? 

Maybe in 2036 after Joe’s second term and the two terms of Kamala Harris.  Keep that Democrat juggernaut rolling. 

[JoeWeber 2,297]

30 minutes ago, brenthutch said:

Maybe in 2036 after Joe’s second term and the two terms of Kamala Harris.  Keep that Democrat juggernaut rolling. 

I doubt it. But if Manchin, Schumer, and Biden actually snookered McConnell by Manchin not supporting BBB as a way to get the Semiconductor bill through, all the while knowing he was going to vote yes on a pared down version that’s some world class snookering and great stuff for a President.

[brenthutch 383]

55 minutes ago, JoeWeber said:

I doubt it. But if Manchin, Schumer, and Biden actually snookered McConnell by Manchin not supporting BBB as a way to get the Semiconductor bill through, all the while knowing he was going to vote yes on a pared down version that’s some world class snookering and great stuff for a President.

Nobody got snookered yet, Sinema might still torpedo the deal. She said no to getting rid of carried interest carve out and Manchin said he is a no if it remains.  We will just have to wait and see.

BTW Biden is incapable of snookering anyone.  

 

Edited July 31, 2022 by brenthutch

[JoeWeber 2,297]

12 minutes ago, brenthutch said:

Nobody got snookered yet, Sinema might still torpedo the deal. She said no to getting rid of carried interest carve out and Manchin said he is a no if it remains.  We will just have to wait and see.

BTW Biden is incapable of snookering anyone.  

 

You've got it backwards, no surprise. Yes, McConnell got snookered. Maybe Sinema will throw a fit over carried interest for billionaires. Yes, the D's would probably cave on it to get the deal, still a huge win. Of course, her Majesty will need to recognize that such demands will be inconvenient to explain come election time. I think the players have her played, too. But it is Washington so.......

[brenthutch 383]

21 hours ago, JoeWeber said:

You've got it backwards, no surprise. Yes, McConnell got snookered. Maybe Sinema will throw a fit over carried interest for billionaires. Yes, the D's would probably cave on it to get the deal, still a huge win. Of course, her Majesty will need to recognize that such demands will be inconvenient to explain come election time. I think the players have her played, too. But it is Washington so.......

Joe, who do you think will pay the billions in cooperate taxes?  Do you really believe executive competition will be slashed?  Do you really think dividends will be eliminated?  Don’t you realize those taxes will just be passed on to consumers further exasperating inflation. (Not to mention driving industries and jobs overseas)The University of Pennsylvania Wharton school said it would make inflation WORSE not better.  All the while wasting billions on green energy boondoggles that will not have ANY impact on CO2 levels or weather.

[JoeWeber 2,297]

1 hour ago, brenthutch said:

Joe, who do you think will pay the billions in cooperate taxes?

I'm hoping just that: every $ Billion plus company will "cooperate" and pay taxes at their new fixed 15% minimum. 

[brenthutch 383]

20 minutes ago, JoeWeber said:

I'm hoping just that: every $ Billion plus company will "cooperate" and pay taxes at their new fixed 15% minimum. 

Cooperations  don’t pay taxes they collect them…from consumers.

Edited August 1, 2022 by brenthutch

[JoeWeber 2,297]

6 minutes ago, brenthutch said:

Cooperations  don’t pay taxes they collect them…from consumers.

Corporations, of course you meant. Brent, it isn't exactly a linear thing where every expense gets passed along immediately, you know that. Would you have it that all businesses and individuals simply set their own tax rate?

[brenthutch 383]

6 minutes ago, JoeWeber said:

Corporations, of course you meant. Brent, it isn't exactly a linear thing where every expense gets passed along immediately, you know that. Would you have it that all businesses and individuals simply set their own tax rate?

Yes, sorry, corporations.  Why wouldn’t every corporation just pass the tax burden on to consumers?  With everyone being hit with the same tax burden, there would be no incentive NOT to pass the cost on to the consumer.  Unless one could move their affairs overseas and avoid the higher taxes. (Which is what is more likely than not)

[billvon 2,392]

29 minutes ago, brenthutch said:

Cooperations  don’t pay taxes they collect them…from consumers.

And consumers don't pay taxes either . . . they just pass them along in the form of less money flowing to corporations.  

I know!  We will cut everyone's taxes to zero and the invisible hand of the free market will get the military, the courts, the interstates, the fire departments etc all the money they need!  Let's not get into the details on that, only ivory tower clueless libs care about details.

[JoeWeber 2,297]

7 minutes ago, brenthutch said:

Yes, sorry, corporations.  Why wouldn’t every corporation just pass the tax burden on to consumers?  With everyone being hit with the same tax burden, there would be no incentive NOT to pass the cost on to the consumer.  Unless one could move their affairs overseas and avoid the higher taxes. (Which is what is more likely than not)

But you aren't answering the question: "Would you have it that all businesses and individuals simply set their own tax rate?"