Will China's demand for oil keep the patch going longer?

They've been saying since the 70s that we are running out of oil. I remember when I was growing up in the UK, we had the gas crunch and the media and Govt told us that oil was running out within 2 yrs.
such bunk. Believe me, we will never run out of oil. If it does it won't be in our lifetime. And I predict that we will move on and have other firms of energy anyway before oil even gets close to running out. If we can lick the barriers to battery power and build a nat gas networks there's 2 avenues there but it takes time.
Just like space travel. What we have now, is nothing compared to what will will end up with in the future. Unfortunately I will be long gone by then, probably a fossil LOL

 

I remember the American politicians and others laughing at the Chinese years ago when they started buying rights to the tar sands in Canada. The laughing was about no company anywhere have the technology to processs the tar sands and make a profit. The Chinese quietly continued to buy and now have the last laugh.

 

Don't worry. We have a new Fed Chairwoman, Janet Yellen. She's a Keneysian, and so she will prioritize reducing unemployment in an attempt to boost consumer spending to grow the economy. Whether that will work is debateable; but, by printing money (QE) to keep rates low and accepting inflation as a necessary byproduct to do this, the dollar will remain weak. The worry is whether the economy will grow before inflation becomes uncontrollable or we have a dollar collapse. Yeah, it can happen.

Our short-sighted, undiciplined leaders, from both sides of the aisle, over decades have painted us into a corner, for sure.

To your question on whether the oil prices bust or boom. In the short term, who knows. In the long term, being that oil is priced in inflationary dollars and that oil reserves are not infinite and population is still increasing...I'd say your job is secure for a long time. Although, whether or not your income will buy much is another topic. It looks like the '70s again.

 

yes it looks like the 70's again, and those who refuse to learn from history are doomed to repeat it. Global market is growing, and oil is not a finite resources, it replenishes near volcanic vents. And once again government regulations will shut down the current boom...just as was done in the 70's.

 

You guys keep referring to the 70's, are you meaning the gas crisis or the economy

 

Oil replenishes at volcanic vents? 100% wrong . Oil is from dead plant and bio life. The magma idea was from Russia in the 1950's to try to make the world think they had limitless oil.

 

Sorry but the University of Wyoming proved in the 70's that oil is renewed, and is renewed even more near mantel hot spots, ie volcanic vents.

The problem is that we do not have the ability to bring the oil to the surface at a price that is economically viable.

the Earth produces oil in abundance deep within its mantel in ways that have nothing to do with dead dinosaurs and gives no indication of ever stopping this natural process.

The widespread use of the term “fossil fuels” is a deception created by anti-energy propagandists and earlier theorists to make people believe that oil is the result of countless dead dinosaurs and decaying vegetation. Oil, however, is “abiotic”, a term that means it is a natural product of the earth itself “manufactured at deep levels where there never were any plants or animals.”

There is no proof that oil comes from decaying bio matter, and for that to happen, one also violates the laws of thermodynamics.

 

Then answer how there are hydrocarbons on other planets that have NEVER had life?

The presence of methane and oil on Saturn's moon Titan and methane in the atmospheres of Jupiter, Saturn, Uranus and Neptune are evidence of the formation of hydrocarbons without biology. NASA appears to have also found oil on the moon (22. Oil Found on the Moon, Frank Lake, April 16, 20
11, Weekly World News)

)

and on Mars (3TORSDAG 27, There is Crude Oil on Mars, Sept. 2012).

Below is what looks to be an oil spill inside Hebes Chasma on Mars. The oil has run out of the collapsed wall of the salt dome at an elevation +443 m. It has run down the slope and pooled on the plain below, at an elevation of -1457 m. The top of the exposed salt dome is at 2807 m, so the amount of oil is significant. There are similar crude oil seeps

on Earth. Close to the McKittrick oil field in California, there is a similar natural oil spill.

The energy company's need to keep people stupid, so they can keep the price high, and make a huge profit for themselves, and their buddies in the government.

Yes I know what hydrocarbon chains are... and they do NOT require bio mass to create. Carbon, is the 4th most plentiful element in the earth.