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Exxon says 20% of oil, gas reserves threatened by low prices

serf
 So as we come out of the bottleneck with cov19 and begin to try to recover Hydrocarbons will be in shorter supply when demand starts to increase. This is how they will wean consumers off the gasoline, diesel,propane and natural gas etc. Less mining of oil & looking for future reserves means higher prices when demands increases to like before the crisis. So 3.00 a gallons of gas before will be 4.00 a gallon after and most states will raise road Taxes before it starts  to cover their tracks of being unfair to the consumer.
                                             serf
 If depressed prices persist for the rest of the year, “certain quantities of crude oil, bitumen and natural gas will not qualify as proved reserves at year-end 2020,” the company said in a regulatory filing on Wednesday. A 20 per cent hit would impact the equivalent of almost 4.5 billion barrels of crude, or enough to supply every refinery on the U.S. Gulf Coast for 18 months.


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Comments

10 comments

Date Votes
  • Butchdog2
    We fuel consumers as a whole fail to see the 50 to 75 cents per gallon when we fill up.
    Put 31gallon in the Duramax this evening. 31 times .61 =19.00. Diesel was 2.29 per gallon.
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  • Don McManus
    The reserves will be there and will be pulled from the ground when profitable.  Best to drain the middle east of oil before we pump ourselves dry.
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  • gartman
    The reserves will be there and will be pulled from the ground when profitable.  Best to drain the middle east of oil before we pump ourselves dry.
    1oo% Let's use all the foreign oil we can now, even at higher prices. Oil in the ground is like money in the bank. Dumbest thing we could do is pump ourselves dry.
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  • nmyers
    We need to greatly decrease our use of oil; 100-200 year supply means that our descendants will be living like cave men, not that long after we are dead.
    Neal
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  • serf
    nmyers said:
    We need to greatly decrease our use of oil; 100-200 year supply means that our descendants will be living like cave men, not that long after we are dead.
    Neal
       
      I would buy it but its unavailable to the general public. Sitting at charging stations going on vacation is a joke.Swapping batteries is a con job for a quick fill method.
                                                           serf

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  • Don McManus
    nmyers said:
    We need to greatly decrease our use of oil; 100-200 year supply means that our descendants will be living like cave men, not that long after we are dead.
    Neal
    Agreed to a point.

    Within the next 20 years I would guess that there will be electric vehicles that will run for a full day of driving and can be charged overnight.  This will take a huge burden of the oil supply, provided we can ramp up nuclear power generation in time to take advantage of them.  Likewise, electric heat in homes is becoming a practical alternative with a heat pump and booster power strips for the coldest weather.  Oil will be a necessary fuel for air transport for the foreseeable future, and there should be a 100 year plan to preserve that capability until something else is found.  Wind and solar will be good booster sources, but we need to maintain a base load generation capability that is not dependent upon the weather.  The mystical 'peak oil' was supposed to have hit us in the 80s, then the 90s, then the 2000s, and is still being shifted.  Current estimates seem to be more realistic and suggest that peak oil production could be reached sometime in the 2040s.  At this point, prices will begin to raise quickly, and less economical means of oil production and/or creation will become viable.  The increased cost will drive down demand to some degree, of course, but it will also make alternative energy sources more attractive as well.

    I do not see our descendants living like cavemen, Neal.  There will be parts of the world that struggle, but the 1st and 2nd world countries will adapt.
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  • BobJudy
    nmyers said:
    We need to greatly decrease our use of oil; 100-200 year supply means that our descendants will be living like cave men, not that long after we are dead.
    Neal
    It is slowly happening. If we rush it the economy will nosedive faster than the covid shutdown. Technology hasn't come close yet with viable substitutes, but we are much further along than we were 10 years ago. Bob
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  • Nanuq907
    Why the heck aren't we developing geothermal?  You want energy?  Look straight down.  Old Faithful isn't letting up any time soon.
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  • Don McManus
    Nanuq907 said:
    Why the heck aren't we developing geothermal?  You want energy?  Look straight down.  Old Faithful isn't letting up any time soon.
    The earth is already cooling down.  If we pump too much heat out of it, the mantle will solidify soon to be followed by the core.  Tectonic activity will cease, our magnetic field will collapse, ending our protection from harmful solar radiation.  The oceans will evaporate, the atmosphere will be blown out into space and we will become a lifeless lump of rock, not unlike our moon.

    Is that really what you want for your descendants?  


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  • spasmcreeksrun
    one large volcano or asteroid hit will have more effect on our earth than anything man can do .....so ....duck !!
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