BP "surprised" by oil price

Current Events » in reply to OIL soars $10.75 a barrel to $138

BP "surprised" by oil price

nick.hoffman — 6/11/2008 4:30:45 PM (archived)

http://news.theage.com.au/business/bp-admits-surprise-at-oil-demand-surge-20080612-2p74.htmlPress report

"We just didn't predict how fast demand would take off,"

As a long-term oil-industry cynic, I suspect they're gnashing their teeth and saying:- "Damn, I wish we'd bought more oil leases when they were cheap!

The good news, if any:-

Sutherland said he expects existing proven oil resources to last at least another 43 to 45 years with significant finds still to be located.

And that's PROVEN. The Probable and Possible will extend that lifetime to a century. After that, world, you're on your own, and maybe global warming will be the ultimate end to oil consumption, not exhaustion of reserves.

SO don't worry, you won't need that electric car, just yet...

The whole thread (53 posts)

OIL soars $10.75 a barrel to $138 (n/t) - ARRELL - 6/6/2008 7:37:03 PM
- BP "surprised" by oil price - nick.hoffman - 6/11/2008 4:30:45 PM
- unemployment up .5% (n/t) - alcaray - 6/6/2008 9:41:39 PM
  - Not allowing domestic drilling is hurting the economy. - Lee - 6/7/2008 3:35:31 AM
    - re: Not allowing domestic drilling is hurting the economy. - Lindy - 6/7/2008 4:48:24 PM
      - re: Not allowing domestic drilling is hurting the economy. - Marcia - 6/10/2008 8:46:59 PM
        
        re: Not allowing domestic drilling is hurting the economy. - Lindy - 6/10/2008 11:34:14 PM
      - And you believe in aliens. LOL - Lee - 6/7/2008 4:59:42 PM
        
        Lindy's got a point - McFly - 6/7/2008 9:30:38 PM
        
        The "flip a switch" myth. - TB - 6/7/2008 11:02:55 PM
        
        "We are dealing with a serious supply issue" - Lindy - 6/8/2008 1:04:35 AM
        
        Let me explain - nick hoffman - 6/8/2008 10:13:05 AM
        
        Damn straight. - podrock - 6/9/2008 2:55:29 AM
        
        A good example for the other thread where skills and wages are being discussed. - TB - 6/9/2008 5:53:56 AM
        
        re: A good example for the other thread where skills and wages are being discussed. - Lindy - 6/9/2008 1:49:06 PM
        
        Here's a good link - SDAI-Tech1 - 6/10/2008 2:58:55 AM
        
        The problem, Lindy, - ER - 6/9/2008 3:34:00 PM
        
        re: supply issue - TB - 6/8/2008 1:15:34 AM
        
        re: supply issue - podrock - 6/9/2008 3:19:59 AM
        
        The "flip a switch" myth. - ER - 6/8/2008 12:36:37 AM
        
        Congressional voting records and environmental lawsuits are public record. - Lee - 6/8/2008 1:04:10 AM
        
        Corporate communications are not public records. - ER - 6/8/2008 1:20:52 AM
        
        Did you read what I wrote, or was that an auto-reply? - McFly - 6/8/2008 12:19:08 AM
        
        Thanks McFly (n/t) - Lindy - 6/7/2008 10:33:11 PM
        
        I don't believe in aliens you jackass - Lindy - 6/7/2008 7:44:13 PM
        
        Calm down, Lindy. - Lee - 6/8/2008 1:06:25 AM
    - Those are only small factors - nick hoffman - 6/7/2008 8:58:56 AM
      - "It can take 5-10 years to find new oil and bring it into production." - Lee - 6/7/2008 4:57:56 PM
- re: OIL soars $10.75 a barrel to $138. - By Summer's end... - Marcia - 6/6/2008 8:09:35 PM
  - re: OIL soars $10.75 a barrel to $138. - By Summer's end... - Marcia - 6/6/2008 8:47:42 PM
  - re: OIL soars $10.75 a barrel to $138. - By Summer's end... - Marcia - 6/6/2008 8:13:04 PM
    - The refinery saw is more of a 'BOO!' statistic than very meaningful - Yeti - 6/7/2008 5:05:24 AM
      - Building a refinery - TB - 6/7/2008 5:51:28 PM
        
        Well - Yeti - 6/7/2008 7:54:22 PM
        
        That's sounding pretty bitter. - SDAI-Tech1 - 6/8/2008 6:07:21 AM
        
        "The minimum wage needs [to go down to] $2 an hour" - We could hire American citizens again. - 6/8/2008 3:21:27 PM
        
        Sure! - Mary Anne - 6/8/2008 8:36:30 PM
        
        Details on labor rules for kids - TB - 6/8/2008 9:57:42 PM
        
        And more on minimum wages and teen employment - TB - 6/9/2008 6:31:17 PM
        
        I've had teens in the family who are employed, and teens I know as well. - Mary Anne - 6/10/2008 12:21:06 PM
        
        "everybody's hungry except the one who owns the pizzeria." - TB - 6/10/2008 5:45:50 PM
        
        I don't think the other party is still on the line. - SDAI-Tech1 - 6/9/2008 10:12:46 PM
        
        I was busy, knucklehead. - Mary Anne - 6/10/2008 11:50:53 AM
        
        I'm sorry. I just wanted to use the line. ;-) - SDAI-Tech1 - 6/10/2008 4:47:26 PM
        
        Thanks. :) - Mary Anne - 6/11/2008 1:21:48 AM
        
        re: I don't think the other party is still on the line. - Lindy - 6/10/2008 12:52:14 AM
        
        Paraphrased: "It's not the higher wages here, it's the cheap labor over there." Um...okay. (n/t) - TB - 6/10/2008 6:15:58 AM
        
        Exactly. ;-) - SDAI-Tech1 - 6/8/2008 9:35:20 PM
      - The perfect storm - ER - 6/7/2008 4:01:17 PM
    - You jest, of course. - Eri - 6/6/2008 11:07:27 PM
      - re: You jest, of course. - I never "jest", I just say what I mean. - Marcia - 6/6/2008 11:23:30 PM
        
        I knew you meant what you said. - Eri - 6/7/2008 2:08:40 AM
        
        Bulldust - nick hoffman - 6/7/2008 8:50:12 AM

Recent posts

On this day in Current Events

The whole thread (53 posts)