Drew Dowdell

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Much easier to run a company when you have an adoring fanbase that isn't trying to throw everything you do under the mower deck. *cough*SMK*cough*

This is a tough one for me. I'm still thinking about it.

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Oil production is declining in most major oil producing countries. The Sauds routinely inflate their "reserves" numbers. In 2002 oil was priced at $26 a barrel and Saudi Arabia produced just over 7 million barrels a day. As the price rose to about $57 a bbl in 2005, production rose to just shy of 9.5 mbd. Since then oil climbed to $100 and then to $150 a bbl by August 2008 – and the Saudi's kept producing less than 9.5 mbd. It looks as though in only one of the last 5 years have they pumped more than they did in 2005. Interesting, no? The SEC has decided that “Proved Oil Reserves” don't have to be proven at all, merely assumed to be recoverable by “reliable technology” and undisclosed “trade secrets”. Makes wishful thinking respectable. The media is in full cry once again, baying at Peak Oil as though it were well treed and no longer a threat. The uproar started with the IEA's 2009 report and the claim that the report was fictionalized to keep the US and Big Oil (but I repeat myself) happy. Daniel Yergin, a consultant to big oil famous for his errant predictions, assures us there will be no peak before 2030 and no decline even after that. He then makes fun of Ken Deffeye , who correctly predicted production of crude oil would peak in 2005. (He joked it would happen on Thanksgiving.... ). Crude oil production (just crude oil, not stuff made out of corn, condensed out of natural gas or squeezed out of sand) peaked in 2005. In 2006, 7, and 8 crude output was below that rate. Some say all we have to do is throw more money at the problem and more oil will be found and/or retrieved. These same people say there is no hunger in the world, the food's in the wrong place and the folks that need it can't afford it. Same with oil. We've already seen what $147 a barrel does to the economy. Twenty-five percent of the world's oil comes from about 20 big fields, most of which are in serious decline. Just today Kuwait said OPEC will keep production steady. Either they do not want more money or they cannot pump more oil. Your choice. Remember, “the one thing depleting faster than oil is the credibility of those measuring it.”

No one also mentions that at the rate of decline in production at Mexico's oil wells, and the rate of increase of Mexico's oil use, Mexico will be forced to stop exporting oil within 10 years.

How much was that Iraq war oil subsidy?

Ethanol can be made from many sources, not just sugarcane. We have a LOT of coast line. We can make ethanol from kelp and algae

I didn't mis-read the article. Since "several" generally means between 2 and 10. We'll give them the benefit of the doubt and say that each oil field has around 2 billion recoverable. Best case scenario, Brazil has 20 billion barrels of oil spread over 10 oil fields. The world's largest oil fields range from 20b to 75b barrels each. Overall Brazilian production may be on the rise, but it's a lot more expensive to run 10 2b barrel oil fields than it is to run 1 20b barrel oil field. Wake me when you find an oil field over 20b that's easy to extract and then we can revisit peak oil.

They're hoping to randomly stumble on an oil field over 1 billion barrels? A 1 billion barrel oil field doesn't even join the list of the top 30 active oil fields in the world today...... and you're trying to use this "hope of a discovery" as evidence against peak oil? It's a shame we can't power our cars on FAIL, because this story, and Brazil's hopes, would power us into the next century.

Welcome to the site Rocket 442! And very nice Olds to get for $2000... even with the I6.

Cobalt, Malibu, and Impala don't need to head back to the dealer to get a third of their brake pedal shaved off, the floor pan hammered out, and the computer reprogrammed.

end of thread. end of fight. Suspensions come next.

going by your avatar there Balthy... you'll probably want to keep it above 90

I'm sure it's a lot easier to bang out dents when the sheet metal is so thin....

I'm about 10 minutes from perma-banning everyone who uses that avatar.

So far, I like the idea of Whitacre at the helm....I'd like to see GM explore that idea more.

Guys can I ask a favor? At the bottom of the article is a "vote up" link. Can you click that and vote up this story?

GM CEO Fritz Henderson said to resign Discussion: GM CEO Fritz Henderson resigning

Henderson to step down Details are just now coming that General Motors CEO Fritz Henderson will step down from his post, and Ed Whitacre will act as interim CEO. Henderson took over the CEO spot when the federal government gave his predecessor, Rick Wagoner, walking papers. Fritz Henderson was undoubtedly part of the discussions involving the sale of the HUMMER brand, though it's unlikely that this will have an impact on an eventual sale. Late last week we found out GM's attempt to sell the SAAB brand had fallen through, similar to the Saturn deal fallout. Ed Whitacre taking over as interm CEO. Repaying American and Canadian tax payers as soon as possible is top priority. Official Statement: Government had no role in the decision. U.S. Government was informed of the decision after the fact. Vote this up on Reddit.com

Saab to be wound down if buyer not found by end of December DETROIT – The GM Board of Directors has received expressions of interest in Saab since the conclusion of negotiations with Koenigsegg Group AB. The Board will evaluate potential bids between now and the end of December. At that time, we will determine whether a suitable arrangement for Saab exists. If not, we will begin an orderly wind down of the global Saab business at that time.

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