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News round up and mostly random thoughts | 14 comments (14 topical, 0 hidden) | Trackback
The magic number for oil substitutes by wumpus (2.00 / 0) #11 Thu Apr 10, 2008 at 08:02:02 AM EST
has traditionally been $60 a barrel. Whenever OPEC* managed to get the price up to that number, Saudi* would have to crank up production till it dropped far enough to prevent substitute startups.

Of course, Since the dollar has lost about 1/3 of its value lately, I'm not sure if we are over that number or not.

Wumpus

*In practice, I suspect these names should be reversed.



IIRC, $60/barrell is the new threshold by lm (2.00 / 0) #12 Thu Apr 10, 2008 at 03:45:27 PM EST
There was a minor brouhaha a month or so ago (maybe longer, time flies by quickly) when several oil firms increased their threshold for new investment in an oil field to $60. I think current cost of pulling a barrel out of the ground is around $40 per barrel.

But the USGS report is out. The magic number is 3 to 4.3 Billion of recoverable oil using today's technology. I can go back to laughing at the conspiracy theorists.

There is no more degenerate kind of state than that in which the richest are supposed to be the best.
Cicero, The Republic
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News round up and mostly random thoughts | 14 comments (14 topical, 0 hidden) | Trackback

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