OIL SUPPLY

Another pair of complimentary oil exploration stories courtesy of Oil and Gas Journal:

First, oil supply is failing:

Fox-hailed deepwater well a modest gas find
By OGJ editors
HOUSTON, July 5 -- Noxal-1, a deepwater Gulf of Mexico well trumpeted in March by Mexican President Vicente Fox as being a major oil discovery, appears to be a modest gas find.

Second, oil supply is booming:

Canadian firms bank on Saskatchewan's Bakken play
By OGJ editors
HOUSTON, June 30 -- Spirited horizontal drilling for more than 5 billion bbl of light oil in place in Mississippian Bakken reservoirs in Southeast Saskatchewan is likely to be Western Canada's largest conventional oil play since Pembina Cardium in 1953, said one of the main operators involved.

Why are oil stories New Energy? Isn’t oil Old Energy?

The most important and controversial question (second most important is always EROEI)associated with the climate change and renewable energies discussion: Is oil peaking?

Settle down, you Peak Oilers, I’m not saying oil isn’t peaking. CHEAP OIL IS GONE! But stories like these confuse the issue and must be addressed.

Kenneth Deffeyes, associate of Dr. Hubbert and leader of the Peak Oil clan, says (paraphrasing) you can’t tell when you look at a circumscribed area or single field. You have to look at the big picture. For CHEAP oil, the big picture is getting smaller.

And if the Israelies go to war with Hamas, Hizbollah and their backers, it just got smaller.