Charvez stops selling oil to Exxon Mobil - USA next? War on the cards?

There's also additional vast supplies of oil in the deep ocean but they're simply not economical to extract. Once the cost of accessing these supplies is higher than other alternatives these types of supplies become worthless.

Nuclear fusion is not a reality yet.

 

Wind farms are another good technology for generating electricity.

 

It's not a commercial reality. This react will run for 35 years and is one stage before a commercial prototype can be created.

You know what I find quite bizarre, is there were rapid discoveries and development of commercial energy solutions in the late 1900's and early 20th century yet in the last 50 years developments have been pitifully slow. Why is that?

 

Actually at the current rate we have enough oil to last 100 years, we've been talking about Oil running now since we found it 150 years ago.

 

Not economically to extract with current technology. In 10-15 years it could be a different story.

 

First he takes Exxon reserves, when exxon goes to world court to get their money back what they invested in Venezuela, he claims he'll stop selling oil to us, now he claims he'll only stop selling to Exxon Mobil. Chavez is an economics retard.

 

Chavez is giving his oil revenues away and it doesn't seem that he is amassing huge foreign currency reserves,

 

But its all contingent on high oil prices, I think I read that even at $50 a barrel his country would fall apart. He would no longer afford all his social programs and also oil production is falling in his country.

 

That's true, he isn't amassing foreign currency reserves, nor is he reinvesting that money in the oil industry either. the long term picture doesn't look that bright for Chavez or venezuela

 

Chavez oil exports 2.1 million barrels of oil a day and has 50% of the reserves of Canada

The US is the third largest producer of oil in the world with 8.3 million barrels of production a day. The US needs to cut consumpton any way it can.

http://tonto.eia.doe.gov/country/index.cfm

 

Thats what they've said for the last 50 years.

 

If it's Bogard it's probably Yahoo News.

 

I was reading through this thread, someone mentioned we have enough oil to last 150 years, what are they smoking and can I get some? We'll be lucky if oil production doesn't peak before 2010, then its all down hill. Because the demand for oil rise rise rise as the production levels can only fall fall fall. It's not about "how" long all the oil will last, its about how long we can keep the current demand level before economies start falling apart.

 

I think you misread that 150 years. Oil has already peaked.

 

There's more oil shale in Canada than oil in Saudi Arabia. But it's very expressive to extract.