Title: Mcgowanjm Wire 2012 Source:
[None] URL Source:[None] Published:Feb 26, 2012 Author:Various Post Date:2012-02-26 09:15:13 by A K A Stone Keywords:None Views:1370866 Comments:2390
In fact, the connections apparent across the piece of this rapidly developing scandal suggest that nobody ‘saved the banking system’ in 2008: key players intimately involved in the sector simply lied about the cost of borrowing….using a fraud both well-established and near universal by then.
Even when non-oil products are considered, total liquids have barely budged, up just 3.5 percent for the entire period from 2005 to 2011. Even if these liquids were interchangeable with oil, they would be making very little headway in substituting for it.
But because few of the non-oil products now being lumped in with oil supplies are genuine substitutes and the ones that are have serious limitations on the volume they could provide, we should consider the truth about oil.
Its supply is stagnant which accounts for the record prices of recent years. And, the promise that high prices would bring on copious new supplies has proven to be nothing more than wishful thinking. The limitations on oil supplies are now upon us. The salient issue is the rate of production, not the supposedly huge resources that optimists may conjure up in their imaginations.
How much oil you can get out out of the ground on a daily basis is what counts, and it's getting harder and harder to extract the amount of oil we desire from the Earth's crust each day. We extracted the easy stuff first.
We cannot now expect to extract the difficult stuff at the same high rates as the easy stuff. And, we cannot expect that total percentage recoveries from the smaller, more complex and challenging reservoirs which we are now forced to exploit will be as high as those we've gotten from large, simple, straightforward reservoirs in the past.
