Wednesday, June 16, 2010

The Abiogenic Deep Origin of Petroleum Theory

"What BP drilled into was what we call a ‘migration channel,’ a deep fault on which hydrocarbons generated in the depth of our planet migrate to the crust and are accumulated in rocks, something like Ghawar in Saudi Arabia," said Vladimir Kutcherov , Professor at the Royal Institute of Technology in Sweden and the Russian State University of Oil and Gas, quoted in this link sent by a reader — Gulf Oil Spill "Could Go on Years and Years" ….

F. William Engdahl, author of the article, argues that "the enormoity of the oil spill... further discredit[s] clearly the oil companies’ myth of 'peak oil' which claims that the world is at or near the 'peak' of economical oil extraction, ... which," he says, "has been propagated in recent years by circles close to former oilman and Bush Vice President, Dick Cheney, has been effectively used by the giant oil majors to justify far higher oil prices than would be politically possible otherwise, by claiming a non-existent petroleum scarcity crisis."

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3 Comments:

Anonymous Steven P. Cornett said...

But now with Global Warming, aka Climate Change, they won't have to use "Peak Oil" to justify price hikes. The Carbon tax (aka Cap & Trade, aka "Green Jobs") of Obama, proposed last night, will effectively allow them to systematically rob Americans of their assets and property and tax them for all productive activity by profiting 100% for something that isn't a good or service at all.

The world's ultimate economic rent based on the world's grandest fraud. Somewhere, Bernie Maddoff's jealous.

7:42 PM  
Blogger The Western Confucian said...

First you had to mention policy laundering, and now it's economic rent! How dare you expose how the system works in these comboxes? Don't you know that ignorance is bliss?

9:52 AM  
Blogger Zach said...

I call "humbug". Last I knew, abiogenic oil was still in the "unproven theory" state.

Furthermore, even if there are massive deep petroleum reserves, that doesn't mean they are economical to extract (in the same way that the theoretically large amount of shale oil changes the Peak Oil theory -- it's already baked in).

Finite resources used in an exponentially increasing way eventually become scarce. That's not a "myth", that's a fact of living on Planet Reality. The only thing to quibble about is the timing of "eventually."


peace,
Zach

10:37 PM  

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