Quote from: RE on Aug 29, 2024, 12:07 AMThe company argues a rapid decline in production, especially from unconventional sources like shale, could lead to severe energy shortages and price hikes.

As predicted, the low prices are making the fracked oil uneconomic, so the oil companies are trying to jawbone up more investment.  Sadly, it's Econ 101 here, and if the price goes up, you get recession and demand drops off.

f course it's true that electric vehicles aren't really cutting into demand for FFs, and as long as oil is cheap enough, people will buy it. But you can't bleed money from stone, and globally the Konsumers are tapped our and in debt.

At some point in the not too distant future, Rock will meet Hard Place.  Stay Tuned.

Exxon Joins OPEC in Warning of Looming Oil Supply Crisis

https://oilprice.com/Energy/Energy-General/Exxon-Joins-OPEC-in-Warning-of-Looming-Oil-Supply-Crisis.html

RE

QuoteAccording to the supermajor, global oil production is facing a natural decline at a rate of some 15% annually over the next 25 years. For context, the IEA sees the rate of natural decline at 8% annually. Exxon points out, however, that the faster decline rate is a result of the shift towards shale and other unconventional oil production, where depletion happens faster than it does in conventional formations.

Our troll will likely say Exxon does not know anything about oil.  How many times has he ignored my demands that he acknowledge that light sweet crude is not the same product as fracked oil.  More times than I can count.  His reason is the same as other deniers who refuse to acknowledge that peak oil happened.  By claiming all oil products are the same they can fudge numbers.




At 15% a year, the only vehicles who will still have gas in a decade are the vans that pick up bodies.  In a decade oil production will be one fifth of the current rate if 15% is true.

For Americans 15% a year is game over.