Exxon sees abundant oil, gas

“Plow over your Oil Wells until we get our price of Oil, Gas and Gasoline”!

They are not getting their price however, people are leaving them for better, cleaner, Fuel!

For those followers that just click “LIKE” and do not read peoples blogs, this one could be interesting even to you?

Back long before my retirement after becoming a Forman I was able to sit in on some very interesting business meetings.

I want to write today about one of those meetings before you read on into this posting?

The 70s long lines at the gas pumps!

Without risking a court visit or two, someone was paying someone else to pay thousands of land owners to plow over their oil wells and plant something anything except oil!

Now, for some unknown reason, 🙂

All of these oil wells are being opened up and this country is going from buying overseas to selling overseas?

At the bottom of this posting you will read,

” Exxon takes a dim view of the prospects for renewable energy”.

“It believes that some of the aggressive government targets for renewable are too expensive to come to fruition”.

JONATHAN FAHEY AP Energy Writer NEW YORK

North America, once a sponge that sucked in a significant portion of the world’s oil, will instead be supplying the world with oil and other liquid hydrocarbons by the end of this decade, according to ExxonMobil’s annual long-term energy forecast.

http://www.dailycommercial.com/

And the “almost unspeakable” amount of natural gas found in recent years in the U.S. and elsewhere in North America will be enough to make the region one of the world’s biggest exporters of that fuel by 2025, even as domestic demand for it increases, according to Bill Colton, Exxon’s chief strategist.

“The world has such an improved outlook for supplies,” Colton said in an interview.

“Peak oil theorists have been run out of town by American ingenuity.”

In a forecast that might make economists happy but environmentalists fret, Exxon’s two chief products, oil and natural gas, will be abundant and affordable enough to meet the rising demand for energy in the developing world as the global middle class swells to 5 billion from 2 billion and buys energy-hungry conveniences such as cars and air conditioners.

This is a result of advances in drilling technology that have made it possible for engineers to reach oil and gas in unconventional rock and extreme locations and quieted talk that the world was quickly running out of oil.

And it is despite what Exxon assumes will be increasingly strict policies around the world on emissions of carbon dioxide and other gasses emitted by fossil fuel use that scientists say are triggering dangerous changes to the world’s climate.

Exxon’s outlook forecasts world energy supply and demand through 2040 and is updated every year. It is noted by investors and policymakers and used by Exxon to shape its long-term strategy.

Colton said the recent sharp decline in oil prices does not have much effect on the company’s long-term vision, and that the company expects prices to rise and fall, sometimes dramatically, throughout the period.

Exxon’s vision is broadly similar to that of other forecasters, including those by the International Energy Agency, which released its most recent long term forecast last month. Demand for energy will grow rapidly in coming decades in the developing world, while demand in the developed world is expected to be flat or even decline as countries impose stricter emissions policies and become more efficient. The use of coal, now the world’s second most important fuel after oil, will eventually slip as countries try to reduce air pollution and greenhouse gas emissions.

Natural gas, which emits half the global warming gases as coal, will supplant coal in the number two spot.

Exxon takes a dim view of the prospects for renewable energy.

It believes that some of the aggressive government targets for renewable are too expensive to come to fruition.

http://www.komonews.com/news/business/Exxon-sees-abundant-oil-gas-far-into-future-285253361.html

141209_exxon_oil_outlook_660

This file shows oil refineries in Deer Park, Texas. AP FILE PHOTO

Keystone pipeline Texas Style!

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One thought on “Exxon sees abundant oil, gas

  1. Pingback: Plant Closed | sachemspeaks

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