Oil supplies of the world? - Ferrari Life
 
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post #1 of 8 Old 05-23-2004, 04:42 PM Thread Starter
 
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Well, as they say the rich get richer and the poor get poorer. Even though the economy is in the dumps the rich have gotten larger tax breaks than anyone. So, yes. There are more people out there who can afford $200K for a Ferrari. Or rather I should say the same people who would have been able to buy one but they no longer have to worry about it because they have more money now than before.

As far as the cost of up keep on these cars being an issue... it was once posed to me in this fashion. "Consider the cost of buying even a low end car like the 308 as a membership fee to a very exclusive country club. And then consider the 1,000 a year, average, in maintenance to be your club dues." Individuals that can afford to buy these cars new don't worry about gas prices or insurance.

Or on the other hand if your someone like me who's looking at something like a 308QV other factors come into place. I will do all my own maintenance. It will be insured as a secondary car with a collectors insurance limiting the use to below 3k miles a year. That put the insurance at around $200-300 a year. When I buy it it'll be in cash or only about 1/4 of the price financed. In other words I won't put myself in a position where I have to worry about making payments or if I can afford to fix it. Granted it won't last like my Toyota but a well maintained 308QV should run as well with 100k on the odometer as 40k. Also most of the problems, fuse boxes, ect... will have been solved by previous owners. I’m not wealthy. But I love these cars and the design philosophy behind them. Form follows function.

As far as I see it there are actually about 40-50 years of petroleum reserves left. Major oil companies, Shell comes to mind, have over estimated reserves to get themselves rich. There hasn’t been any new fields found in the last 10 years. And that’s not because their not looking. More than likely given the world consumption, increasing here in the US with SUVs and the explosion of China’s new found wealth and desire for cars, those reserves will diminish even faster than anticipated. I wouldn’t doubt if in just 10 to 20 years we’ll begin to see the crunch of all these factors. That said I’d rather get my Ferrari sooner rather than later. Will I be part of the “Problem”? Sure. But no where near as someone who’s driving an SUV everyday.
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post #2 of 8 Old 05-23-2004, 07:54 PM
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Quote:
Originally Posted by senna21
There hasn’t been any new fields found in the last 10 years.
Wrong!!! There are many new discoveries every year. I'm in the Gulf of Mexico right now drilling oil wells in a huge field we discovered last year.

Quote:
Originally Posted by senna21
Will I be part of the “Problem”? Sure. But no where near as someone who’s driving an SUV everyday.
Correct.

Capt. Pete
'79 308 GTS, '82 Jeep CJ7 Jamboree
"Time is what prevents everything from happening all at once."
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post #3 of 8 Old 05-24-2004, 09:10 AM Thread Starter
 
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Pete, describe huge (what size field) and which company are you drilling for?

My point is that the oil supply will never be greater than it is now. The demand will only increase as the supply will be reduced. That can only mean increased gas and oil prices.

I hope I'm wrong. I love the internal combustion engine. A lot of people loved the hoarse and buggy. These are non renewable resources, as you well know, and won't last for ever. Enjoy them while you can in a responsible manner.

If you'd like I'd love to move this part of the conversation to the "Off Topic" thread. I believe in getting all sides of an argument and would love to have some insight from someone in the industry.
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post #4 of 8 Old 05-24-2004, 11:46 AM
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I'm not at liberty to say how large the field is but I can tell you it is the biggest find in the Gulf of Mexico. We are drilling for BP.

Back in the 70's it was predicted that the world would run out of oil in 25 years. 30 years later we are still making new discoveries as the survey and drilling technologies advance. Back in the 70's drilling a well in 5,000 feet of water was near impossible. Now we drill in 10,000 feet of water routinely. As an exploration rig, we have even drilled oil wells for which the technology does not yet exist to produce. "There's your hole. You figure out how to get the oil out."

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"Time is what prevents everything from happening all at once."
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post #5 of 8 Old 05-24-2004, 02:26 PM
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The "effective supply" of oil at any time will be linked to its current price, in that any oil deposits not considered "economical" to extract won't form part of the supply volume. I know that there ain't any more oil being made (well not in a hurry anyway), but now that oil is over US$40 a barrel (compared to US$12 say 6 years ago) there are many many more smaller deposits able to be classed as "economical". And this excludes the big ones like Pete's. For every big deposit there would be a multitude of lesser ones.

Oil will never run out - it will just get more & more expensive and so more users will switch to cheaper alternatives. Your kids' kids will still be able to drive your Ferrari, but it will probably cost them a lot. Just like leaded fuel nowadays - expensive and getting hard to obtain.

Interesting to note that I think that most of the recent oil price rise is due to the depreciating US$. I don't think that the Euro price per barrel has changed that much - Bob, etc could confirm if this is true?

Anyway there's a lot of things worse than expensive petrol - it really is too cheap IMHO in that the price doesn't encourage folk to look at better alternatives.
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post #6 of 8 Old 05-24-2004, 02:33 PM
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Quote:
Originally Posted by 4kids3fish
Anyway there's a lot of things worse than expensive petrol - it really is too cheap IMHO in that the price doesn't encourage folk to look at better alternatives.
Agreed 100%. Our [humans] talents are not being used wisely. We have MIT geeks sending robots to Mars and making U.S. Military technology that is insane. Why not use a few of them to invent some kickass floating cars that do like 300mph+ with a drag of only 0.01 or something? Sure it will cost money at first but technology always gets cheaper the more it is developed.
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post #7 of 8 Old 05-24-2004, 11:44 PM
 
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Originally Posted by 4kids3fish
Anyway there's a lot of things worse than expensive petrol - it really is too cheap IMHO in that the price doesn't encourage folk to look at better alternatives.
That's easy for you boys to say - don't forget we did have a "price of petrol around the world" thread!!

Seriously though - I completely agree too.

Even with petrol as expensive as it is here in the UK - relative to a great amount of the rest of the world - there's still virtually no deterrent effect. It would need to be prohibitively expensive - but it'll take a brave gorvernment, here or anywhere else, to actually do it. I can't imagine you'd get voted in a second time!!
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post #8 of 8 Old 05-31-2004, 06:09 PM
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We have been running out of oil since 1870.

Ok, now what?

12 cylinders or walk
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