Is Crude Going Extinct Soon?

Gartman has lost his mind.....

I don't know what you were reading but that is not how I read it. A dropping in demand and price.

So, no to your question where "soon" is within any of our lifetimes.

Ignoring transport, heating and energy production entirely were will we get all the vital chemicals that are byproducts of the crude oil refining process! What about plastics!

a drop in demand or an increase in production?

^{"is crude going extinct soon? " Thinking to myself: These dinosaurs just don't get a break.}

Crude usage is carefully monitored and production varies accordingly. The last thing the oil companies want is an over abundance driving spot prices down.

Yes, I think that'd be VERY crude.

Considering the rumors that we are going to run out of oil have been circulating since the mid 30's and the fact we have more oil in the ground today than we knew existed 30 yrs ago, no.

Before it happens,we should develop alternative power sources like nuclear,wind,solar,waste biofuel,fuel from plastic,recycling oils etc

Uh-oh...

...Obvious recent American graduate...

Not around this f**king place!

Finally someone else has noticed this very small press release by Lockheed Martin, or was it really from them? If true, why hasn't this gone viral? Where are all the advocates of cold fusion now that a major corporation has gotten into the small scale fusion arena?

From what I read, I can't decide if this is another cold fusion attempt, or true high temp fusion. The article I read 2 weeks ago said they intend to try to run an airplane with their reactor. Must be very small scale.

you're mixing apples and oranges, this isn't cold fusion......that doesn't work.I've posted on Lockheed several times including the day of their press release. they are attempting to harness the fusion reaction with magnetic fields produced with super conducting.

Never said it was cold fusion, but never really saw the way they were avoiding the gross containment weights necessary for high temp fusion. I saw it in a small corner of one industrial newsletter I receive. But, if this is true, why aren't we hearing this on main stream media daily? This is history changing technology. This should have people shouting hurrah! Is big oil trying to squash this already? Conspiracy theorists need to take note.

Wait until the tree huggers get onto this - it will become an evil energy in the blink of an eye. If they can pan windmills, and now even going after solar for frying birds, something nuclear will be very evil to them.

we dont need conspiracy theory nuts, we have Kram already it will only take a couple of months and fusion talk will be everywhere if the tests being conducted by several teams all over(including Lockheed)are successful in harnessing the reaction. and yes it will be a game changer on many fronts including the death of the ICE and electric cars will supplant the existing fleet quickly.

But we still have the tree hugging nuts and the general ludites, who can't accept technologies as simple a a pipeline, which was nearly perfected in the 1880's, with primitive steel alloys, as being safe (much better to have tank cars derailed in your front lawn than take a chance some oil might spill on the ground out in the middle of no where) Just wait until they realize the temperature this will run at and the fact some radiation is involved. Think the over reaction to fracking, another technology around for at least 4 decades, is extreme (still banned in NY where I personally watch over 100 fracs in the early 1980's) wait for this one. They'll have a multitude of states banning the technology before it ever gets going.

radiation is fission, not fusion but a couple of million degrees of heat can ruin your whole day if it gets out of hand

As you should already know, nothing, even a pipeline is not 100% perfect.

IMO, In this case, I think there were short cuts taken in the construction....

It's important to note that when Wall-Streeters talk about supply and demand they are usually not discussing the product itself but the amount of buyers versus sellers who want to speculate on where the price is going at that particular instant in time.

I am surprised that Gartman would take such an odd stance, he's probably telegraphing (wink, wink, nod, nod) that he's short crude right now.

short term trading aside.......I think he'll be right if a team manages to succeed in harnessing fusion. oil and gas wont disappear overnight but a huge trend shift will take place if gas and coal fired plants get retrofitted with fusion to provide heat to boilers.

I recall WTI trading last year at $105 for months, today its 80 bucks.....Lockheed effect

Or too much supply - I live in the middle of Americas oldest oilfield and they are shutting wells in again for a while, and curtailing drilling. These "strippers" as they are called are worth pumping at $100/bbl, but not $80. Despite 130 years of production we can still get enough crude out around here for an economic return, even with the costs of drilling a new well. There are now a lot of newer sources on line so we don't need these strippers for a while. Let the price go back to $100/bbl and they'll be drilling the old fields again. Gives some reason to consider some wild theories by local geologists of the oil here actually migrating from much much deeper, based on the big fault line in the area, because these fields just never totally run dry.

Interesting same thing in the Los Angeles oil fields, and was surprise the amount of oil wells there were. They had open a few wells from the 40's and started pumping. because the price was over 100/bbl.

I would imagine that they are shutting them down again.

The really amazing thing is in the fields around here, we had no government control, and no resources owners separate from the land owner when first drilled. Wells were placed on most adjoining properties so that land owner A did not take oil from land owner B and so on. Some are just a hundred feet apart. Yet, we still have pumpable oil in those reservoirs. About the only fields not being drilled today are the ones where water flooding was done. Even on the edges of those fields, new wells drilled are abandoned immediately. Very bad move apparently.

I remember in school they told us that the oil in the ground was in a large subterranean cavern and when when the drill pierces the bubble, the ground pressure causes the oil to flow up to the surface. They said oil is produced from decaying organic matter, since I'm not a geologist, this is my guess as to why we will never run out of oil: only part of the organic material actually converts into oil, a lot of the organic material hasn't converted yet and the process is always ongoing and since nobody has actually gone down into one of these bubbles, no one can really say how big or small a bubble might be. I also remember hearing the teachers telling us about the center and the edge of the universe and recently I heard that there is no center or edge either, so who really can say how much crude there is.

these give a pretty fair idea

just keeps fallinghttp://www.cnbc.com/id/102147680?trknav=homestack:topnews:7

If this keeps up, the rouge groups in the middle east will be looking for a new source of cash flow.

like manufacturing solar panels?http://www.cnbc.com/id/102148210

its tanking!