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crusher_of_heads
Joined: 23 Feb 2007
Location: kimbop and kimchi for kimberly!!!!
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 Posted: Sat May 24, 2008 12:51 am Post subject: |
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With the low won, Korea is going to have a really tough road ahead.
I wasn't here for the IMF which, to save Korean face, was everybody else's fault, but the low won is an idea that needs to be reconsidered-I don't have any debt in North America, so I'm not biased in that way.
Also saw on Ariwrong tv that flights from Busan to Beijing were being reduced in a big way. |
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numazawa
Joined: 20 Mar 2005
Location: The Concrete Barnyard
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| Posted: Sat May 24, 2008 2:11 am Post subject: |
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| Ya-ta Boy wrote: |
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| A company in America has discovered an oil field somewhere near Iowa that can handle all of America's oil needs for the next 100 years. Wake up people... |
Link please.
I ask because that is an odd thing to say. "Somewhere near Iowa" is in another state that has a name. If true, this would be widely known, wouldn't it? |
Clearly, what he meant to say was that there has been a discovery in a state, proximate to Iowa, of an amount of oil sufficient to fuel a country the size of the United States, such as China. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sat May 24, 2008 4:53 am Post subject: |
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| On the flip side, the nature of Korean society makes it relatively easy for Korea to turn on a dime and change over to alternative energy. This is a nation that industrialized in the space of a generation. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sat May 24, 2008 5:00 am Post subject: |
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| Ya-ta Boy wrote: |
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| A company in America has discovered an oil field somewhere near Iowa that can handle all of America's oil needs for the next 100 years. Wake up people... |
Link please.
I ask because that is an odd thing to say. "Somewhere near Iowa" is in another state that has a name. If true, this would be widely known, wouldn't it? |
Yeah a weird claim without even something approaching specifics. As oil sands shows, there is lots of oil out there. But most of it isn't the low hanging fruit we've been living on for decades. It costs the Saudis about $5 to pump a bbl out of the ground. It costs about $45 (down from $55) to get it out of oil sands. You can make oil from coal too. And then diesel engines will burn all kinds of oil.
End of the day, unless the US government wants to initiate a moon shot level initiative to move America over to some other form of energy, you'll have to wait for the free market to deliver. As far as I can tell, people are still replacing SUVs with SUVs. If it's really bugging them, they'll replace SUVs with hybrids. People really have a choice. |
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OneWayTraffic
Joined: 14 Mar 2005
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| Posted: Sat May 24, 2008 5:58 am Post subject: |
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| Zeus wrote: |
| BS.Dos. wrote: |
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Really? Any chance you could share your sources? |
just google "huge new oil field found in Brazil" I got over 2 million hits, enjoy the reading...
PS: Do you still believe that oil comes from Dinosaurs..LOL...lol...lol |
This huge field is up to 8 Billion barrels. At a consumption rate of 80 million barrels per day, that's enough for 100 days of world supply. We need to find 3+ of those per year, and we simply aren't.
The consensus is that oil is the remaints of ancient plant/marine life. This is what the majority of experts believe. Abiotic theory is fringe, to say the least. |
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OneWayTraffic
Joined: 14 Mar 2005
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| Posted: Sat May 24, 2008 6:05 am Post subject: |
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| Zeus wrote: |
| If the South Koreans are nice and continue to distance themselves from the United States Russia will give them a good deal. The world is FULL OF OIL, there is no excuse. Don't buy the oil shortage BULLSHIT the American propaganda machine is feeding you. Back in the 70's America came out with an official study that stated that there would be no more oil left in the world by the year 2010. The Brazillians just found an oil field that can supply all the world's refineries with oil for the next 10 years. A company in America has discovered an oil field somewhere near Iowa that can handle all of America's oil needs for the next 100 years. Wake up people... |
Ok your first comment of Brazils field handling 10 years of world supply was out by a factor of 30. Now lets assume your field in America has 100 years of USA supply. That's 20mbpd*365*100=730billion barrels in just the one field. Double if you're going to assume a 2% annual rise in consumption. For comparision Ghawar, by far the worlds biggest single field has so far produced a total of 60 billion barrels, and is thought to contain under 200 billion barrels.
So if you could care to let me know which company has stumbled onto a 73 Trillion dollar oil patch? I really want to buy some stock.
edited to add: I see you've given a link. Fair enough. It must be said that this isn't yet confirmed and the oil will be difficult to extract. Which is the whole point. I don't get into the game of predictions, but it's hard to see how more difficult extraction leads to cheaper prices.
Last edited by OneWayTraffic on Sat May 24, 2008 6:11 am; edited 1 time in total |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sat May 24, 2008 6:08 am Post subject: |
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| mindmetoo wrote: |
| On the flip side, the nature of Korean society makes it relatively easy for Korea to turn on a dime and change over to alternative energy. This is a nation that industrialized in the space of a generation. |
I think those days are over. Until the late 80's, Korea was a dictatorship. If the leader thought Korea should take a certain direction, it happened. Any opposition would be jailed, tortured, or shot. Now, if you try ramming something good down the throat of Koreans, there will be an opposition that will oppose it just because. But, I would love it if Korea proved me. |
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OneWayTraffic
Joined: 14 Mar 2005
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| Posted: Sat May 24, 2008 6:21 am Post subject: |
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Did anyone else have a look at the link Zues provided?
From the same site: http://www.nextenergynews.com/news1/next-energy-news9.18b.html
That's right. Rewriting the laws of physics. Doesn't exactly fill me with confidence on the website's fact checking. It seems they just uncritically repeat what's found in the mainstream media-which can be notoriously bad at distorting scientific findings.
According to wiki, your 700billion barrel field may contain that amount of 'oil shale' hardly the same thing as oil. It's well known that America has huge amounts of oil shale but it's literally squeezing blood from a stone. 1% may be recoverable using current technology.
This is hardly going to affect oil prices in the next 10 years. |
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aka Dave
Joined: 02 May 2008
Location: Down by the river
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| Posted: Sat May 24, 2008 6:38 am Post subject: |
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From Full Metal Jacket:
It's a shi** sandwich, and we all gotta take a bite.
However, things will (slowly) start to pivot to sanity when Bush is gone and Obama is in the White House. |
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tigerbluekitty
Joined: 19 Apr 2007
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| Posted: Sat May 24, 2008 7:30 am Post subject: |
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Low won is actually a good thing for Korean companies that are exporting.
But for foreigners who work or do business here, it's bad news. |
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Sushi
Joined: 24 Apr 2008
Location: North Korea
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| Posted: Sat May 24, 2008 9:55 am Post subject: |
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| The country relies on it's atomic power plants for at least 45% of it's power. I think they also import LPG for their gas utilities. I don't know how much oil prices affect gas prices, but if there is corresponding increase then Korea will increase the number of nuclear power plants. Plans are in the pipeline now to build more plants along either the east or west coast. |
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