Total issues oil shortage warning

[dipsydoodle]

Source: BBC News

The head of oil giant Total has told the BBC the world could face a shortage of oil because of underinvestment.

Chief executive Christophe de Margerie warned that too little has been spent trying to tap into new oil reserves because of the economic crisis.

"If we don't move there will be a problem," Mr de Margerie said. "In two or three years it will be too late."

He also said he thought oil prices would rise to more than $100 a barrel, from their current level of around $70.

Read more: http://news.bbc.co.uk/1/hi/business/8266200.stm

[Sub Atomic]

1. Underinvestment! By God they need a BAILOUT!!

[Downwinder]

2. Wolf -- Wolf -- Wolf

[FarCenter]

3. Anyone with oil reserves would be stupid to develop them now

They will be worth a LOT more in the future.

[Veilex]

4. Lack of investment huh?

Well then Total had better get investing hadn't they? The writing is on the wall: Oil may be finite... but so is the era of big oil profits.
The more they gouge and artificially drive up prices, the stronger the demand for alternative/green fuel vehicles. They, in effect, are hastening their own demise.

[Soylent Brice]

5. gott get those prices back up. the Great Oil Gougin Part 2!! coming to a pump near you...

rated R, for ridiculous.

[Joanne98]

6. Pump and dump!

[vinylsolution]

7. Because Big Oil has barely stayed in business....

.... over the last 8 years. Why should they spend their own money on infrastructure investment?

Watch the Teabaggers start to demand $5 gas any day now.

[galileoreloaded]

8. Maybe the administration is ready to bail out big oil too???? Look at this....

2008



Then in 2009,



Quote from source article

"Projected production, as you can see, is suddenly shriveling up. From 107.5 million b/d of oil projected for 2030 in 2007, to 102.9 million b/d in 2008, to this year’s meager expectation for 93.1 million. That’s a drop of 13.4% in only two years, and posits production growth of only 11.6 million b/d (14.2%) from 2006 levels."

[JDPriestly]

14. In 1973, I worked for an oil company. I vaguely remembered that

it was then predicted that oil would begin to be scarce toward 2016-2020. But back then we did not know about free markets and the world economy adding a lot of demand for oil. There is only so much oil that is cheap to extract. After that, oil becomes too expensive to make drilling worthwhile. We will reach that point before long. Lots of people have written about that here on DU.

We need to invest in alternative energy. We could be doing a lot more. I haven't heard much from Obama's energy secretary. What is going on here? This is precisely the time to be working on improving new technologies. Who is in charge here?

[daggahead]

9. At least Total can feel good about gouging n/t

[Bonhomme Richard]

10. What are they doing with those record profits? n/t

[JDPriestly]

11. Oil companies made record profits in recent years. If they don't have

investment money, it's because they wasted their earnings. This is a great time to move to some other form of energy.

[awnobles]

12. Another Oil Company

Telling you something they will profit from, imagine that?

[Romulox]

13. Is it illegal to talk your stock up in the press?

If it weren't oil in question, but rather shares in Microsoft, isn't it illegal to gin up runs on stock via media proxies? If so, why aren't there any rules about using the media to drive commodity prices?

[Dreamer Tatum]

15. He's doing the opposite of running up his stock nt

[Romulox]

16. Ummm..."He also said he thought oil prices would rise to more than $100 a barrel..."

Oil companies are harmed by higher oil prices? :silly: