Kenneth Deffeyes. Colin Campbell, Takieri (spelling)from Iran and multiple prominent geologists all said the amount of oil on Earth is finite. Recently employees from Goldman Sachs and JPMorgan have said we've already reached peak oil, that is we've used up more than half of the earth's oils reserves. The Bakken and the Eagle Ford are in decline and number of prominent oil experts have said the Permian is now moving on to tier 2 and tier 3 resources. What makes you so assured that the cyclicality of the oil industry will be continued if we have reached Peak oil?
Yeah, I don't subscribe to the we are at peak oil (supply) view. Never have. I am sure it will be true some day. It is not a GS view that we are at peak oil supply. Regardless, for those that do have that view, I think the impact on returns on capital/cyclality isn't as straightforward as simply being full on bullish all the time.
I like everything you say about ESG but I have a question for you. Why do you think decarbonization is good? The principle of photosynthesis which is the basis for all life on Earth requires CO2 to be the food for all plant life. CO2 creates sugar and oxygen through photosynthesis. We breathe the byproduct of photosynthesis, oxygen so I don't understand. Decarbonization is in essence the opposite of photosynthesis. Why are you against photosynthesis and all life on Earth. I don't understand.
Joel, your question raises a point I try to emphasize (think it was in my "Sticks and Stones" post...which is the CO2 is NOT pollution, as climate hawks often state. No doubt we definitely need CO2 on Earth. But the greenhouse gas effect is also well established, which is the basis for ultimately moving to lower carbon forms of energy, if possible. There can be other benefits of well in terms of reductions in other forms of pollution (smog, particulates, etc.) I don't agree that decarbonization is the opposite of photosynthesis. I am not against photosynthesis.
Kenneth Deffeyes. Colin Campbell, Takieri (spelling)from Iran and multiple prominent geologists all said the amount of oil on Earth is finite. Recently employees from Goldman Sachs and JPMorgan have said we've already reached peak oil, that is we've used up more than half of the earth's oils reserves. The Bakken and the Eagle Ford are in decline and number of prominent oil experts have said the Permian is now moving on to tier 2 and tier 3 resources. What makes you so assured that the cyclicality of the oil industry will be continued if we have reached Peak oil?
Joel
Yeah, I don't subscribe to the we are at peak oil (supply) view. Never have. I am sure it will be true some day. It is not a GS view that we are at peak oil supply. Regardless, for those that do have that view, I think the impact on returns on capital/cyclality isn't as straightforward as simply being full on bullish all the time.
Yes, Goldman Sachs said we are at peak oil
From 2 minute mark to 3:
I'm listening to Exchanges at Goldman Sachs | The Path to Net Zero: Managing the Transition on Podbean, check it out! http://www.podbean.com/ea/dir-ect5w-15cacdb2
Listen carefully as GS commodity specialist says we have consumed 1/2 the world's reserves. THAT is another definition of peak oil
Arjun
I like everything you say about ESG but I have a question for you. Why do you think decarbonization is good? The principle of photosynthesis which is the basis for all life on Earth requires CO2 to be the food for all plant life. CO2 creates sugar and oxygen through photosynthesis. We breathe the byproduct of photosynthesis, oxygen so I don't understand. Decarbonization is in essence the opposite of photosynthesis. Why are you against photosynthesis and all life on Earth. I don't understand.
Joel
Joel, your question raises a point I try to emphasize (think it was in my "Sticks and Stones" post...which is the CO2 is NOT pollution, as climate hawks often state. No doubt we definitely need CO2 on Earth. But the greenhouse gas effect is also well established, which is the basis for ultimately moving to lower carbon forms of energy, if possible. There can be other benefits of well in terms of reductions in other forms of pollution (smog, particulates, etc.) I don't agree that decarbonization is the opposite of photosynthesis. I am not against photosynthesis.
Arjun
Thank you for sharing your wisdom!
Joel
you're welcome Joel!
Yes, Goldman Sachs said we are at peak oil
From 2 minute mark to 3:
I'm listening to Exchanges at Goldman Sachs | The Path to Net Zero: Managing the Transition on Podbean, check it out! http://www.podbean.com/ea/dir-ect5w-15cacdb2
Listen carefully as GS commodity specialist says we have consumed 1/2 the world's reserves. THAT is another definition of peak oil