ABC TV Catalyst Peak Oil Report [video]

ABC Catalyst travels from Paris, to London, to the outer space like world that is deep sea drilling, to find out where we stand with our oil supply.

Exxon make $5M/hr profit yet still qualify for US Gov subsidies [video]

Rachel Maddow Wants You To Know Just How Profitable Oil Is

Age of cheap fuel is over: IEA

One major indicator of inflation is the price of petrol and the latest information from the International Energy Agency (IEA) shows it will only get more expensive.

Oil is deeply embedded in the economy, with the cost reflected not only at the petrol bowser but in food and clothing products.

The IEA is an independent, multi-government agency formed out of the wake of the 1973 oil crisis. It forecasts oil production, monitors the international oil market and other energy sectors.

Only five years ago it confidently stated that oil production was set to rise to 120 million barrels a day by 2030.

But IEA chief economist Fatih Birol says the world's crude oil production peaked in 2006.

He says oil prices are likely to rise 30 per cent over the next three years.

"The existing fields are declining so sharply that in order to stay where we are in terms of production levels in the next 25 years, we have to find and develop four new Saudi Arabias," he said.

"It is a huge, huge challenge that we continue to underline."

Dr Birol says although peak crude oil production is already behind us, liquid natural gases may provide a viable alternative.

But he says one of the conclusions the IEA has come to is that the age of cheap oil is over. At the height of the global financial crisis in 2008, oil spiked to $148 a barrel.

Dr Birol says the impact of both a financial crisis in Europe and global instability in oil-rich regions means crude oil will only get more expensive.

"The amount of increase in the oil input bill in Europe is equal to the government budget deficit of Greece plus Portugal put together," he said.

"It is only the increase value of $90. If it increases further ... we believe [it] will increase at least 20, 30 per cent higher in the next few years to come and this would mean additional pressure on the financing of many governments who are the oil importers."

Dr Birol says the oil reserves might be there but the access is not.

He also says it could be in the best interest of producers if crude oil is not always flooding the market.

"The producers, intentionally or unintentionally, may not bring the oil under the reserves to the markets," he said.

"For some producers, it is better that oil doesn't come to market so they would like to see perhaps higher prices as a result of tightness in the markets."

The IEA says governments around the world need to rethink their reliance on oil.

WikiLeaks: Peak Oil is Real, Saudis running out of oil

The latest startling revelation to come via documents leaked to Julian Assange's website and published by The Guardian should give pause to every suburban SUV-driver: U.S. officials think Saudi Arabia is overpromising on its capacity to supply oil to a fuel-thirsty world. That sets up a scenario, the documents show, whereby the Saudis could dramatically underdeliver on output by as soon as next year, sending fuel prices soaring.

The cables detail a meeting between a U.S. diplomat and Sadad al-Husseini, a geologist and former head of exploration for Saudi oil monopoly Aramco, in November 2007. Husseini told the American official that the Saudis are unlikely to keep to their target oil output of 12.5 million barrels per day output in order to keep prices stable. Husseini also indicated that Saudi producers are likely to hit "peak oil" -- the point at which global output hit its high mark -- as early as 2012. That means, in essence, that it will be all downhill from there for the enormous Saudi oil industry.

"According to al-Husseini, the crux of the issue is twofold. First, it is possible that Saudi reserves are not as bountiful as sometimes described, and the timeline for their production not as unrestrained as Aramco and energy optimists would like to portray," one of the cables reads. "While al-Husseini fundamentally contradicts the Aramco company line, he is no doomsday theorist. His pedigree, experience and outlook demand that his predictions be thoughtfully considered."

Penetrating Oils Compared

Machinist's Workshop magazine is reported to have tested penetrants for break
out torque on rusted nuts. (I'm waiting for vevrification)

Significant results! They arranged a subjective test of all the popular penetrants with the control being the torque required to remove the nut from a "scientifically rusted" environment.

Penetrating oil ..... Average load

None ..................... 516 pounds
WD-40 .................. 238 pounds
PB Blaster ..............214 pounds
Liquid Wrench ...... 127 pounds
Kano Kroil ............ 106 pounds
ATF-Acetone mix... 53 pounds

The ATF-Acetone mix was a "home brew" mix of 50 - 50 automatic transmission fluid and acetone.

Note the "home brew" was better than any commercial product in this one particular test. A local machinist group mixed up a batch and all now use it with equally good results. Note also that "Liquid Wrench" is about as good as "Kroil" for about 20% of the price.

the interesting ads and other things in the 1915 AAA blue book (map guide)

Above: elagant advertising

Cool ads!

Just a reminder that these photos are pre 1915

That's not an oil leak, it's a Bugatti marking it's territory with horsepower sweat

Vintage oil containers

Via: http://www.atimetoget.com/2009/03/vintage-oil-cans.html but for the source, and lots more of these go to: https://automobiliaplanet.com/shop/vintage-oil-petrol-cans

The better oil test; Seeing is believing; just add weights (pressure) until weak competition oil can't hack it any more and surrenders to friction

His accent masks the way he said that after 3 hundred pounds, "it fails". The Mobil One oil that is. Not that the ordinary lifter springs are 100 pounds of pressure on the camshaft, but they are over 100 pounds of pressure on most mild performance engines, like my double spring 906 heads on my last 383.

And the whole point of showing the pressure between the two surfaces, and when the oil fails, is that your engine has little or no oil between surfaces on start up. The con rod to crankshaft gets a beating every ignition stroke, the lifter to cam surface has constant high pressure, and the piston to sleeve contact isn't oiled up very well either.

He shows that he has treated the oil in the small sump area under the spinning metal contact area with a capfull of Justice Brothers oil treatment and how it can now withstand many hundred pounds of pressure without failure.

Then he added water. That is the kiss of death in any oil system, and normally water only gets into your oil if your head gasket fails, and then your oil will turn a chocolate milk color



The scoring to the right, hightlighted in the red reflection, is the competition. The slight scoring on the left in the white bar of reflection is the JB oil treatment

Coincidently, a couple things about the 1903 Paris - Madrid race happened to fall in my lap at the same time

Louis Renault at 90 mph

Castrol vintage ads

Gas Prices Around The World... 2005 vs 2007... 12 countries compared

November 2007 http://keeptherubbersidedown.net/2008/02/13/fuel-prices-around-the-world/ this chart is a relative comparison percentage (Norway $8.67, 279% of what the US pays)

May 2007 http://www.wired.com/cars/energy/magazine/15-06/st_atlas

April 2007 http://www.usatoday.com/money/industries/energy/2007-04-19-world-gas_N.htm

Data for EU countries were provided by the AA Motoring Trust. Prices are listed in U.S. dollars

March, 2005 http://money.cnn.com/pf/features/lists/global_gasprices/

2007......................................... 2005

Netherlands $7.52 ...............Netherlands Amsterdam $6.48
Norway $7.33 ........................Norway Oslo $6.27
Belgium $6.95 ......................Belgium Brussels $5.91
Germany $6.72 .....................Germany Frankfurt $5.57
France $6.50 .........................France Paris $5.54
Ireland $5.40......................... Ireland Dublin $4.78
Estonia $4.30 ........................Estonia Tallinn $3.62
Japan $4.16 ...........................Japan Tokyo $4.24
Russia $2.68 .........................Russia Moscow $2.10
Nigeria $1.92........................ Nigeria Lagos $0.38
Saudi Arabia $0.45.............. Saudi Arabia Riyadh $0.91
Venezuela $0.19................... Venezuela Caracas $0.12