<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"
	xmlns:content="http://purl.org/rss/1.0/modules/content/"
	xmlns:dc="http://purl.org/dc/elements/1.1/"
	xmlns:atom="http://www.w3.org/2005/Atom"
	xmlns:sy="http://purl.org/rss/1.0/modules/syndication/"
	xmlns:georss="http://www.georss.org/georss" xmlns:geo="http://www.w3.org/2003/01/geo/wgs84_pos#" xmlns:media="http://search.yahoo.com/mrss/"
		>
<channel>
	<title>Comments on: von Storch at Boulder</title>
	<atom:link href="http://climateaudit.org/2005/07/11/von-storch-at-boulder/feed/" rel="self" type="application/rss+xml" />
	<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/</link>
	<description>by Steve McIntyre</description>
	<lastBuildDate>Thu, 23 May 2013 21:15:35 +0000</lastBuildDate>
	<sy:updatePeriod>hourly</sy:updatePeriod>
	<sy:updateFrequency>1</sy:updateFrequency>
	<generator>http://wordpress.com/</generator>
	<item>
		<title>By: Neal J. King</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34492</link>
		<dc:creator><![CDATA[Neal J. King]]></dc:creator>
		<pubDate>Tue, 04 Mar 2008 23:46:19 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34492</guid>
		<description><![CDATA[#12, Michael Jankowski:

It is quite common for physics undergraduates to take an applied mathematics course, that can be one or two semesters long, and covers complex analysis and partial differential equations.

In addition, all physics graduate students take a two-semester course in electromagnetic theory, which is mostly a grueling exercise in solving linear partial differential equations.

Finally, all undergraduate students in physics have to take lab classes, in which basic principles of the statistical analysis of measurements are studied on one&#039;s own time (no formal course, but if you don&#039;t figure it out, you flunk). If they go on to do real work in a lab, they usually get a lot more.]]></description>
		<content:encoded><![CDATA[<p>#12, Michael Jankowski:</p>
<p>It is quite common for physics undergraduates to take an applied mathematics course, that can be one or two semesters long, and covers complex analysis and partial differential equations.</p>
<p>In addition, all physics graduate students take a two-semester course in electromagnetic theory, which is mostly a grueling exercise in solving linear partial differential equations.</p>
<p>Finally, all undergraduate students in physics have to take lab classes, in which basic principles of the statistical analysis of measurements are studied on one&#8217;s own time (no formal course, but if you don&#8217;t figure it out, you flunk). If they go on to do real work in a lab, they usually get a lot more.</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: TCO</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34491</link>
		<dc:creator><![CDATA[TCO]]></dc:creator>
		<pubDate>Wed, 21 Sep 2005 05:07:33 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34491</guid>
		<description><![CDATA[econbrowser has a lot of discussion of peak oil.

Fred:  if you really feel that way, are you going short on the futures market?  (and why are you smarter than the market...not saying the market is perfect...but why are you smarter than all those invisible hands motivated by gain to drive the futures price).

Guaranteeing a high price for oil would be a nightmare.  the companies invest based on expectations.  They can deal with the risk.  That is capitalism.  No price controls, boys.

Yeah, it sorta looks like sweet crude is peaking.  Part of the real problem is holdups and regulations inhibiting new refineries (with different technology) and also the low sulfur regs.  This has driven the heavy-sweet spread from 5$ to $15.]]></description>
		<content:encoded><![CDATA[<p>econbrowser has a lot of discussion of peak oil.</p>
<p>Fred:  if you really feel that way, are you going short on the futures market?  (and why are you smarter than the market&#8230;not saying the market is perfect&#8230;but why are you smarter than all those invisible hands motivated by gain to drive the futures price).</p>
<p>Guaranteeing a high price for oil would be a nightmare.  the companies invest based on expectations.  They can deal with the risk.  That is capitalism.  No price controls, boys.</p>
<p>Yeah, it sorta looks like sweet crude is peaking.  Part of the real problem is holdups and regulations inhibiting new refineries (with different technology) and also the low sulfur regs.  This has driven the heavy-sweet spread from 5$ to $15.</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Jeff Norman</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34490</link>
		<dc:creator><![CDATA[Jeff Norman]]></dc:creator>
		<pubDate>Mon, 18 Jul 2005 12:56:49 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34490</guid>
		<description><![CDATA[Steve,

In the &quot;The lure of solar forcing&quot; thread.  My follow up questions haven&#039;t appeared... yet?

JeffN]]></description>
		<content:encoded><![CDATA[<p>Steve,</p>
<p>In the &#8220;The lure of solar forcing&#8221; thread.  My follow up questions haven&#8217;t appeared&#8230; yet?</p>
<p>JeffN</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Jeff Norman</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34489</link>
		<dc:creator><![CDATA[Jeff Norman]]></dc:creator>
		<pubDate>Sun, 17 Jul 2005 23:04:15 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34489</guid>
		<description><![CDATA[I&#039;ve gone on an uncertainty fishing trip over at realclimate and have a nibble.

I found this link on quantifying uncertainty interesting:
http://www.measurementuncertainty.org/mu/guide/index.html?content_frame=/mu/guide/reportuncertainty.html

START QUOTE
9.2. information required
9.2.1. A complete report of a measurement result should include or refer to documentation containing,
-a description of the methods used to calculate the measurement result and its uncertainty from the experimental observations and input data
the values and sources of all corrections and constants used in both the calculation and the uncertainty analysis
-a list of all the components of uncertainty with full documentation on how each was evaluated
END QUOTE

JeffN

&lt;strong&gt;Steve:&lt;/strong&gt; which realclimate post?]]></description>
		<content:encoded><![CDATA[<p>I&#8217;ve gone on an uncertainty fishing trip over at realclimate and have a nibble.</p>
<p>I found this link on quantifying uncertainty interesting:<br />
<a href="http://www.measurementuncertainty.org/mu/guide/index.html?content_frame=/mu/guide/reportuncertainty.html" rel="nofollow">http://www.measurementuncertainty.org/mu/guide/index.html?content_frame=/mu/guide/reportuncertainty.html</a></p>
<p>START QUOTE<br />
9.2. information required<br />
9.2.1. A complete report of a measurement result should include or refer to documentation containing,<br />
-a description of the methods used to calculate the measurement result and its uncertainty from the experimental observations and input data<br />
the values and sources of all corrections and constants used in both the calculation and the uncertainty analysis<br />
-a list of all the components of uncertainty with full documentation on how each was evaluated<br />
END QUOTE</p>
<p>JeffN</p>
<p><strong>Steve:</strong> which realclimate post?</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Jeff Norman</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34488</link>
		<dc:creator><![CDATA[Jeff Norman]]></dc:creator>
		<pubDate>Fri, 15 Jul 2005 16:31:36 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34488</guid>
		<description><![CDATA[Michael Mayson,

I find your NOAA Paleoclimatology link somewhat annoying.  Not the link itself but the content at page linked.  Some comments/questions.

1.  In &quot;Fig. 2a,b Hemispheric temperature reconstructions&quot; are those blue areas supposed to represent error/uncertainty margins?  If yes it appears the error margins are the same in both hemispheres despite the dearth of data points in the Southern Hemisphere(SH).  How is this possible?

2.  I notice that the SH&#039;s proxy reconstruction is much more variable than the NH&#039;s and yet it does not show a 20th centrury warming (though this is hard to see, see my point #6).

3.  The NH reconstruction becomes strangely flat btween 300 and 500 AD.

4.  If the SH reconstructed climate between 1850 and 1980(?) does not match the instrument record for the same period does this invalidate the entire reconstruction?  In fact it appears as though the reconstruction is not very reponsive to actual measured temperature change.  Does this invalidate the methodology?

5.  In the NH there appears to be an inordinant concentration of &quot;PCs of Tree-Ring Networks&quot; (six in fact) in bristle cone country.

6.  &quot;Figure 1&quot; shows a spaghetti diagram.  Given the flexibility of the Internet one would think that they could present the graphs individually or grouped together as desired by the viewer with or without the expletive &quot;Instrument record&quot; smudging out the 20th century.  Are they trying to hide something?  They are succeeding.

7.  Why are the &quot;Mann and Jones with uncertainties&quot; back to 200 AD uncertainties smaller than the &quot;Mann et al. 1999 with uncertainties&quot; back to 1000 AD uncertainties?  Are the calculation of these uncertainties described some place?

8.  Doesn&#039;t anyone actually look at this stuff?]]></description>
		<content:encoded><![CDATA[<p>Michael Mayson,</p>
<p>I find your NOAA Paleoclimatology link somewhat annoying.  Not the link itself but the content at page linked.  Some comments/questions.</p>
<p>1.  In &#8220;Fig. 2a,b Hemispheric temperature reconstructions&#8221; are those blue areas supposed to represent error/uncertainty margins?  If yes it appears the error margins are the same in both hemispheres despite the dearth of data points in the Southern Hemisphere(SH).  How is this possible?</p>
<p>2.  I notice that the SH&#8217;s proxy reconstruction is much more variable than the NH&#8217;s and yet it does not show a 20th centrury warming (though this is hard to see, see my point #6).</p>
<p>3.  The NH reconstruction becomes strangely flat btween 300 and 500 AD.</p>
<p>4.  If the SH reconstructed climate between 1850 and 1980(?) does not match the instrument record for the same period does this invalidate the entire reconstruction?  In fact it appears as though the reconstruction is not very reponsive to actual measured temperature change.  Does this invalidate the methodology?</p>
<p>5.  In the NH there appears to be an inordinant concentration of &#8220;PCs of Tree-Ring Networks&#8221; (six in fact) in bristle cone country.</p>
<p>6.  &#8220;Figure 1&#8243; shows a spaghetti diagram.  Given the flexibility of the Internet one would think that they could present the graphs individually or grouped together as desired by the viewer with or without the expletive &#8220;Instrument record&#8221; smudging out the 20th century.  Are they trying to hide something?  They are succeeding.</p>
<p>7.  Why are the &#8220;Mann and Jones with uncertainties&#8221; back to 200 AD uncertainties smaller than the &#8220;Mann et al. 1999 with uncertainties&#8221; back to 1000 AD uncertainties?  Are the calculation of these uncertainties described some place?</p>
<p>8.  Doesn&#8217;t anyone actually look at this stuff?</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Scott Shipley</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34487</link>
		<dc:creator><![CDATA[Scott Shipley]]></dc:creator>
		<pubDate>Thu, 14 Jul 2005 15:26:01 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34487</guid>
		<description><![CDATA[Roger: I stand corrected, thanks. -scott]]></description>
		<content:encoded><![CDATA[<p>Roger: I stand corrected, thanks. -scott</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: fFreddy</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34486</link>
		<dc:creator><![CDATA[fFreddy]]></dc:creator>
		<pubDate>Wed, 13 Jul 2005 20:03:39 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34486</guid>
		<description><![CDATA[Hmmm.

Grid, I do not understand your comment about &quot;in the name of rallying&quot;. Paul asked a question, I answered it. If you see this as something to do with rallying, then I think you are imposing your own worldview onto what I said.

&quot;spewing out false allegations&quot; - am I right in thinking an allegation is a statement of fact ? I think you will find that most of my post above was more in the nature of vague thoughts and impressions, which I freely admitted could be wrong. Your clue to this is where the first line says &quot;which may be rubbish&quot;.

Of course, the reference to my memory of my own university days was a statement of fact. I&#039;m sure you weren&#039;t calling that a false allegation, because that would be calling me a liar, and you are far too polite to do such a thing. I should clarify that when I said &quot;many years ago&quot;, I meant more than twenty years ago. I have no knowledge of whether there was a course in atmospheric sciences back then.

Regarding old-timers, is that the original chaos theory Lorentz ? If so, what I was suggesting is that he might think of himself as a Grand Old Man of Meteorology rather than a Grand Old Man of Climatology. Please note that this is not a statement of fact, because I don&#039;t know the guy - hence the use of &quot;I get the feeling&quot; in my original post.

I hadn&#039;t heard of Suki Manabe. A quick Google brings up the quote :
&quot;I come here from Tokyo and they give me millions and millions of dollars
of computers so I can enjoy my hobby.&quot;
Hmmm.
Well, I look forward to seeing a precise and concise write-up of what he is modelling with those computers, so I can develop my own opinion of it.

Your phrase &quot;your effort in playing scientists&quot; is rather patronising. This tends to annoy people, which tends to impede the free flow of discussion.
Incidentally, the plural of &#039;yourself&#039; is &#039;yourselves&#039;, not &#039;yourselfs&#039; as you had it. You might like to broaden your reading so you don&#039;t make such such simple spelling errors.
See what I mean ?]]></description>
		<content:encoded><![CDATA[<p>Hmmm.</p>
<p>Grid, I do not understand your comment about &#8220;in the name of rallying&#8221;. Paul asked a question, I answered it. If you see this as something to do with rallying, then I think you are imposing your own worldview onto what I said.</p>
<p>&#8220;spewing out false allegations&#8221; &#8211; am I right in thinking an allegation is a statement of fact ? I think you will find that most of my post above was more in the nature of vague thoughts and impressions, which I freely admitted could be wrong. Your clue to this is where the first line says &#8220;which may be rubbish&#8221;.</p>
<p>Of course, the reference to my memory of my own university days was a statement of fact. I&#8217;m sure you weren&#8217;t calling that a false allegation, because that would be calling me a liar, and you are far too polite to do such a thing. I should clarify that when I said &#8220;many years ago&#8221;, I meant more than twenty years ago. I have no knowledge of whether there was a course in atmospheric sciences back then.</p>
<p>Regarding old-timers, is that the original chaos theory Lorentz ? If so, what I was suggesting is that he might think of himself as a Grand Old Man of Meteorology rather than a Grand Old Man of Climatology. Please note that this is not a statement of fact, because I don&#8217;t know the guy &#8211; hence the use of &#8220;I get the feeling&#8221; in my original post.</p>
<p>I hadn&#8217;t heard of Suki Manabe. A quick Google brings up the quote :<br />
&#8220;I come here from Tokyo and they give me millions and millions of dollars<br />
of computers so I can enjoy my hobby.&#8221;<br />
Hmmm.<br />
Well, I look forward to seeing a precise and concise write-up of what he is modelling with those computers, so I can develop my own opinion of it.</p>
<p>Your phrase &#8220;your effort in playing scientists&#8221; is rather patronising. This tends to annoy people, which tends to impede the free flow of discussion.<br />
Incidentally, the plural of &#8216;yourself&#8217; is &#8216;yourselves&#8217;, not &#8216;yourselfs&#8217; as you had it. You might like to broaden your reading so you don&#8217;t make such such simple spelling errors.<br />
See what I mean ?</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Michael Jankowski</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34485</link>
		<dc:creator><![CDATA[Michael Jankowski]]></dc:creator>
		<pubDate>Wed, 13 Jul 2005 17:23:27 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34485</guid>
		<description><![CDATA[What american university atmospheric science programs are you familiar with?  In my experience, most schools only offer at most 4 semesters of calculus for non-math majors (anything beyond that is almost purely theoretical...I don&#039;t quite see how proving mostly abstract mathematical theorems would be of much benefit to climate scientists), with the first 2 semesters being comparable to a quality year of high school calculus.

Specifically, in regards to MBH, we&#039;re mostly talking about statistical issues.  IMHO, statistics is heavily under-represented in education, yet it is vitally important to scientists - particularly in one such as climate with such potentially huge margins of error.  The emphasis seems to be usually on probability distrubutions and statistics revolving around the normal distribution.  I&#039;ve seen some climate scientists argue statistics with people who have a statistical background - it isn&#039;t pretty.  Yet these same climate scientists adamantly insist they are correct.

FWIW, following is the listing of some of the requirements to be admitted to the graduate program in atmospheric science at Columbia University.  James Hanson is listed as a professor, Gavin Schmidt over at realclimate.org is a research scientist, etc, and the association with NASA&#039;s Goddard Institute of Space Studies (GISS) is certainly noteworthy.  So CU is far from chump change in the climate science realm.

&quot;A participant needs a strong background in physics and mathematics, including advanced undergraduate courses in mechanics, electromagnetism, advanced calculus, and differential equations. Deficiencies should be remedied during the first year. Undergraduate courses in atmospheric sciences, earth sciences, and astronomy are helpful but not necessary.&quot;

Interestingly enough, no mention is made at all of statistics.  Yet we are to believe that many scientists are experts in applying statistical methodology to analyze data.

Also FWIW, Columbia&#039;s only calculus courses are at the undergraduate level and there are only 4 semesters (either calc I-IV, or in combination with linear algebra in honors math I-IV).]]></description>
		<content:encoded><![CDATA[<p>What american university atmospheric science programs are you familiar with?  In my experience, most schools only offer at most 4 semesters of calculus for non-math majors (anything beyond that is almost purely theoretical&#8230;I don&#8217;t quite see how proving mostly abstract mathematical theorems would be of much benefit to climate scientists), with the first 2 semesters being comparable to a quality year of high school calculus.</p>
<p>Specifically, in regards to MBH, we&#8217;re mostly talking about statistical issues.  IMHO, statistics is heavily under-represented in education, yet it is vitally important to scientists &#8211; particularly in one such as climate with such potentially huge margins of error.  The emphasis seems to be usually on probability distrubutions and statistics revolving around the normal distribution.  I&#8217;ve seen some climate scientists argue statistics with people who have a statistical background &#8211; it isn&#8217;t pretty.  Yet these same climate scientists adamantly insist they are correct.</p>
<p>FWIW, following is the listing of some of the requirements to be admitted to the graduate program in atmospheric science at Columbia University.  James Hanson is listed as a professor, Gavin Schmidt over at realclimate.org is a research scientist, etc, and the association with NASA&#8217;s Goddard Institute of Space Studies (GISS) is certainly noteworthy.  So CU is far from chump change in the climate science realm.</p>
<p>&#8220;A participant needs a strong background in physics and mathematics, including advanced undergraduate courses in mechanics, electromagnetism, advanced calculus, and differential equations. Deficiencies should be remedied during the first year. Undergraduate courses in atmospheric sciences, earth sciences, and astronomy are helpful but not necessary.&#8221;</p>
<p>Interestingly enough, no mention is made at all of statistics.  Yet we are to believe that many scientists are experts in applying statistical methodology to analyze data.</p>
<p>Also FWIW, Columbia&#8217;s only calculus courses are at the undergraduate level and there are only 4 semesters (either calc I-IV, or in combination with linear algebra in honors math I-IV).</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Grid</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34484</link>
		<dc:creator><![CDATA[Grid]]></dc:creator>
		<pubDate>Wed, 13 Jul 2005 16:08:24 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34484</guid>
		<description><![CDATA[though I may agree with some points on here, I do not see the point in spewing out false allegations in the name of rallying.  Atmospheric scientists at most - if not all - american universities are required to take 4 terms of calculus studies for undergraduate studies, and likely 2 more as graduate students.  You are correct that many environmental scientists are not mathematicians, but &quot;physical&quot; scientists are and they are the ones &#039;studying&#039; the climate.

Also, there are many &quot;old timers&quot; as you put it in the climatology field.  Perhaps you should do some research on that fact, particularly with GFDL, before you claim otherwise.  To name some recently heralded older climatologists: Ed Lorenze and Suki Manabi.

I promote your effort in playing scientists yourselfs, but please refrain from making erroneous remarks.]]></description>
		<content:encoded><![CDATA[<p>though I may agree with some points on here, I do not see the point in spewing out false allegations in the name of rallying.  Atmospheric scientists at most &#8211; if not all &#8211; american universities are required to take 4 terms of calculus studies for undergraduate studies, and likely 2 more as graduate students.  You are correct that many environmental scientists are not mathematicians, but &#8220;physical&#8221; scientists are and they are the ones &#8216;studying&#8217; the climate.</p>
<p>Also, there are many &#8220;old timers&#8221; as you put it in the climatology field.  Perhaps you should do some research on that fact, particularly with GFDL, before you claim otherwise.  To name some recently heralded older climatologists: Ed Lorenze and Suki Manabi.</p>
<p>I promote your effort in playing scientists yourselfs, but please refrain from making erroneous remarks.</p>
]]></content:encoded>
	</item>
	<item>
		<title>By: Ray Soper</title>
		<link>http://climateaudit.org/2005/07/11/von-storch-at-boulder/#comment-34483</link>
		<dc:creator><![CDATA[Ray Soper]]></dc:creator>
		<pubDate>Tue, 12 Jul 2005 23:29:35 +0000</pubDate>
		<guid isPermaLink="false">http://www.climateaudit.org/?p=261#comment-34483</guid>
		<description><![CDATA[I discussed this very question with a retired Exxon-Mobil senior executive.  He confirmed that the Hubbert&#039;s Peak hypothesis applies to easily won, &quot;sweet&quot; oil, that can economically be recovered at prices less than say US$20 per barrel.  He also confirmed my view that the industry, for reasons that it best understands, persists in avoiding the proper definitions of &quot;reserves&quot;.  In mining &quot;reserves&quot; means that portion of the resource that can be extracted economically with current technology.  It follows that the &quot;reserves&quot; of oil are calculated at an implied price, probably US$20 per barrel according to my information.  The real question is what are the available reserves of oil at a long term sustainable oil price of US$40 per barrel for example.  My colleague confirmed that there are huge resources of hydrocarbons available that can be turned into oil if the price is sufficiently high.  For example, there are very large undeveloped reserves in Russia that require very substantial capital investment, something that the oil majors are not prepared to do in the current political/economic environment in Russia.  Also, there are further very large reserves in the Athabasca tar sands, and the Venezuelan Orinoco bitumen deposits.  There are also opportunities to convert gas to oil, coal (lignite and brown coals) to oil etc.  These all require very large capital investments.

The issue is more a price and capital markets issue than it is a resource constraint. If the financiers could rely on a guaranteed oil price of say US$40 or US$45 per barrel for a 20 year period, then the capital would certainly be available to develop the resources I have mentioned.  The difficulty is that it would likely soon result in over supply which would see the market price drop below those prices, placing pressure on the financing.  So the real answer to oil supply is to find a way to guarantee oil prices of US$40 or US$45 per barrel for 20 years.  You will have all the supply you want if you do.  Volatility and price risk are the main factors limiting development of alternative fuels.]]></description>
		<content:encoded><![CDATA[<p>I discussed this very question with a retired Exxon-Mobil senior executive.  He confirmed that the Hubbert&#8217;s Peak hypothesis applies to easily won, &#8220;sweet&#8221; oil, that can economically be recovered at prices less than say US$20 per barrel.  He also confirmed my view that the industry, for reasons that it best understands, persists in avoiding the proper definitions of &#8220;reserves&#8221;.  In mining &#8220;reserves&#8221; means that portion of the resource that can be extracted economically with current technology.  It follows that the &#8220;reserves&#8221; of oil are calculated at an implied price, probably US$20 per barrel according to my information.  The real question is what are the available reserves of oil at a long term sustainable oil price of US$40 per barrel for example.  My colleague confirmed that there are huge resources of hydrocarbons available that can be turned into oil if the price is sufficiently high.  For example, there are very large undeveloped reserves in Russia that require very substantial capital investment, something that the oil majors are not prepared to do in the current political/economic environment in Russia.  Also, there are further very large reserves in the Athabasca tar sands, and the Venezuelan Orinoco bitumen deposits.  There are also opportunities to convert gas to oil, coal (lignite and brown coals) to oil etc.  These all require very large capital investments.</p>
<p>The issue is more a price and capital markets issue than it is a resource constraint. If the financiers could rely on a guaranteed oil price of say US$40 or US$45 per barrel for a 20 year period, then the capital would certainly be available to develop the resources I have mentioned.  The difficulty is that it would likely soon result in over supply which would see the market price drop below those prices, placing pressure on the financing.  So the real answer to oil supply is to find a way to guarantee oil prices of US$40 or US$45 per barrel for 20 years.  You will have all the supply you want if you do.  Volatility and price risk are the main factors limiting development of alternative fuels.</p>
]]></content:encoded>
	</item>
</channel>
</rss>
