We have all seen opportunities to improve oil recovery. Maybe your water oil separation system is out of date. Maybe your well mechanics are so poor that the energy to extract a barrel is incredibly high. Perhaps you are a sloppy operator and your wells turn sour quickly. All these events are examples of oil waste. But none of these compare to the waste from today’s oil prices. The world is squandering a world resource. Imagine building homes and selling them for less than people are willing to pay. Yes, I get it, supply and demand. Put your economist charts down.
Eventually, this resource must be re-valued and repositioned. Giving away a limited resource is not helping our future, ecology or providing the cost structure necessary to operate safely; technology advances will stop and research monies will be cut. Throw in the the socio-political impact (I am talking national debt here) on government programs tied to oil profits and you have one hell of a mess.
What is the world to do? Well the world is doing fine. Those people at the cash register pricing the barrel of oil need to realize nobody is waiting for them to do their job. But waste limited resources and you will have everybody to answer to. Yes, it is a thankless job. But do the world a favor….. do your job! If you need some reference points please see the T. Boone Pickens discussion with Jim Cramer.