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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: Walkingshadow who wrote (7359)4/5/2005 6:44:57 PM
From: Vendit™  Read Replies (1) of 8752
 
The Future of Oil

It is in our best interest to preemptively embark on a revolutionary change that will lead us away from oil dependency rather than drag our feet and suffer the ramifications of becoming growingly dependent on a diminishing resource.

Because reserves in non-Middle East countries are being depleted more rapidly than those of Middle East producers, their overall reserves-to-production ratio -- an indicator of how long proven reserves would last at current production rates -- is much lower (about 15 years for non-Middle East and 80 years for Middle East producers). If production continues at today's rate, many of the largest producers in 2002, such as Russia, Mexico, U.S., Norway, China and Brazil will cease to be relevant players in the oil market in less than two decades. At that point, the Middle East will be the only major reservoir of abundant crude oil. In fact, Middle Eastern producers will have a much bigger piece of the pie than ever before.

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