Peak Oil - Not If but When Message Board

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Gold/Mining/Energy : Peak Oil - Not If but When

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From: veritas501	1/7/2010 10:36:23 PM
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Business Week magazine has an article on oil ("Endless Oil") that reads like an oil industry advertisement. Let's consider one FACT: The world consumes 31 billion barrels of oil every year = 85 million barrels per day = 1,000 barrels per second. Current oil reserves (excluding unconventional oil such as oil sands) is, according to BP, about 1.2 trillion barrels of oil. Saudi Arabia's claimed oil reserves are 264 billion barrels. If the world added another Saudi Arabia to its oil reserves, it would add 8.5 years to world oil production. And remember, the issue here is whether the world can GROW oil production because a growing world economy requires a growing energy supply, most importantly in the form of oil. So, the addition of a new Saudi Arabia to oil reserves would, if the world economy is to grow, in fact last less than 8.5 years. As one can see, the numbers are daunting. I'm not trying to be a naysayer or deliberately pessimistic but it's the past refusal to recognize the finite resource oil is that has gotten the world into this predicament in the first place.

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