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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Sailing2 who wrote (112667)	10/28/2008 12:24:11 PM
From: kormac	1 Recommendation Respond to of 206184

Arthur, According to the editor of Petroleum Review, Chris Skerbowski's analysis of Megaprojects, he thinks the oil flows will be balanced by 2011. However, owing to the drop in oil prices, many of the projects will be delayed. Even if we have a 6 percent drop in oil consumption this year, this only takes total liquids production down 5 million barrels a day. So we are down to 81 million barrels a day, which means that we are still using oil at the rate of 1 billion barrels every 12 days. If this lasts three years we will have used 88 billion barrels of the world's original endowment of oil. Now 88 billion barrels is a lot of oil, when one thinks that the original oil endowment of USA is about 240 billion barrels. My view is that we have now past the world's oil production peak and this recession will seal the case.