Burning 1,000 Barrels of Oil per Second

BALTIMORE, MD–(MARKET WIRE)–Jan 11, 2007 — By the time it takes you to read this article, say two minutes or so, the world will have consumed nearly 120,000 barrels of oil. Fact is, the world currently burns about 1,000 barrels of oil per second — equal to the volume of five large tanker trucks. And this is just the beginning.

In just eight years global oil demand will rise by 13.3% to nearly 100 million barrels per day, according to figures from the Energy Information Administration. After that, the EIA predicts another 20.4% increase through 2030.

These skyrocketing increases in demand wouldn’t be a problem, barring one major dose of reality: oil is finite.

World-renowned investor and stock picker Michael Schaefer says in his latest oil report, “Since 1859, we have consumed 1.5 trillion barrels of oil. And with our forecasted rate of consumption, it will take only 20 years to consume another 1.5 trillion. In the past two years alone we’ve consumed over 60 billion barrels of oil — and that rate’s about to take off.”

Market Wire