What Insiders Don’t Want You to Know About “Peak Oil”

At the world’s largest energy forum in Cancun, Mexico on March 30-31, the power brokers of the oil industry saw the future. And it isn’t pretty. The biennial International Energy Forum (IEF) drew ministers from 64 countries, members of the International Energy Agency (IEA), OPEC, and other dignitaries. In short, all the heavy hitters on the planet were there.. Yet, very little news leaked out of these meetings. In fact, the reporters were confined to a press room where the presentations were shown on monitors with no sound. When the reporters asked for sound, the monitors were quickly turned off and the conference was declared to be “private.” The media was simply shut out Why all the secrecy? What they were hiding?

Even when we find reliable sources of new oil it won’t even put a dent in the supply shortage.

Here are the facts:

The U. S. consumes 19.5 million barrels a day or 7.12 billion barrels of oil per year.

Despite the disastrous oil spill in the Gulf, there’s still a lot of optimism surrounding Obama’s plan to expand drilling off the U.S. coastline and in the Arctic National Wildlife Refuge (ANWR).

But let’s take a look at the maximum estimates of the amount of reserves in those areas everyone’s so hyped up about: ANWR has 17 billion barrels and offshore reserves contain 21 billion barrels.

That’s a total of 37 billion barrels–at most. At a yearly consumption rate of 7.12 billion barrels, that gives us enough oil for just over five years…the world would soak that up in one year.

That’s not a drop in a bucket, it’s a drop in the ocean.

Emerinvest