From CNN the "Big Question" who will answer it?
$this->bbcode_second_pass_quote('', 'A')fter talking to some oil industry experts and economists, here are some questions worth asking the oil industry executives at their hearing Wednesday if the point is to drive down consumer prices rather than score political points:
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CNN: ''How Much Oil Is Out There?''
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CNN: ''How Much Oil Is Out There?''
by UncoveringTruths » Tue 08 Nov 2005, 11:11:09
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$this->bbcode_second_pass_quote('', '[')b]How much more oil is out there?
This is a basic question, and one that might be raised by senators looking for debating points about opening up the Alaskan National Wildlife Refuge to oil exploration.
But no matter where new sources of oil are found, oil is a true global commodity and prices are far more driven by the amount of oil available, rather than its nationality.
That's why there's so much concern in world markets about some estimates recently that Saudi Arabia's oil fields are nearing their peak capacity and that they could soon see declines in production.
While that question is hotly debated, no one questions that worldwide demand for oil is poised for steady increases as China and India see their wealth, and their number of automobiles, grow rapidly.
The question of how many decades of readily-accessible oil are left is not an easy one for oil executives to answer.
If they project a plentiful, long- term supply, it could help to depress the price of oil in current markets. If they talk about the difficulties of meeting growing demand, they open themselves up to questions about what they are doing to prepare for a post-oil world.
"They need to answer if they are going to invest in additional capacity and whether that will meet the growing demand," said A. F. Alhajji, professor at Northern Ohio University. "Production has to increase to match that increased use or there will be a crisis."
Four questions for Big Oil
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Re: CNN: ''How Much Oil Is Out There?''
by Starvid » Tue 08 Nov 2005, 14:25:49
More mainstream media coverage, good. 
Peak oil is not an energy crisis. It is a liquid fuel crisis.
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Re: CNN: ''How Much Oil Is Out There?''
by NeoPeasant » Tue 08 Nov 2005, 17:21:03
I'm picturing an oil company executive yelling in his best Jack Nicolson impression "The truth? You can't handle the truth!"
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Re: CNN: ''How Much Oil Is Out There?''
by UncoveringTruths » Wed 09 Nov 2005, 10:56:38
This article is appearing as one of CNN's top stories this morning.
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