by jdmartin » Wed 11 Feb 2009, 14:00:27
$this->bbcode_second_pass_quote('OilFinder2', '
')400 billion barrels would supply the world for almost 13 years at current consumption rates.
400 billion barrels is also far more than Saudi Arabia's proven reserves. Are you suggesting Saudi Arabia's oil is insignificant?
Also read the Iraq thread I linked.
There are other areas I believe will ultimately prove to be another large new frontier - namely the entire west coast of Africa, but that's just a hunch on my part at this point. Though I've got good reasons for this hunch.
I think it is insignificant. Though I don't mean to step on Sea Gypsy's toes.
Let's just assume for argument's sake that we can keep consumption rates stable at 85MBD, and still allow for some economic growth (efficiency improvements, etc).
85MBD=31 billion barrels per year. Even if we have 2 trillion barrels lying in the ground right now, which I think is a specious assumption, that's 64 years and then pumping zero. Since we know that oil doesn't work that way, that you reach a peak pumping point and then decline, if we set that point at the 50% mark we're only 32 years away from that point.
I don't know about anyone else, but 32 years from a point of no return is pretty damn close. And the reality of the oil data has shown a marked decline in traditional distillates, with the remainder being made up by the tar sands et al which have a significantly higher cost of production and smaller eroei. I believe that point is much closer than 32 years, though I will readily admit to having no idea and no intention of making a firm prediction. To me, peak cheap oil is a much greater threat to life as we know it than peak geological oil. Current crisis aside, I think we're already at peak cheap oil.
I consider myself a "moderate" - I don't necessarily subscribe to Mad Max (at least not yet

), but I think the cornucopian viewpoint is far too, well,
cornucopian to be realistic.
After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off.