Peak Oil - fact or conspiracy

usual media hype and scare mongering, there is still a lot of oil out there
 
The argument is more complicated than how much oil is out there. It takes years to get a new field producing and the financial picture is also more complicated now, with a lot of the proven reserves requiring extraction in hostile territory or with expensive technology.

Another problem is the lack of investment in drilling rigs and refinery capacity.

Despite the financial crisis, demand only fell 2.7% so there will continue to be a strain on supply.

There's plenty of oil left, but there needs to be a shift in consumption and a move to sustainable
energy in order to diversify the risks from geopolitics, OPEC etc.
 
poborsky said:
Have you any ideas where this oil is and how long it will take to extract?
Click to expand...

Yes please do let me know as I will sell the information on to the oil companies in order for them to know exactly where to drill.

we could make a fortune .......

:LOL:
 
wallstreet1928 said:
Yes please do let me know as I will sell the information on to the oil companies in order for them to know exactly where to drill.

we could make a fortune .......

:LOL:
Click to expand...

Some help would be very nice. We need three more Saudi Arabia size finds immediately to be able to keep up with demand.
 
I have posted this before and to put it into perspective the the world uses 30 billion barrels of oil each year:

Alberta tar sands contain 1 trillion barrels of oil. 175 billion barrels are recoverable. The rest would take more energy put into recovering them than it would be possible to get out. In other words it would take more than 1 barrel of oil to get 1 barrel extracted. Apart from the use of vast amounts of natural gas and fresh water, tar sand mining creates massive pollution problems and the clean up cost is enormous, but it does provide the US with 3 million barrels of oil each day.
Would the world be going to these lengths if there were vast amounts of easily recoverable oil left?
 
"175 billion barrels are recoverable." They are viable.

"provide the US with 3 million barrels of oil each day."

You can do a google search on this.
 
i cant remember where but i seem 2 remember reading that there is alot more oil in saudi to find, the current fields they have are so big they didn't bother to look further.

either way i think we will be long dead before the world runs out of oil :)
 
N Rothschild said:
i cant remember where but i seem 2 remember reading that there is alot more oil in saudi to find, the current fields they have are so big they didn't bother to look further.

either way i think we will be long dead before the world runs out of oil :)
Click to expand...

proof?
 
There have been no super giant oil fields discovered since the late 1960´s. If they existed the nations involved and the oil companies would have been shouting it from the rooftops. Oil is power. Thats one of the reasons why the OPEC nations never declare any drop in oil reserves.
 
yeh but you cant say there is no more oil out there, someone could stumble apon the biggest find of all time 2morow morning..
 
This happened to the US in the 60´s. They discovered oil in Alaska. Marion King Hubbert had predicted in 1956 that oil production would peak in the US around 1969 with no knowledge of the massive Alaskan oil reserves. It delayed peak oil production by a couple of years.
 
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