Page 1 of 2
Less than 1% of oil reserves have been used?
Posted: 29 May 2008, 10:41
by madogflint
Hello
I was looking at a motorsport forum & one of the contributors maintains that to date, less than 1% of the Worlds oil reserves have been used.....Is this correct?
If it isn't correct, could someone provide me with a link that disproves it.
Thanks
Posted: 29 May 2008, 10:48
by SunnyJim
Send him/her to
http://www.wolfatthedoor.org.uk/, and tell him/her to click on the 'reserves' tab. He can read all about he mysical world of oil reserves there.
Posted: 29 May 2008, 10:51
by PS_RalphW
Even the most blue sky cornucopian says we have used 10%....
point him here for the 'official' view
http://www.bp.com/productlanding.do?cat ... Id=7033471
and then here for something closer to reality...
http://europe.theoildrum.com/node/4007
Posted: 29 May 2008, 10:51
by Mitch
Hi Madog, welcome.
Have a look at today's Oil Drum - will answer your question instantly!
http://europe.theoildrum.com/node/4007#more
Posted: 29 May 2008, 11:17
by Totally_Baffled
If we have only used 1% , why is it production in 60 out of 90 oil producing countries is in terminal decline?
Why is global production flat despite prices of $135!?
It is flow not reserves that are important!
Posted: 29 May 2008, 12:26
by WolfattheDoor
They may be thinking (if they can do that) of tar sands and oil shales. If we have to explain that one more time...
Posted: 29 May 2008, 12:35
by Gerontion
^ Even so, how can you come up with a figure like 1%? That would mean reserves of something like 100 trillion barrels; we'd be swimming in the stuff and there'd be (almost) enough oil for a Ghawar in every country on the planet.
Posted: 29 May 2008, 16:23
by emordnilap
And have a read
here as a fr'instance.
The Journal {WSJ} says that fresh data from the U.S. Department of Energy show the amount of petroleum products shipped by the world's top oil exporters fell 2.5% last year,
This looks like the end of the plateau and today ties in with
this thread rather neatly, I think.
If the WSJ is saying this, watch the ticker at the bottom of the page over the next while and fasten your seatbelts.
In all, according to the Energy Department figures, net exports by the world's top 15 suppliers, which account for 45% of all production, fell by nearly a million barrels to 38.7 million barrels a day last year. The drop would have been steeper if not for heightened output in less-developed countries such as Angola and Libya, whose economies have yet to become big energy consumers.
Is it the end of the beginning?
Posted: 29 May 2008, 16:30
by MacG
emordnilap wrote:Is it the end of the beginning?
I don't know. Anybody's guess. My personal guess is that the end of the beginning was somewhere in the 1930's, and the beginning of the end was in the 1970's. Maybe we will be lucky enough to experience the end?
Posted: 29 May 2008, 16:41
by MacG
emordnilap wrote:If the WSJ is saying this, watch the ticker at the bottom of the page over the next while and fasten your seatbelts.
Oh, the ticker seems to be doing just fine. Even if the house prices seems to be declining, everybody should be a bit happier now that at least gasoline and food shows healthy increases in price.
Posted: 29 May 2008, 16:46
by emordnilap
MacG wrote:emordnilap wrote:If the WSJ is saying this, watch the ticker at the bottom of the page over the next while and fasten your seatbelts.
Oh, the ticker seems to be doing just fine. Even if the house prices seems to be declining, everybody should be a bit happier now that at least gasoline and food shows healthy increases.
Prices? Increases in decline rates? Don't quite follow you.
Posted: 29 May 2008, 16:50
by MacG
emordnilap wrote: Prices? Increases in decline rates? Don't quite follow you.
Smart*ss... *Muttering* edit...
Posted: 29 May 2008, 23:23
by madogflint
Thanks for the responses.
So we've limited information about the total amont of oil extracted so far & pure speculation on the amount that may be obtainable in future?
How does one trillion barrels used so far & two trillion barrels remaining sound?
Posted: 30 May 2008, 04:27
by kenneal - lagger
madogflint wrote:....How does one trillion barrels used so far & two trillion barrels remaining sound?
One trillion too many, by most on here or TOD.
Posted: 30 May 2008, 08:55
by skeptik
Gerontion wrote:^ Even so, how can you come up with a figure like 1%?
People invent shit for effect all the time, particularly politicians and journalists. Don't believe everything you read in the papers. "Alien olive ate my Granny" "B52 bomber found on Moon"