Less than 1% of oil reserves have been used?

madogflint · Post by **madogflint** » 29 May 2008, 10:41

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

SunnyJim · Post by **SunnyJim** » 29 May 2008, 10:48

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.

PS_RalphW · Post by **PS_RalphW** » 29 May 2008, 10:51

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

Mitch · Post by **Mitch** » 29 May 2008, 10:51

Hi Madog, welcome.

Have a look at today's Oil Drum - will answer your question instantly!

http://europe.theoildrum.com/node/4007#more

Totally_Baffled · Post by **Totally_Baffled** » 29 May 2008, 11:17

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!

WolfattheDoor · Post by **WolfattheDoor** » 29 May 2008, 12:26

They may be thinking (if they can do that) of tar sands and oil shales. If we have to explain that one more time...

Gerontion · Post by **Gerontion** » 29 May 2008, 12:35

^ 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.

emordnilap · Post by **emordnilap** » 29 May 2008, 16:23

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?

MacG · Post by **MacG** » 29 May 2008, 16:30

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?

MacG · Post by **MacG** » 29 May 2008, 16:41

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.

emordnilap · Post by **emordnilap** » 29 May 2008, 16:46

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.

MacG · Post by **MacG** » 29 May 2008, 16:50

emordnilap wrote: Prices? Increases in decline rates? Don't quite follow you.

Smart*ss... *Muttering* edit...

madogflint · Post by **madogflint** » 29 May 2008, 23:23

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?

Post by **kenneal - lagger** » 30 May 2008, 04:27

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.

skeptik · Post by **skeptik** » 30 May 2008, 08:55

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"