Myth: The World is Running Out of Oil (Peak Oil)

175-315 Billion barrels of oil are recoverable at $15 a barrel in the Oil Sands of Alberta, Canada. With a remaining potential of 1.7-2.5 Trillion barrels using advanced recovery techniques. Who knows what they'll discover tomorrow, but we know today, that in Canada's oil sands alone, the supplies will last over 100 years.

Despite Popular Belief, The World is Not Running Out of Oil, Scientist Says (University of Washington)
http://www.washington.edu/alumni/uwnewslinks/200611/oil.html

Its a myth that the worlds oil is running out (The Times, UK)
http://www.hudson.org/index.cfm?fuseaction=publication_details&id=5558

Oil, Oil Everywhere... (The Wall Street Journal)
http://www.manhattan-institute.org/html/_wsj-oil_oil.htm

Oil Innovations Pump New Life Into Old Wells (The New York Times)
http://www.nytimes.com/2007/03/05/business/05oil1.html

Oil: Never Cry Wolf—Why the Petroleum Age Is Far from over (Science)
http://www.sciencemag.org/cgi/content/summary/sci;304/5674/1114

Peak Oil and other threatening peaks—Chimeras without substance (Energy Policy)
http://dx.doi.org/10.1016/j.enpol.2010.07.049

'Peak Oil' Is a Waste of Energy (The New York Times)
http://www.nytimes.com/2009/08/25/opinion/25lynch.html?_r=1&pagewanted=all

Thermodynamics and Money (Peter Huber, Ph.D. Mechanical Engineering, MIT)
http://www.forbes.com/free_forbes/2005/1031/122.html

"The economic value of energy just doesn't depend very strongly on raw energy content as conventionally measured in British thermal units. Instead it's determined mainly by the distance between the BTUs and where you need them, and how densely the BTUs are packed into pounds of stuff you've got to move, and by the quality of the technology at hand to move, concentrate, refine and burn those BTUs, and by how your neighbors feel about carbon, uranium and windmills. In this entropic universe we occupy, the production of one unit of high-grade energy always requires more than one unit of low-grade energy at the outset. There are no exceptions. Put another way, Eroei--a sophomoric form of thermodynamic accounting--is always negative and always irrelevant. "Matter-energy" constraints count for nothing. The "monetary culture" still rules."

Additional U.S. Oil Reserves:
- 1.8 to 6 Trillion barrels of oil are estimated in the U.S. Oil-Shale Reserves (DOE)
- 986 Billion barrels of oil are estimated using Coal-to-liquids (CTL) conversion of U.S. Coal Reserves (DOE)
- 100 Billion barrels of heavy oil are estimated in the U.S. (DOE)
- 90 Billion barrels of oil are estimated in the Arctic (USGS)
- 89 Billion barrels of immobile oil are estimated recoverable using CO2 injection in the U.S. (DOE)
- 86 Billion barrels of oil are estimated in the U.S. Outer Continental Shelf (MMS)
- 60 to 80 Billion barrels of oil are estimated in U.S. Tar Sands (DOE)
- 32 Billion barrels of oil are estimated in ANWR, NPRA and the Central North Slope in Alaska (USGS)
- 4.3 Billion (167 Billion potential) barrels of oil are estimated in the U.S. Bakken shale formation in North Dakota and Montana (USGS)
- 3.65 Billion barrels of oil are estimated in the U.S. Devonian-Mississippian Bakken Formation (USGS)
- 1.6 Billion barrels of oil are estimated in the U.S. Eastern Great Basin Province (USGS)
- 1.3 Billion barrels of oil are estimated in the U.S. Permian Basin Province (USGS)
- 1.1 Billion barrels of oil are estimated in the U.S. Powder River Basin Province (USGS)
- 990 Million barrels of oil are estimated in the U.S. Portion of the Michigan Basin (USGS)
- 393 Million barrels of oil are estimated in the U.S. San Joaquin Basin Province of California (USGS)
- 214 Million barrels of oil are estimated in the U.S. Illinois Basin (USGS)
- 172 Million barrels of oil are estimated in the U.S. Yukon Flats of East-Central Alaska (USGS)
- 131 Million barrels of oil are estimated in the U.S. Southwestern Wyoming Province (USGS)
- 109 Million barrels of oil are estimated in the U.S. Montana Thrust Belt Province (USGS)
- 104 Million barrels of oil are estimated in the U.S. Denver Basin Province (USGS)
- 98.5 Million barrels of oil are estimated in the U.S. Bend Arch-Fort Worth Basin Province (USGS)
- 94 Million barrels of oil are estimated in the U.S. Hanna, Laramie, Shirley Basins Province (USGS)

Category:

News & Politics

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[22knowa]

Hemp is the best choice

[populartechnology]

@22knowa

Banned. All pot head drug addict losers will immediately be banned. For anyone that does not have brain damage due to pot or has been sold on the propaganda please go to populartechnology (dot) net/2008/12/anti-marijuana-res­ource.html

[populartechnology]

or Google: "The Anti Marijuana Resource"

[PizzaguylolXD]

Good video. You'll get a lot of doomsters that cite crap by Savinar and Simmons but I learned to disregard those pessimists a long time ago. If the entire world thought like them we'd still be in the dark ages.

[populartechnology]

@PizzaguylolXD

The late Mr. Simmons is the largest recent source of the peak oil hysteria. He is completely debunked in a paper title "Crop Circles in the Desert: The Strange Controversy Over Saudi Oil Production" by Michael C. Lynch. You can find it online.

[grahamhg]

Where's the explanation of EREOI? Tar sands will peak out in 2015 at 4-5 mbpd. 

[populartechnology]

@grahamhg, The link is in the description,

Google "Thermodynamics and Money"

"Eroei--a sophomoric form of thermodynamic accounting--is always negative and always irrelevant." - Peter Huber, Ph.D. Mechanical Engineering, MIT

[Vansit84]

Stop making sound arguements John. God!

[Go2thebeach69]

the fact that we are going to tar sands says it all

[JorJor812]

@Jamato84 No one likes canada.

[mactekos]

If you drill deep enough, you hit oil. With kind of blows the "oil came from dinosaurs" story out of the water. That is unless the gooey dinosaur remains seeped down there somehow.

[McScreamo]

@Jamato84 Who cares? We're a much more powerful country than Canada.

[HDaviator]

@Jamato84

Whats the point of being larger if most isn't habitable?

[mahballzrhari]

i am all for conservation, reducing dependency on oil ( notice i said reduce dependency as oil is vital in all spheres of human life), reducing pollution, more fuel efficient vehicles, more R&D towards renewables but i don't buy the doomsday scenarios.

[Esoparagon]

Price goes up, profits go up, capital and innovation flow in, new methods are produced, new capital creates new machinery, then you've got a new paradigm, supply goes up, price goes down.

[princepersia1]

@mjonausk I'm sorry but even though I'm an American our country is in huge debt, we may have a huge military and advanced weapons but we can't afford to use them. War isn't as simple as power, nobody wins in war, it's just a matter of how much you lose by and we're getting fucked by the Taliban in Afghanistan who have nowhere near the technology we have. I don't think we could win a war against a few COUNTRIES. People over estimate the US's ability. It's such a huge bluff.