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/uwne...

Its a myth that the worlds oil is running out (The Times, UK)
http://www.hudson.org/index.cfm?fusea...

Oil, Oil Everywhere... (The Wall Street Journal)
http://www.manhattan-institute.org/ht...

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

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

Peak Oil and other threatening peaks—Chimeras without substance (Energy Policy)
http://dx.doi.org/10.1016/j.enpol.201...

'Peak Oil' Is a Waste of Energy (The New York Times)
http://www.nytimes.com/2009/08/25/opi...

Thermodynamics and Money (Peter Huber, Ph.D. Mechanical Engineering, MIT)
http://www.forbes.com/free_forbes/200...

"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

[blazevoice]

If we are not running out of oil then why is oil over 4 dollars were I live up nearly 50% in a couple of years.

[Popular Technology.net]

A combination of inflation, environmental regulations and government restrictions on development of resources such as the moratorium on the Gulf after the BP accident. Prices also generally go up during the summer months due to increased travel.

[super16g123]

yup, artificial scarcity. they have done the same thing with diamonds as well.

[Kikastrosh]

They just found out the Falklands has 60 billion barrels,

Israel has 250 Billion barrels,

Australia another 350 Billion barrels...

They invented the peak oil theory to jack the prices up.

[Popular Technology.net]

I have read extensively on this issue, I recommend reading,

The Bottomless Well: The Twilight of Fuel, the Virtue of Waste, and Why We Will Never Run Out of Energy (Peter Huber, Mark P. Mills)

Power Hungry: The Myths of "Green" Energy and the Real Fuels of the Future (Robert Bryce)

The False Promise of Green Energy (Roger E. Meiners, Andrew Morriss, William T. Bogart, Andrew Dorchak)

[amemy2]

BTW try looking at least some books about the oil instead of guessing and creating the usual conspiracy theory to hide your ignorance. Know what a book is?

[pipem4n]

Beacuse supply demand law works only if it fits your view :D What do you mean, no? You deny that restrictions on supply make the price higher? Supply of funny paper that we use as money today is skyrocketing via fraudulent actions of governments - no connection to price of oil? Chinese people also produce lots of stuff cheaply and efficiently - that puts a down pressure on prices in general. See they buy up oil, but also send lots of goods out.

[shirleymae30]

There is no such thing as an energy shortage !!!. Engines can run on alcohol, alcohol is made from vegetation. Thus, the world has an endless energy supply !!!, and every report about energy shortages is an outright Lie !!!. Also.... Tidal power generation alone could supply the entire worlds energy needs more than ten thousand times over what would ever be needed, but that is an alternative energy source that never gets any funding, Because it would actually work !!!.

[SRT480]

never heard this take on it, interesting counterpoint.

[dan uyuhjkju]

no its because demand is increasing from China and India

[jim watson]

its over 10 dollars a gallon here in england

[Kikastrosh]

You are paying that much, because the Rockefellars are counting on petrodollars to pay for the War.

Peak oil wasn`t true in 1929, wasn`t true in 1949, wasn`t true in 1969, wasn`t true in 1989,

and it isn`t true in 2009.

America runs on Bullshit, not oil...