Subject: FW: txt engry -
Forecasts that global oil production will soon start to decline and that most oil will be gone within a few decades are pessimistic hogwash, says Leonardo Maugeri, group senior vice president for corporate strategies and planning at the Italian energy company ENI. For example:
- When Kern River Oil Field of California was discovered in 1899, analysts thought that only 10 percent of the crude was recoverable.
- In 1942 after more than four decades of modest production, the field was estimated to still hold 54 million barrels of recoverable oil, a fraction of the 278 million barrels already recovered.
- In the next 44 years, the field produced 736 million barrels, and it had another 970 million barrels remaining.
The Ken River in California is not an isolated case, as most of the world's oil fields have revived over time. This is in defiance to the common theory that suggests that a field's production should follow a bell-shaped trajectory (known as the Hubbert curve) and peak when half of the known oil has been extracted.
Advanced technologies are just half the story though. The real cornucopia is that new and larger oil deposits continue to be found around the world, and in fact continue to outstrip growing demand...
READ MORE
[Again and again: the history of oil has been one of always finding more, faster, than even our growing demand needs. 'Peak Oil' is a myth not supported by the facts.]
FLASHBACK >
'PEAK' OIL SHORTAGE IS POLITICAL FICTION, NOT REALITY
· Bailey, who did a thorough survey of the "peak oil" debate, found that most of the world's leading analysts and agencies simply do not think we are running out of oil.
[Yet] The disinformation cycle keeps repeating itself: [snip]
Estimates put the amount of shale oil in the Intermountain West at 1.2 to 1.8 trillion barrels. If we chose to recover just the 'easiest' 800 billion barrels of that, it alone would represent an American reserve three times Saudi Arabia's oil stockpile...
READ MORE
.
No comments:
Post a Comment