To quote the AP article: ""It will ease concerns about peak oil because it shows there is life left in these mature areas," he said, adding that it could be the second half of the next decade before the find is producing."
That is ridiculous! 3B barrels of oil, at the current world consumption rate of 85 million barrels a day, means "BP just found 36 more days of oil!" Whoop-dee freakin dew! It goes right along with the moronic paradigm of "drill baby drill". So in the "second half of the next decade" there will be a trickle of oil that amounts to 36 days of world consumption. I've gotta go out and buy a used Hummer! No - actually, my buddy Ron alerted me to one of these sweet feats of German engineering .
Very ignorant and short-sighted. And it's not just about it only being 36 days worth of oil.
ReplyDeleteHow much energy does it take to pump oil up 35k'?
The Earth will always have oil - 10 years from now, 100 years from now, 1000 years from now, 1,000,000 years from now. There will always be oil somewhere on the planet. Peak oil is not about whether or when the Earth runs out of oil. It's about the economics and capacity of extraction relative to demand. One day soon the demand for oil in the world will be much more than the capacity to drill, pump, and process it all. The prices will skyrocket and the cost of all fossil forms of energy will skyrocket. Once the price of energy gets high enough then it costs more to extract and process the oil than you get out of it. And even if the price doesn't kill oil, then the amount of energy to extract and process it will eventually end up being as much energy as you get from the oil itself, and then... it will all be left in the ground.
Some of it will always be down there somewhere.
Until then, I wanna drive a 320d sometime, and your WRX (seriously), as well as several mid engine vintage Italian horsepower behemoths. Lightem-up boys, if you've got em!
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