Results 1 to 4 of 4

Thread: 1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble?

  1. #1
    Sanity Is For The Weak
    „Friend of Germanics”
    Funding Membership Inactive
    Hanna's Avatar
    Join Date
    Jan 2008
    Last Online
    @
    Status
    Available
    Ethnicity
    Norwedish
    Ancestry
    Norwedish
    Subrace
    Nordid
    Country
    Norway Norway
    Location
    Trondheim
    Gender
    Family
    Precis når du vil
    Occupation
    Student
    Politics
    Logic
    Religion
    Perfectionism
    Posts
    981
    Thanks Thanks Given 
    0
    Thanks Thanks Received 
    6
    Thanked in
    6 Posts

    1,238 Billion Barrels of Oil Reserves: Is This an Oil Price Bubble?

    That's 1.238 trillion barrels of known oil reserves, or 1,238,00,000,000 barrels. And reserves have actually been growing, by 107.8 billion barrels since 2001, and 168.5 billion barrels, or 14%, over the last decade. Global reserves have risen by 36% since 1987 (map/chart above shows how the 1.23 trillion barrels of oil reserves are distributed globally).

    These stats are from the "Statistical Review of World Energy 2008," released yesterday by BP (BP), and reported by The Economist:



    "We're not running out of hydrocarbons,” insists Tony Hayward, the boss of BP, one of the world’s biggest oil firms. To back up this view, he cites various comforting figures from the latest edition of the firm’s “Statistical Review of World Energy," released today.

    Enough oil has already been discovered around the world, Hayward says, to maintain consumption at current levels for another 42 years. As he put it, humanity has guzzled through 1 trillion barrels, but has its next trillion already lined up, and could probably unearth a third trillion if it really applied itself.



    Why then, are oil prices hovering over $130 a barrel?

    Mr. Hayward blames poor policy-making or, in his florid phrase, “the madness of men." Some 80% of the world’s oil reserves, he says, are in the hands of state-owned oil firms, which tend to allow firms like his only limited access. He believes that if these riches were fully exploited, the world could easily produce 100m barrels a day or more, a big increase on last year’s figure of 82m barrels per day.

    MP: What about all of the attention on rising demand for energy in China and India, and how that contributes to rising oil prices? Well, according to the report's statistical tables, India's share of global oil consumption in 2007 was only 3.3%, not much more than Canada's 2.6% share or Mexico's 2.3% share, and India's oil consumption has grown less than 3% annually during this decade. And India and China's 12.6% combined share of world consumption is still only about half of America's 24%.

    In fact, total global oil demand increased by only 1.1% in both 2006 and 2007, roughly the same rate as the increase in world population, and about half the 2.03% average annual growth in oil demand during the 2002-2005 period.

    What's going on? Increasing world oil reserves, and relatively weak growth in world oil demand, and oil prices have now doubled in the last year? Is this an oil bubble?
    http://seekingalpha.com/article/8106...l-price-bubble
    Blame the domocrat, democrat, and the democrat for not not allowing the local oil companiess to drill oil compare to China.
    Jeg er over gjennomsnittet bitter, og liker stort sett ingen andre enn meg selv


  2. #2
    Senior Member

    Join Date
    Mar 2005
    Last Online
    Friday, April 24th, 2009 @ 03:22 PM
    Ethnicity
    american
    Subrace
    nordish
    Location
    near njörd eriksson
    Gender
    Occupation
    full-time parent/exemplar
    Politics
    reality > reason > rights
    Religion
    no beliefs - knowledge
    Posts
    862
    Thanks Thanks Given 
    0
    Thanks Thanks Received 
    2
    Thanked in
    2 Posts

  3. #3
    Senior Member
    Jute's Avatar
    Join Date
    Jun 2008
    Last Online
    Saturday, November 22nd, 2008 @ 10:23 PM
    Ethnicity
    Danish
    Gender
    Family
    Single adult
    Politics
    Patriot, Germanicist
    Posts
    286
    Thanks Thanks Given 
    0
    Thanks Thanks Received 
    3
    Thanked in
    3 Posts
    "We're not running out of hydrocarbons,” insists Tony Hayward, the boss of BP
    The world uses almost 90 million barrels/day today.

    1,238,000,000,000 barrels lasts 37-38 years at that rate.

    If China,India,etc keep using more oil, that could be many years less of course.

  4. #4
    Active Funding Member
    „Friend of Germanics”
    Skadi Funding Member
    Æmeric's Avatar
    Join Date
    Nov 2005
    Last Online
    @
    Ethnicity
    Anglo-American
    Ancestry
    Britain, Ulster, Germany, America
    Subrace
    Dalofaelid+Baltid/Borreby
    Y-DNA
    R-Z19
    mtDNA
    U5a2c
    Country
    United States United States
    State
    Indiana Indiana
    Gender
    Age
    59
    Family
    Married
    Politics
    Anti-Obama
    Religion
    Conservative Protestantism
    Posts
    6,350
    Thanks Thanks Given 
    641
    Thanks Thanks Received 
    862
    Thanked in
    455 Posts
    Quote Originally Posted by lei.talk View Post
    Yes, it's true.
    Quote Originally Posted by Æmeric View Post
    The US imports very little oil from the Persian Gulf. The US is still a major producer - number 3 (8 million bpd) behind Saudi Arabia (10.7 million bpd) & Russia (9.7 million bpd). But we import an additional 12 million bpd. Most of that comes from Canada, Mexico & Venezuela. But if oil from the Persian Gulf is cut off that will just increase demand for oil from scources unaffected by conflict with Iran.

Similar Threads

  1. Replies: 19
    Last Post: Friday, June 17th, 2011, 04:42 AM
  2. Replies: 0
    Last Post: Monday, November 8th, 2010, 10:22 AM
  3. Oil price at record $100 a barrel
    By The Lawspeaker in forum Economics, Business, & Finance
    Replies: 2
    Last Post: Thursday, January 3rd, 2008, 08:46 PM
  4. Canada's 'heavy oil' reserves to be tapped
    By Liberator Germaniae in forum Natural Sciences & Environment
    Replies: 0
    Last Post: Monday, March 19th, 2007, 10:52 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •