That’s about 10 times what we’ve used so far.
QZ.com reports:
New oil drilling technologies could increase the world’s petroleum supplies six-fold in the coming years to 10.2 trillion barrels, says a report released today by market research firm Lux Research.
Never happen. Stupid is a renewable resource.
That’ll take longer than Peak Oil….
I’m eagerly awaiting Peak Stupid from these kooks
I wouldn’t do green, but the House of Saud, should be encouraging other types of business to grow, and encourage their youth to get jobs. There is a big problem with a handful of people working and the rest just sitting around, on “welfare” basically bored stiff and looking for anyone who will give them something to do. This tends to be radical clerics who rile them up with hatred to the rest of the world.
There will still eventually be a peak oil, it is just much further in the future than the scare mongers would have led us to believe. 100 – 200 years now.
But it is important to note that the new oil is costlier than the oil of old. Even accounting for inflation we pay about 2.5 times what we paid in the 1980’s for oil and gas.
Peak Oil is a farce that flies in the face of the more-proven Supply and Demand principle: the supply is limited only by how much people are willing to pay for it. IE; there’s lots more oil at $500/bbl than at $50.
If I were in the House of Saud, I’d be dumping money to the green movement big time.
The section on chemical EOR was surprising. I was a technical wizard for a company that made those ~1980. There was a huge boom in the second half of 1980 and I spent 3 months working 7×16 patting reactors in New Orleans making the stuff. We had 35 rail cars made to haul it and had a guy blessing them as they came off the line. Shortly after we had everything roaring along, the price of oil dropped and we went out of that business. Didn’t know many folks were doing that any more.
Yup. The concept of Peak Oil was weapons grade stuff for environmentalists a few years ago. Now, the alleged danger of Peak Oil is circling the bowl. Buzz phrases quickly fall out of fashion.
It appears Peak Oil has been postponed indefinitely…
As Instapundit would say: More. Faster.