Over the past year, American drivers have found themselves longing for the days when two dollars per gallon seemed expensive. Oil prices are rising at an unprecedented rate, and as a result, many are questioning whether the Earth's available oil supply has reached its peak. Are there still oceans of oil awaiting our discovery? How much pain you'll be feeling at the pump in the future depends on the answer.
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Inevitable Consequences: The End of Abundance
- From Dr Marcel Schoppers
By Dr. Marcel Schoppers - NASA Scientist
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Warning: OPEC reserves have been exaggerated for years
In the mid 1980s, 6 of the major OPEC countries raised their claimed "proved" reserves by huge amounts - between 50 and 200%, literally, in each case, from one year to the next - in the course of competition for export quotas. The increases were not accompanied by announcements of major discoveries. The posted reserves for the Neutral Zone - shared by Saudi Arabia and Kuwait - were NOT raised, but continued to decrease with production. A January 2006 report in Petroleum Intelligence Weekly reported on a 2001 internal Kuwait Oil Company audit which put actually "proved" reserves at a quarter of the official number. Former Iranian National Oil Co. exec. Dr. Bakhtiari was one analyst who claimed that Iran's reserves are overstated by almost 100 billion barrels. As recently reported in the Wall Street Journal, a former top Saudi Aramco executive, Dr. Sadad al-Husseini, has now publicly endorsed the idea that world reserves are overstated by as much as one third - 300 billion barrels.
- Steve Athearn July 26, 2008 12:19AM
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