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Originally Posted by Sly
This is an interesting article: http://www.spe.org/spe/jsp/basic/0,,...109511,00.html
Check out this quote:
Of course this source is bias, however I find it very interesting how they mention that the theory of running out of oil is over 30 years old and estimated production levels are still the same and even growing. Fascinating. |
The running out of oil theory is actually over 100 years old. The world was supposed to run out of oil by the 1920's.
The world is approaching peak oil production levels using today's technology and proven reserve levels. We are currently consuming 1 billion barrels of oil every 12 days and we certainly aren't discovering 1 billion new barrels every 12 days.
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Originally Posted by JJ Gold
The "oil sands" in Canada are a joke.
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The oil sands are no joke but keep telling yourself that. It cost $6-$12 a barrel to extract with current technology. The refined product is of a lower quality so it is usually sold at a discount of $12. Any oil price over $25 makes extracting the oil from the sands profitable. I think oil will be over $25 for the foreseeable future don't you? Also remember that the viable reserves they talk about are only the oil that can be extracted with the current technology and that only represents about 10% of the total oil in the sands.