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The World Has 53.3 Years of Oil Left
fool.com ^
| June 22, 2014
| Matt DiLallo
Posted on 06/22/2014 10:52:21 AM PDT by ckilmer
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To: humblegunner
Used to be once a week before retirement. Now it’s about once a month, sometimes longer.
Ah, an oasis, though slowly turning mirage.
But I think - even fossil laden - there’s a hell of a lot more down there yet.
41
posted on
06/22/2014 12:17:30 PM PDT
by
onedoug
To: ckilmer
Jimmah Arter was dead certain we’d be totally out of oil in 2000. He was dead wrong.
To: driftdiver; ckilmer
43
posted on
06/22/2014 12:26:31 PM PDT
by
Uri’el-2012
(Psalm 119:174 I long for Your salvation, YHvH, Your teaching is my delight.)
To: ckilmer
The “fool.com” quite often publishes something, which indicates that their name is to be taken literally, not ironically.
To: ckilmer
Gonna run out of oil, eh?
When pig learn to fly, then bacon will be sky high.
And wing shooters will start using buckshot.
45
posted on
06/22/2014 12:28:36 PM PDT
by
GladesGuru
(Islam Delenda Est. Because of what Islam is - and for what Muslims do.)
To: ckilmer
Didn’t the original ‘peak oil’ lie have us running out of oil last year?
46
posted on
06/22/2014 12:28:57 PM PDT
by
GOPJ
(Hey IRS - those receipts you wanted? The dog ate 'em.)
To: ckilmer
Speculators pumping and dumping again.
Got to keep that price up there.
Do the same with a stock and go to jail.
47
posted on
06/22/2014 12:35:19 PM PDT
by
hadaclueonce
(Because Brawndo's got electrolytes. Because Ethanol has Big Corn Lobby)
To: Right Brother
Yeah, but rocks have oil in them sometimes.
48
posted on
06/22/2014 12:55:53 PM PDT
by
driftless2
(For long term happiness, learn how to play the accordion.)
"
According to BP, the U.S. has 44.2 billion barrels of oil reserves"
At 18 million barrels per day U.S. consumption (
less than what we use now), that would be 2,456 days' worth--a little less than 7 years.
"
As that slide points out, Pioneer Natural Resources (NYSE: PXD ) now estimates the Spraberry/Wolfcamp shale formations in the Permian Basin contain 75 billion barrels of recoverable oil and gas."
...about 11 years' worth,
but that's including the natural "gas" in "oil and gas." Also, remember that hundreds of millions more people in Asia and other countries will likely begin driving during the years to come. Oil is also extremely important for the various nations' military forces (huge consumption there in times of war). And you know that nations have been positioning to fight over remaining oil resources. There's been no real fight over oil, yet.
[Little perspective for you there.]
Oil and fuel prices will generally go way up in the long run. Meanwhile, the various constituent groups and their lobbyists are effectively outlawing wood used as fuel in the very near future (see new EPA rule, especially the second phase in 5 years), while their NGOs push on the airwaves for crushing used vehicles.
You've been lied to about the plan for shutting down coal as a fuel for power plants. The plan is to switch to natural gas for firing those plants. The Investors/bosses in natural gas are going to make a killing, and natural gas prices will also go sky high.
They've already begun pushing for production of bugs as food.
Eat Your Bugs!http://www.freerepublic.com/focus/f-news/3144062/posts
Eat Bugs, Not Meat, Say 'Global Warming Researchers'http://www.freerepublic.com/focus/f-news/2657954/posts
49
posted on
06/22/2014 1:00:28 PM PDT
by
familyop
(We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
To: Alberta's Child
You are quite wrong!
It is 53.75 years. I remember because it was 53.75 years ago that it was predicted we would run out of oil just before St. Swithin's Day.
Why can't one politico just come out and say,
..."look folks, the world is going to be running on nature's hydrocarbons like oil, natural gas, and coal for at least the next coupla centuries, so let's get with it, while we develop and phase in new energy sources, like safe nuclear, fusion, hydrogen, etc."
That, BTW, is George Bush's Fault. When we elected an "oil man," the very least I was expecting was a sane oil policy. Instead, he fluffs it off, and we get a homosexual Kenyan and a gang of Greenies throttling our economy. These queers and environmentalists think it is people who pollute Mother Gaia (except for illegal aliens and Third Worlders, of course), do not want us driving personal vehicles, or eating meat, and somehow have the power to make us suffer.
Oil? Saudi Arabia alone could supply world needs for the next 53.75 years. Easy. There is no "oil shortage." What there is is oil price-fixing. Saudi Arabia et al in OPEC are simply selling something that costs them $10/barrel to produce for $100+/barrel. Not to worry, our oilco boys are in on it with them.
50
posted on
06/22/2014 1:00:54 PM PDT
by
Kenny Bunk
(The GOP is dying. What do we do now?)
To: MaxMax
“Gulf oil were drilling wells all over OK and TX from the 80’s well into
the 90’s. Many people working those fields told me outright that the wells
were being found and capped for no apparent reason and they didn’t understand it.”
Horse Spit!
Gulf was one of my biggest customers back then.
To: ckilmer
Well, forty years ago when I was 30, we were told we would run out of oil in about 20 years. That drop-dead date for oil exhaustion was 20 years ago. So
now we have only 53.3 years of oil left.
Why should I believe the doomsday figures now, when 20 years ago we should all have been living in caves and getting our light from olive oil lanterns?
I figure if I live another 53.3 years we should have another 100 years of oil left.
52
posted on
06/22/2014 1:09:07 PM PDT
by
Gritty
(The war is over. We won. - Michael Yon, Top Iraq War Correspondent, 07/21/2008)
To: ckilmer
My calculations show 53.4 years. I’m not exactly old and not exactly young but I’ve been hearing these predictions about everything since I can remember all the way back to kindergarten. In my short 42 years on this planet there must have been dozens of calamities that would kill us all. Over populations, acid rain, aerosol hair spray, R12 ozone holes, no oil, global cooling, mini ice age, global warming......on and on... And the most sinister is the dumping of industrial grade dihydrogen monoxide in to our water supplies by evil corporations.
To: ckilmer
They were saying 25 years back in 1974 when I was I. HS
54
posted on
06/22/2014 1:18:44 PM PDT
by
Zathras
To: ckilmer
I may have 10 years left so I don’t care.
55
posted on
06/22/2014 1:49:46 PM PDT
by
VerySadAmerican
(Liberals were raised by women or wimps.)
To: ckilmer
I’ve been learning to sail. And the internal combustion engine was never going to be as fuel-efficient as farm animals like oxen.
To: I want the USA back
agree. the interesting parts of the article are not the headline but rather the caveats. Like estimates for the Permian basin for recoverable oil have gone up by 25 billion barrels in the last year.
57
posted on
06/22/2014 3:20:14 PM PDT
by
ckilmer
(q)
To: RegulatorCountry
We'll need something to power our houseboats. We'll use Fairy gas.
Obama is creating them by the thousands.
58
posted on
06/22/2014 3:53:17 PM PDT
by
Iron Munro
(The Obamas' Black skin has morphed into Teflon thanks to the Obama Media)
To: molson209
The Earths Core is creating the Oil a sending it to us for free
The Abiotic Theory of Oil. That theory has a lot of sensible evidence behind it. We are a carbon ball surrounded by various gasses held into an atmosphere. The ridiculous notion that ALL the world's petroleum was created by fossil degeneration processes is ludicrous. If that was the only case, oil would exists every where there has been flora and fauna.
The peak-oil theory was "created" and it is constantly proving false. Yes. Decomposing animal and plant life will, eventually, produce oil. But not in the quantities that it is found. It takes time, but oil is indeed produced within the earth. The existence of shale oil proves that and disproves fossil(only) fuel bunk.
To: thackney
60
posted on
06/22/2014 5:30:47 PM PDT
by
Gill
(Gill)
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