Earth Is An Oil-Producing Machine — We're Not Running Out

Investors Business Daily ^ | 11/04/2015 | KERRY JACKSON

[expat_panama]

Ever since M. King Hubbert in the 1950s convinced a lot of people with his "peak oil" theory that production would collapse and we'd eventually exhaust our crude supplies, the clock has been running. And running. And it will continue to run for some time, as technology and new discoveries show that there's still an ocean of oil under our feet.

[snip]

A BP official told the magazine that "energy resources are plentiful. Concerns over running out of oil and gas have disappeared."

Things are so good, in fact, that Engineering and Technology says "with the use of the innovative technologies, available fossil fuel resources could increase from the current 2.9 trillion barrels of oil equivalent to 4.8 trillion by 2050, which is almost twice as much as the projected global demand." That number could even reach 7.5 trillion barrels if technology and exploration techniques advance even faster.

This information backs up the idea that Earth is actually an oil-producing machine. We call energy sources such as crude oil and natural gas fossil fuels based on the assumption that they are the products of decaying organisms, maybe even dinosaurs themselves. But the label is a misnomer. Research from the last decade found that hydrocarbons are synthesized abiotically.

In other words, as Science magazine has reported...

[snip]

But for now, enjoy our cheap, abundant and efficient "fossil" fuels.

[bestintxas]

Ok, maybe you are assuming this 90 million barrel process has been ongoing for a long time and not just right now? If so, I can see what you are saying.

What I am saying is there is no way at this point in time it is not impossible for the earth to be generating that amount every day.

Remember, the generation mechanism is dependent upon the amount of kerogen, its temperature and pressure over time. That is never a static in any of these pieces of data so generation will vary.

[crusty old prospector]

The shale plays are not that big. The Eagle Ford will be mostly drilled up in five years. Bakken,maybe ten years. The Permian will be around for longer.