Posted on 12/29/2015 1:49:02 PM PST by Kaslin
If you read Stephen Moore's column, he noted how the consensus over oil is wrong. We're not running out of oil. In fact, many have been saying we're going to run out since the 1930s:
These stupid predictions of the end of oil have been going on for most of the last century. Just over 100 years ago, the U.S. Bureau of Mines estimated total future production at 6 billion barrels, yet we've produced more than 20times that amount. In 1939 the Department of the Interior predicted U.S. oil supplies would last 13 years. I could go on.
[…]
The folks at the Institute for Energy Research recently published a study showing three data points: first, the government's best estimate of how much oil we had in America 50 years ago. The second was how much U.S. oil has been drilled out of the ground since then. And the third is how many reserves there are now. Today we have twice as many reserves as we had in 1950. And we have already produced almost 10 times more oil than the government told us we had back then.
Moore added that technological advancements are increasing oil production. In fact, Kerry Jackson at Investors Business Daily wrote in November that these advances are going to almost triple the amount of fossil fuel resources if research and development continue. At the current rate, she wrote that 2.9 trillion barrels could expand to 4.8 trillion by 2050, which is "almost twice as much as the projected global demand." And we also know that energy from these resources is guaranteed to keep economies running, growing, and thriving, compared to the wholly inadequate alternatives such as wind and solar that won't be able to meet our energy needs.
Engineering and Technology Magazine reported this week that BP — the company that once wanted to be known as "Beyond Petroleum" rather than "British Petroleum" — is saying "the world is no longer at risk of running out of resources."
"Thanks to investment into supercomputers, robotics and the use of chemicals to extract the maximum from available reservoirs, the accessible oil and gas reserves will almost double by 2050," Engineering and Technology said.
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.
Soon when you fill your gastank they will pay you for hauling it away.
Peak oil!
It does when they have their way on regulations.
The reason there are far more trees in US forests today than, say, 150 years ago, is primarily because of fossil fuels.
150 years ago, Americans used mostly wood for heating cooking etc. and millions of acres of forests were cut down.
Oil has replaced wood for these purposes since the early part of the 20th century.
The libs should be on their knees thanking the oil men.
For decades, they’ve told us that we would be out of oil by 2010, coal by 2100. They said that the earth can’t feed 6 billion, then 7, now 8.
So, the human race just keeps finding more energy and more ways to grow food.
To counter this, they invented global climate change. Now, they can say, “yeah sure, we have all the food and energy we need...but you can’t use it.” That is what the fascists who seek to enslave us are teaching the children of the world to believe.
It may not necessarily be a bad thing to slow production here. Maybe someone is thinking that we should ‘save’ our oil so that we are the last country on the planet to have any. ( ? )
The progressives have to start walking their talk before they force their intolerant ways on the rest of us.
The bottom line is that they don’t. Al Gore isn’t the least bit concerned about global warming with his lifestyle. That is just for us serfs. And Al
-Gore is now $100 million plus rich. And the IPCC is getting government grants in the tens of millions. And governments that are on board see literally trillions of dollars in redistribution of wealth.
Follow the money.
Trees that are cut down in forests should always be replaced by planting for example five tree saplings for every tree cut down.
AND the Earth is making more oil as we speak.
What the greens/libs/reds really want is for the USA to reduce its per capita energy consumption to about half that of an Australian aborigine. Huddle together for warmth (except homosexuals and blacks and illegal aliens all of whom will be given that which is taken away from the rest of us) Ride bicycles and public transport, live in hives/apartments in the cities and worship 0bama all day.
I used a gas coupon from my grocery store the other day and paid 1.40 a gallon. Course I'm an oldtimer and saw gas during a gas war at 12.9.
We just need to spend the oil wisely on a capitalist economy that can provide alternatives when the opportunity or need arises. An ecofascist economy where energy winners are picked politically will encounter disaster. Spacex, by virtue of lowering the cost of access to space, has done more for America’s energy future than either Musk’s electric car or solar panel business, because we can mine helium-3 on the moon and use it in fusion reactors for the next 10000 years. Better than covering every hillside with stupid windmills.
Toward making extremists “walk the talk,” I’d like to institute renewable energy requirements on the media, entertainment and every electric car manufacturer. Those industries should have to utilize only electricity created by renewables - no fossil, no hydro and no nuclear. Newspapers, broadcast TV, Hollywood and Elon Musk might appreciate the necessities of retaining fossil fuels.
Meh. Abiotic oil.
The need for the nuclear powered car has arrived!
I think the future is nuclear. Clean thorium is the way to go.
No doubt about that. LFTR is a smart solution.
Abiotic oil.
BINGO!!!
That’s why there are YUGE reserves of oil in the deep regions of the oceans...where dinosaurs never roamed.
Has anyone seen “tar balls” wash up in beaches? Where did they originate?
Oldtimer here too. I remember those "gas wars". I don't remember it going to 12.9 but I do remember it at about 18.9. We could ride all night on .50 cents worth of gas. Oh, and BTW you could get oil for about .10 cents a quart and most of us needed it because those old cars burned oil like it was water.
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