World has more oil than far left environmentalists admit

Bill Smith, ARRA Editor: Far-left environmentalists claim that the World Oil reserves are running out. However, reported new discoveries, advanced technology and untapped oil reserves (save the caribou program) prove they are again expressing fiction. In a left leaning biased New York Times article the truth "gushes out. the article, Oil Innovations Pump New Life Into Old Wells , revealed that "engineers here started injecting high-pressured steam to pump out more oil. The field, whose production had slumped to 10,000 barrels a day in the 1960s, now has a daily output of 85,000 barrels. In Indonesia, Chevron has applied the same technology to the giant Duri oil field, discovered in 1941, boosting production there to more than 200,000 barrels a day, up from 65,000 barrels in the mid-1980s. ... Within the last decade, technology advances have made it possible to unlock more oil from old fields, and, at the same time, higher oil prices have made it economical for companies to go after reserves that are harder to reach. With plenty of oil still left in familiar locations, forecasts that the world’s reserves are drying out have given way to predictions that more oil can be found than ever before." And this technology can be applied to American oil fileds when the extraction of oil slows down in the Arab oil fields (figure at right).

A BusineesWeek article in 2005 (Is There Plenty Of Oil?) reported:

"The four giant oil fields ... located under thousands of feet of water off the coast of Louisiana, are just beginning to pump their first barrels. At their peak rates later in the decade, they'll produce some 500,000 bbl. per day, an amount akin to floating a small Middle Eastern country such as Syria or Yemen into the Gulf of Mexico. "Add them together, and it's a massive step change," says David Eyton, BP's vice-president for deepwater in the Gulf. "The investment we're making will more than offset declines we're seeing in Alaska and the Continental Shelf."

And we have not even detailed the oil fields where the left-wing don't want us to drill. Well excuse us and get out of the way!


New Life for Old Oil Fields

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