The Truth About Oil

by Vasko Kohlmayer, FrontPageMagazine: A recent survey on the environment found that seventy percent of people worldwide think that the planet is running out oil. Only less than one quarter believe that there is enough of it to keep it as a primary source of energy. Petro pessimism runs especially high in the United States where a full two thirds think that the point of depletion is within sight.

Here are some hard facts. According the Energy Information Administration as of January 2007 there was more than 1.3 trillion barrels of proved crude oil on earth. Even if this were all the oil on the planet there would be no immediate danger of shortages, because at the current rate of consumption – roughly 85 million barrels a day – this supply would last for more than 40 years.

But the 1.3 trillion in these so-called proved reserves refers only to a tiny fraction of earth’s oil, designating only that portion which can be extracted under current ‘economic and operating conditions.’ As it happens, this figure grows with each decade and usually dramatically so. . . . There are several reasons for this. . . . . [Read More]

---

Tags: United States,coal, crude oil, foreign oil, oil, shale, tar sands To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!