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Re: Massive Oil Deposit could Increase US reserves by 10x
Quote:
Originally Posted by White Rabbit
Peak oil in a nutshell: Plot on a graph the size/volume of all additional new oil fields production coming on line every year for any given oil-producing region. Result: a 'bell curve'. Peak oil is the top of the curve.
Thus, the 'peak' of maximum oil production for any given oil-producing region can be projected. Essentially, the peak is characterized by a 'production plateau' (such as the 89-90 million barrels per day of world oil production where we've been for the last six years or so).
The key piece of information from 'peak oil' theory is not that we are eventually going to run out of oil (that's obvious), but once you hit the peak, that's the end of CHEAP OIL. From that point on, every additional barrel of oil is going to cost more to produce than the one before it.
Based on all the data I read, I personally believe we are at a world peak in oil production right now.
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Not to split hairs or anything but we have produced no more than around 85 million barrels a day since May of 2005 while demand continues to rise - May 2005 is the date that some observers are calling the actual peak.
Its a pretty scary situation when you consider that the growth of word economies is expected to demand ~120-130 million barrels a day in just a few decades. And we are already struggling to break the 85 million mark. Not a good sign.
Andrew
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“...corporations and those who run them cannot stop exploiting resources and amassing wealth until they have... .I cannot finish this sentence, because the truth is that can never stop; like cancer, they can only continue to expand until they kill the host.”
-- Derrick Jensen
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