Peak Oil facts
May 31, 2005
Before this “Peak Oil” scare gets out of hand, let’s review some facts.
According to Department of Energy Reports, Global oil shale resources are estimated to be 2.6 trillion barrels, with 2.0 trillion barrels located in the United States. About 1.5 trillion barrels are located in Utah, Wyoming and Colorado, which is more than a 500-plus year supply.
While Hubbert’s Peak Oil analysis may apply to well explored countries, it does not apply to other oil producing regions. “It largely misses a fundamental fact about global oil markets: they are not run by multinational corporations, but far more by national oil companies, or NOCs. NOCs control 60 percent of production but control close to 90 percent of reserves,” writes Dr. Thomas Barnett. Mexico, Venezuela, Russia and some Middle East counties have not made the investment necessary to determine their reserves. So, how can Hubbert determine the global oil supply will peak, when so much of the world is yet unexplored and unproven?
NC Media Watch blog will be following this emerging local issue. Links to the reports referenced can be found at: http://ncwatch.blogspot.com
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