Posts tagged “oil reserves”
While there might be plenty of oil left below the surface of our planet, it won’t be enough to prevent an oil shock in the short-term future.
The U.S., that is, in total fossil fuel resources. At least those were the findings of the Congressional Research Service in a report they just released: U.S. Fossil Fuel Resources: Terminology, Reporting, and Summary The primary reason is our huge coal reserves. While we are 12th in oil reserves (Table 5 of the report), our coal reserves are by far the largest in the world. All together, the fossil fuel reserves (oil, natural gas, and coal) of the U.S. are reported at just under one trillion barrels of oil equivalent (BOE). The global total is reported at 5.6 trillion BOE. While I think you have to take data from some of the listed countries with a grain of salt –… Continue»
Too often people try to interpret comments or actions from Saudi Arabia, without attempting to understand the issues from their perspective. I think it is a useful exercise to ask whether their specific actions or comments make sense; 1). From the Saudi perspective, and 2). In the context of the market. For example, when Saudi said that they were having trouble finding buyers for their crude in the spring of 2006, I don’t simply look at the price and dismiss those comments as lies (as many did). I do a bit of digging. And when I uncovered that OECD crude inventories were high and rising at the time, that Iran said essentially the same thing at the same time, that… Continue»
You may have seen in the news that Brazil has made a new oil discovery. It is always hard to judge how much is hyperbole, but they are excited about it: Offshore oil discovery could make Brazil major petroleum exporter RIO DE JANEIRO, Brazil: A huge offshore oil discovery could raise Brazil’s petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world’s major exporters, officials said. The government-run oil company Petroleo Brasileiro SA, or Petrobras, said the new “ultra-deep” Tupi field could hold as much as 8 billion barrels of recoverable light crude, sending Petrobras shares soaring and prompting predictions that Brazil could join the world’s “top 10″ oil producers. “Brazil’s reserves will… Continue»
Raymond J. Learsy, author of Over a Barrel,is an idiot. How he managed to write a book will always be a mystery to me. Every time I read one of his screeds over at Huffington Post, I feel dumber afterward. Today’s is no exception: As Oil Approaches $100, is Saudi Arabia Waging Resource Aggression Against the American People and the World Economy?! Learsy is upset because Saudi won’t provide the U.S. oil at the price we like. He accuses them of therefore waging aggression against the U.S. I posted a comment following his essay, but they usually don’t post my comments. But what I said was to consider if the roles were reversed. Let’s say Saudi loves American timber. They… Continue»
While preparing my response to Jeffrey Brown on the exports debate, I read as much as I could on Saudi Arabia, their exports, and their reserves. It is pretty common knowledge that the entire world is at the mercy of Saudi’s reserves, so it is important that we know the size of their reserves. The “official” number (from BP’s Statistical Review of World Energy) is 262 billion barrels remaining. If this was in fact true, then Peak Oil is very distant (although Peak Lite would still be a threat). However, many are skeptical of this number. The case for a much lower reserve number was argued by Matthew R. Simmons in Twilight in the Desert: The Coming Saudi Oil Shock… Continue»