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Petr Message Board

  • camino61 camino61 Oct 18, 2010 3:10 AM Flag

    World Known Oil Reserve VS Consumption

    World currently uses about 40 Million barrels of oil a day with a known reserve (pump-able oil) of around 700 Billion. This is not a pretty picture.

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    • Arwen, the world is using around 72 million barrels of oil per day and about 13 or so million "barrels" of natural gas equivalents.

      There is at least 700 billion barrels of proven reserves in Iraq and Venezuela alone. Toss in Canada and Saudi Arabia and you can safely double that number.

      And that is just for oil. With the new technology to tap shale natural gas, there is no point in even trying to guess the world's proven reserves. The U.S. went from having a few years left of natural gas left to having one hundred years. You can throw peak oil out the window now when it comes to natural gas.

      Five years ago, the concern was that Canada was using a ton of natural gas to develop oil. Now, there is a huge natural gas field in Canada that is not being developed because there is no place left to store said gas. I have read that all the natural gas storage facilities in the U.S. are full.

      Proven reserve numbers have always been a bogey man. I read back when I was a kid in 1979 that the world was going to run out of oil in six years. Here we are thirty years later producing more than ever. The same will likely be true in 2040.

    • interesting if the numbers are right, what is that 5 years of oil ???
      DOC, MUsk ...comments????

 
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