One glance at a book and you hear the voice of another person, perhaps someone dead for 1,000 years. To read is to voyage through time.
Peak oil: “Huge oil find” in the gulf is insignificant
Today’s big news appears to be that a Huge Oil Find in the Gulf of Mexico that could increase the U.S. oil reserves 50%.
With headlines like that, you’d think that this would be one hell of a discovery! Well, it isn’t. Here’s the numbers:
- The wildest speculation I could find says that this “huge oil find” may hold about 15 billion barrels of oil and natural gas (assuming that all that was found was a tiny corner of it).
- The U.S. currently consumes about 8 billion barrels of oil a year.
- This mega-well could, in wild speculative dreams, hold about a two-year supply.
- This is the largest oil find in the past decade.
- This find could increase the world’s proven oil reserves by 0.01% (to 1294.5 billion barrels).
- World-wide oil consumption for 2005 was about 30.8 billion barrels.
- World oil consumption increases by about 1.4% per year
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