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Jim C.
Member since May 2012
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Epic Disappointment

- James Howard Kunstler -

Doomster Kunstler (rhymes!) is wrong. Here are a few interesting oil production facts.

1) There have been massive oil discoveries recently: British Petroleum recently discovered Tiber Field on Keathly Canyon Block 102 is estimated to contain 3-6 billion barrels of recoverable oil. Other recently recently discovered fields are expected to come on line at more than 100,000 bbl/day.

2) According to the American Petroleum Institute the current estimate of undiscovered technically recoverable Federal resources of crude oil currently stands at 116.3 billion bbls.

3) Canada expects to double its oil production by 2030.

4) Based on the gov’t's track record, the estimated 116 billion barrels of undiscovered oil under Federal lands is more likely to be 680 billion barrels. That’s close to 100 years worth of current US consumption – And that’s just the undiscovered oil under Federal mineral leases.

And we're not even talking coal or natural gas.

Commented 4175 days ago

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Beginning of the headline :Those inhabiting the economic wish-space got a case of the vapors last week when the Paris-based International Energy Agency (IEA) published an annual report stating that the USA would overtake Saudi Arabia as the world's leading oil producer and reach the long-touted nirvana of "energy independence... Read More

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