Ah oh. The drill baby drill folks aint gonna like this. This is big news….but think it will get extensively covered? Nope. The MSM only reports “giant” new oil finds. We won’t hear anything with facts that challenge our worldview that the party never has to end.
We do get these facts because we live in a relatively free country. The lowering of stated oil reserves based on science could also occur in Saudi Arabia, Russia, Iran, and Venezuela. But that won’t happen, so we’ll keep staring at the mirage of “limitless” oil for a little while longer. The coming oil shock may wake us up.
The U.S. Geological Survey says a revised estimate for the amount of conventional, undiscovered oil in the National Petroleum Reserve in Alaska is a fraction of a previous estimate.
The group estimates about 896 million barrels of such oil are in the reserve, about 90 percent less than a 2002 estimate of 10.6 billion barrels.
The new estimate is mainly due to the incorporation of new data from recent exploration drilling revealing gas occurrence rather than oil in much of the area, the geological survey said.