It was reported last week that an oil company has found a large new oil deposit.
Call off peak oil. Yep. False Alarm.
What’s that? How many barrels of oil are estimated to be taken from this huge find? Why 700 MILLION barrels! (pinky to side of mouth)
What’s that you ask? How long would that last us? Who cares! It’s 700 MILLION barrels! (pinky to side of mouth)
But if you must know…..700 million barrels would supply the world’s current consumption for….8 days.
Feel better killjoy?
In reality, the exploiter of this “bonanza” has this to say about such a small find: “It’s remarkable to try to open up a new basin in 2011. There aren’t many opportunities left in the world.”
When an 8 day supply of oil is discovered and the people drilling say there aren’t many opportunities like this left, that’s not a good sign for low gas prices. Ever again. We simply cannot replace what’s coming OFF LINE as these supplies are added. Remember that: We’re losing more to depletion than we are finding. It’s not like all we are doing is piling these new finds on top of everything.