Tuesday, December 04, 2007
Oil - It's Out There
History seems to show that the higher the price, the more innovative we become in obtaining it.
It seems that we won't run out anytime soon, but we will see higher prices...
It seems that we won't run out anytime soon, but we will see higher prices...
At the Republican-American website, Gene Guilford discusses our oil fears:
"There are now 2.2 trillion barrels of conventional oil reserves known in the world; that's more than 200 years' supply.
In addition, there are three times the proven reserves in tar sands in the United States — 800 billion barrels — as exist in Saudi Arabia's proven reserves. That's 110 years of total U.S. demand at 20 million barrels a day. If we used it for half of our daily consumption, it's 220 years, according to a Rand Corp. report for U.S. Department of Energy."
