Sunday, April 25, 2010

Peak Oil and A Crude Awakening

Staggering Fact #1: 2008 Level = World burns 30 billions barrels of oil/year.
Staggering Fact #2: The estimated reserve = 1.1-1.3 trillion barrels.
Staggering Fact #3: Estimated 40 years of oil left with what we know can be recovered with current technology.
Staggering Fact #4: The National Petroleum Council estimates 1,125 billion barrels is left, of which 374 billion barrels would be recoverable.
Staggering Fact #5: Hubbert claims we have peaked in oil in 2002, but expectations and improvements in technology should allow us to contunie to rise and not peak until 2030 and maybe even 2060.
Staggering Fact #6: CO2 injection maintains and restores reservoirs pressure, and captures CO2 emissions from power plants.
Staggering Fact #7: Today, 90% of worlds oil is under direct control of producing countries.
Staggering Fact #8: As technology increases, attainable oil will also increase, and by 2030 estimated total of 16000 billion barrels will be used from the overall 4,500-5,000 billion barrels estimated to exist.
Staggering Fact #9: "Expected spare production capacity is what drives the cycles in oil prices.
Staggering Fact #10: There exists an optimal price for oil/barrel, which is the "most sustainable," (layered in irony) is roughly $60-$70/barrel.

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