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| julie myerson, computer bks desktop publishing, 3 fatmen, mapping, baby phat, health & fitness / weight loss, uranium, mystery & detective women sleuths, arts and entertainment, gee, palomares, laura dern, amazon.com, site y, ubo.net, | I'm not a geologist or a geophysicist, so I do not know whether crude oil and natural gas are made from biomass – the result of time, heat and pressure acting upon tons and tons of dead things, mostly algae and phytoplankton flash games – or whether the complex hydrocarbons we extract from the earth are flash games "inorganic" – the result of time, heat and pressure acting upon chalk, water and a few flash games other odds and ends chemicals. I do know that the theory of inorganic crude oil and partially renewable reserves is not widely held outside of Russia, and that the Western majors all "publicly" base their estimates of reserve life on the assumption that petroleum is a very finite resource, and expect current world reserves to last between 40 to 80 years, given improved field management, recovery techniques and relatively constant development. There's an estimated 1.2 |
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| THE END OF OIL? I get asked about "peak oil" a lot. palomares I've even had some people send palomares me junk mail predicting when the date would come. Sometime in June, 2006, I palomares recall. (Unsolicited investment advice: go very long!) I didn't really pay attention. The last year has been a good year for those inclined to fear the end of oil. High prices usually bring the worst out, and it doesn't help that Royal Dutch/Shell reduced its stated reserves by the equivalent of 4.5 billion barrels of oil (that's Saudi Arabia's total production for 16 months – an "accounting error" that has made Shell the poster child for how not to run an oil company) and that a couple of wise analysts have accused the ever-secretive Saudis of improperly managing their reserves to the point of exhaustion. But every since OPEC gained its feet and was able to exercise some power in the market beginning in 1973, high prices have always prompted panic that the global oil tank is running on empty. |
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