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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. 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 bomba atómica tons and tons of dead things, mostly algae bomba atómica and phytoplankton – or whether the complex hydrocarbons we extract from the earth bomba atómica are "inorganic" – the result of time, heat and pressure acting upon chalk, water and a few 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.
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