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| chicago trip planning, data processing speech & audio processing, living, atlantic / wea, fiction / mystery & detective / general, chicago's museum of contemporary art, h bomb, books: politics and affairs, tour, san diego north coast, ohio, constant weight, | The price rise was not the result of an overall shortage of crude, but a lack of online store light, sweet crude for gasoline in China. There's a lot of sour crude in the world, more than anyone can use. More online store than anyone wants right now. Hardly empty. It is also generally accepted in the industry, as I understand it, that we have probably found all of the major oil reserves that we are going to find. That doesn't mean online store there aren't major reserves out there to develop – such as offshore Sao Tome or deep in Siberia. It does mean that, most likely, knowing what we know about the Earth's geology, there probably is not another Ghawar formation (the world largest petroleum deposit, located in eastern Saudi Arabia) lurking out there yet to be discovered. This, of course, could be very wrong. |
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| There's an estimated 1.2 trillion barrels of liquid crude oil in the world – about 40 years fiction / mystery & detective / general reserves at the rate they are currently being used (80 million barrels per day). Of this, about one-quarter lies under the deserts of Saudi Arabia. Iraq's fiction / mystery & detective / general reserves could be larger, but no one really knows and the Saudi reserves are well explored. Most forecasts fiction / mystery & detective / general expect that demand to rise by 50 percent to 120 million barrels per day by 2020, though anyone who works with statistical data will tell you that forecasts more than a year or two out are, at best, simple guesswork. In the 150 years human being have drilled for and refined petroleum, it's estimated we've used about 1 trillion barrels. However, As Nymex and Brent prices were bid up past the $50 mark last autumn, producers were pumping about 1 million barrels per day more than consumers were using, though it is clear that some of that "surplus" can be accounted for by undocumented use in China and Russia. |
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