Evidence For Peak Oil ?

setmefree2

World Oil Reserves Fell for First Time in 10 Years, BP Says

Global proved oil reserves fell last year, the first drop since 1998, led by declines in Russia, Norway and China, according to BP Plc. Oil reserves totaled 1.258 trillion barrels at the end of 2008, compared with a revised 1.261 trillion barrels a year earlier, BP said in its annual Statistical Review of World Energy posted on its Web Site today. The world has enough reserves for 42 years at current production rates, BP said.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a6.7NWiQ5wGw

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setmefree2 wrote: »

World Oil Reserves Fell for First Time in 10 Years, BP Says




http://www.bloomberg.com/apps/news?pid=20601087&sid=a6.7NWiQ5wGw

We are currently using 300 billion barrels per decade (10 cubic miles), which gives us the impression that we have 40 years worth left, this statement is true to a certain degree, however the oil that is left will be much more difficult to extract and more expensive, we also have EROEI value to think about too.

Just to get some perspective 1 cubic mile of oil, which we use every year looks like this. And yes that is the Eiffel Tower in the corner.

1echidna

Not entirely surprising in a time of recession and lower oil prices that companies are not spending money on proving new oil reserves.

benood

ad9898 wrote: »

We are currently using 300 billion barrels per decade (10 cubic miles), which gives us the impression that we have 40 years worth left, this statement is true to a certain degree, however the oil that is left will be much more difficult to extract and more expensive, we also have EROEI value to think about too.

Just to get some perspective 1 cubic mile of oil, which we use every year looks like this. And yes that is the Eiffel Tower in the corner.

Interesting - is that global usage or UK usage? 1 cubic mile seems to be naff all to me when you think of it on a planetary scale.

StevieJ

It's a start

From today, customers at a Shell stations will become the first in the world to fill their tanks with gasoline containing advanced biofuel made from wheat straw.


http://www.edubourse.com/finance/actualites.php?actu=54162

Really2

ad9898 wrote: »

Where did you get your shelf unit from.
I do like that Paris souvenir:)

Nylontokyo

I know for a fact that they have found oil off Wales not far out but much deeper than the N,sea.

Of course they want us to think there is going to be shortages.

The truth is there is no shortages, for many decades.


That doesnt mean we wont see $100 barrel though, I think it will be the green back going down rather than oil going up.

setmefree2

ad9898 wrote: »

We are currently using 300 billion barrels per decade (10 cubic miles), which gives us the impression that we have 40 years worth left

We might get through it faster than forecasters think:-

China Car Sales Jump ‘Beyond Imagination,’

The China Association of Automobile Manufacturers in January forecast a 5 percent increase in 2009 auto sales after demand declined in four of the last five months of 2008 amid the global recession. That would have been the slowest pace in 11 years. General Motors Corp, the largest overseas automaker in China, made a similar prediction.
Sales Surge
Instead, auto sales have surged after the government offered subsidies to drivers in rural areas and cut retail taxes as part of a wider 4 trillion yuan ($585 billion) economic stimulus plan. The demand jump has caused GM to double its 2009 industrywide growth forecast. Combined with a 37 percent slump in U.S. auto sales because of the recession, the surge has made China the world’s largest auto market so far this year.
“Customers have to book in advance because there’s not enough stock of the bestselling cars,” said Guo Yong, information manager at Beijing Asia Games Village Automobile Exchange, which houses dealerships accounting for about 10 percent of Chinese car sales. “Fourth-quarter sales weren’t that good last year and most carmakers curbed production as they were pessimistic about sales this year.”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayyzWK6yOnlY

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benood wrote: »

Interesting - is that global usage or UK usage? 1 cubic mile seems to be naff all to me when you think of it on a planetary scale.

That is global consumption.

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Really2 wrote: »

Where did you get your shelf unit from.
I do like that Paris souvenir:)

I got the eiffel tower from a motorway service station, the shelving unit, was a quality flat pack item from MFI.:D

Really2

ad9898 wrote: »

I got the eiffel tower from a motorway service station, the shelving unit, was a quality flat pack item from MFI.:D

I thought as much it is Blackpool tower, come on admit it:)