World has enough oil reserves, says BP boss

World has enough oil reserves, says BP boss

www.rawstory.com

The world is not running out of oil and can continue to produce hydrocarbons for the next 40 years provided restrictions are lifted on where companies can operate, the head of BP said today.

The Arctic and currently closed areas off the coast of America should be considered for exploration if rising global energy demand is to be met in future, said chief executive Tony Hayward.

He insisted that all other forms of energy, whether clean-tech or otherwise, also need to be developed simultaneously while rising carbon emissions could still be curbed.

"Declining oil production in the OECD highlights the fact that, while resources are not a constraint globally, the resources within reach of private investment by companies like BP are limited," said Hayward.

"Political factors, barriers to entry, and high taxes all play a role here. In other words when it comes to producing more oil, the problems are above ground, not below it. They are not geological, but political," he added.

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Are we now seeing the real reason behind the price hikes in oil?

The head of BP says that it is political factors and barriers to entry that is stopping oil production - in other words, they want to continue their pollution and rape of the planet to keep making profits, and are blackmailing people into giving in by artificially keeping the price of oil high.

This smacks of "if you shut the environmentalists up, the price of oil will come down"

www.rawstory.com
(visit the link for the full news article)

Hayward batted aside Opec arguments that the extremely high price of oil could be attributed to financial speculators playing the commodity markets and the slump in the dollar's relative value to other currencies.

"The defining feature of global energy markets remains high and volatile prices, reflecting a tight balance of supply and demand," he said.

"I am certainly not a subscriber to peak oil [theories]."

source

This excert from the gurdian which ran the original piece.

Note that hayward does not believe the peak oil *theory*

Everyone has been saying this, but no one wants to listen...but the fact is we keep having draw down in our crude supply and no one really has an explanation as to why. I think peak oil is real...not in the sense that oil is running out, I don't think we'll ever run out in the next 500 years. I'm talking about the peak in oil production, and refining capacity. Refiners are running at 90%+ capacity, Oil production has begun to drop due to less discoveries and more blockades from government. Refiners are losing tons of money right now with the crack spread being basically negative. The oil companies aren't lying, they are beginning to struggle with PR and realize their demise is near. Don't be surprised if Exxon announces something soon about more investment in alternative fuels...especially since it just announced it is getting out of the retail gasoline business...