It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
President Obama has said the U.S. possesses just 3 percent of the world's oil reserves, or about 22.3 billion barrels, writes Investor's Business Daily's John Merline. However, this figure represents just proven reserves. But one analyst believes he could be off by almost a trillion. According to the Institute for Energy Research's calculations, the U.S. actually sits on 1.442 trillion barrels of recoverable deposits.
The US Is Sitting On A 200-Year Supply Of Oil
In any case, there cannot be continuous bell curve with something like oil. Eventually nations are going to be cut off by a number of means, and then you have all the consequences that goes with it.
I am criticizing the fact that no one really knows, and the people who hold the best information to actually process the data are known for being shifty.
Of course this applies to everything else- water, food, metals, land, etc.
Most other resources are either replenished (food, water) or can be recycled (water, metals, land).
originally posted by: ChaoticOrder
I initially wrote this up with the intention of posting it in this excellent thread, but it deserves a thread of it's own in my opinion. Many people wont like this subject, because it collides with their love affair with the infinite growth paradigm. These people seem to completely dismiss the simple logic and mathematics which can be used to show how infinite growth completely clashes with the concept of finite resources. If you haven't seen the following video, then I highly suggest you take the time to watch it and soak up the information presented:
If you don't have the time to watch the video then let me sum it up in a few sentences. The good professor explains the concept of exponential growth using nothing but simple arithmetic. This simple math shows us how and why it's impossible for growth to happen infinitely, especially when that growth is exponential. Most importantly, he explains these concepts in terms of population growth and the consumption of finite resources such as oil. What his calculations ultimately show, is that peak oil was expected to occur anywhere between 2004 and 2030, as the following graph shows:
This estimation and most others rely on knowing how much oil we have left, but it's important to note this graph was created around the year 2000. Back then, if we had 2 trillion barrels left, then we were expected to hit the peak around 2004. However, if we had 4 trillion barrels left, the peak was expected to occur around 2030. My research indicates the peak is more likely to occur around 2040. Since I was bored and had nothing better to do, I thought it would be interesting to do some similar calculations using modern data. Please note, that instead of using oil production data I'll be using oil consumption data.
There are 3 main pieces of data which are crucial to these estimations:
1) Estimated world oil reserves
2) Rate of oil consumption
3) Increase in consumption rate
Ok, lets start with the second point and see what we can dig up. The IndexMundi website provides a list of world wide oil consumption data[1] from the year 1980 up to 2010. According to this data, in 2010 we were consuming a whopping 86,952,470 barrels per day. Lets also take a glance at the NationMaster website, which has a list of oil consumption quantities for each specific nation[2], with 99% of the data being from 2009. This data tells us that around 2009 the world was consuming a total of 82,769,370.4 barrels per day - which jives with the IndexMundi data, which lists 84,574,450 for 2009.
(scroll the image to the right)
The CIA also has a list of countries and their corresponding oil consumption data[3] for the year 2010. While they don't provide a total, I have taken the time to add up the numbers and it comes out as 99,163,752 barrels per day. That is considerably higher than the number supplied by IndexMundi for 2010, which was 86,952,470. I used an algorithm to calculate the total so I have no idea why there is a discrepancy of 12 million. But to be fair, I will use the more conservative numbers where ever possible, the end result and conclusion of my estimation will most likely be severely optimistic.
Now, as for the increase/growth rate of oil consumption world wide, all one needs to do is once again look at the consumption table provided by IndexMundi. Conveniently enough, not only to they provide the consumption quantities, but they also include the percentage of change between each year. All I need to do is add up the change between each year and then get the average. The results indicate that between 1980 and 2010, we consumed approx 1.269% more oil every year. This can be considered the general amount of expected growth for each year and will allow me to estimate how fast that sweet crude will be consumed.
President Obama has said the U.S. possesses just 3 percent of the world's oil reserves, or about 22.3 billion barrels, writes Investor's Business Daily's John Merline. However, this figure represents just proven reserves. But one analyst believes he could be off by almost a trillion. According to the Institute for Energy Research's calculations, the U.S. actually sits on 1.442 trillion barrels of recoverable deposits.
The US Is Sitting On A 200-Year Supply Of Oil
Now we are getting into the most interesting part of this research: trying to figure out how much oil the world has left. And of course, we are looking at this issue with a world wide perspective, but in doing so, we will show how this above article is absolutely ludicrous in its claims. There are several places where one can get data concerning the amount of oil reserves left in the world. I have chosen 4 different reputable sources for that data, and those sources are Wikipedia[4], the CIA fact book[5], NationMaster[6], and BP[7]. The data derived from these sources is as follows: