2004 Statistical Review of World Energy is out!

Overall the middle east has reduced it's R/P ratio. A 46 percent upward revision by Iranian oil producers has been completely offset by enormous production increases. Does Iran have tar sand deposits? Perhaps they have tapped new reserves in the Caspian Sea area. Anyone care to guess where the extra Iranian oil comes from?

This year Canada included tar sands in the oil reserve estimates, bumping Canada's R/P ratio from 9 years to 15.5 years, and North America's R/P ratio from 10.3 years to 12.2 years. The informed reader will note reports of waste brine from tar sand operations being injected into underground fresh water aquifers. Regardless, they are proceeding. So now that tar sands are being included, it is estimated that North America has until 2016 roughly to find alternatives to gasoline for the transportation sector, or be subjected to increased international supply problems.

It seems the world is holding steady with a tiny increase in oil supply longevity. Sure brightened my day. Don't ask me why, cause I don't know.