Current Events — HabitableZone

Current Events » in reply to Uh No

'Uh No!' Sounds like a teenager. Should I go: 'Well Duh!' back to you?
Davin L. — (archived)

"The slow down in exploration has had a lot to do with low oil prices until the recent past. Oil prices on an inflation adjusted basis have been dropping while holding steady at about $20/barrel for years. That leads to low margins. We have put off the end of oil through better recovery of existing sources, but that involves marginal investments compared to opening up new fields."

Yeah, I don't find that convincing: 'There is more out there because there is no profit to hgaving more'. There are only two major areas that have not been plotted, probed and examioned exhaustively- The pacific off the china coast (political struggles) and the north eastern siberian plains. The Chineese coast because of problems with politcs, Siberia because of the permafrost and remoteness. So in order to make more than a 'blip' in total reserves (like more than 10%), you would have to posit that a mid-east style MEGA oil-field is waiting there.

You might as well hope that santa is coming to town.

And suppose we get a 20% 'bump', that means we are talking about 24-36 years until 'last drop refined' instead of 20-30 years. so 4-6 years. One presidential term. Woohoo! Were saved!

That doesn't exactly address the problem. Its pocket change.

Davin L.

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