We have lots of oil left!
Geologist: Earth has lots and lots of oil
SPOKANE, Wash., Oct. 20 (UPI) -- A University of Washington economic geologist says there is lots of crude oil left for human use.
Eric Cheney said Friday in a news release that changing economics, technological advances and efforts such as recycling and substitution make the world's mineral resources virtually infinite.
For instance, oil deposits unreachable 40 years ago can be tapped using improved technology, and oil once too costly to extract from tar sands, organic matter or coal is now worth manufacturing. Though some resources might be costlier now, they still are needed.
"The most common question I get is, 'When are we going to run out of oil?' The correct response is, 'Never,'" said Cheney. "It might be a heck of a lot more expensive than it is now, but there will always be some oil available at a price, perhaps $10 to $100 a gallon."
Cheney also said that gasoline prices today, adjusted for inflation, are about what they were in the early part of the last century. Current prices seem inordinately high, he said, because crude oil was at an extremely low price, $10 a barrel, eight years ago and now fetches around $58 a barrel.
See no need to panic! Of course the oil companies and UK/US governments are bound to say different. Why?
To drive the price up (and for the UK, justify that lovely but expensive tax on petrol). Although Eric Cheney is wrong with the price rise. U.S. inflation is around 3-4%, so the current barrel price should be around...$13-16 not $58!
Though the article got me thinking, of course everybody with a brain cell knows the REAL reason we invaded Afghanistan (apart from the Opium) was to secure that all important gas/oil pipeline from the Black Sea. And Iraq isn't short of oil either, the U.S army grabbed the oil fields ASAP!
They always wanted Iraq's oil, they just needed a flimsy reason that we the people would eat up. WMD! Yeah a country that had been under UN sanctions since the 1st gulf war was really capable of building WMDs.
So with these countries oil supply sucessfully stolen, why oh why have utility prices gone skywards and why have petrol prices increased!
Oil may or may not last forever . However, there are plenty of new alternate ways of providing energy (so why has Tesla's technology been ignored - research that one!). But they usually get supressed by the oil companies , which is common sense really (wouldn't be good for business would it?). And these oil companies have the ears of many governments too.
And I don't believe in this peak oil myth.
Oil - Not worth fighting for. Not worth the death and destruction. Not worth making oil magnates wealthy. Not worth it at all. End of.
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