At 06:16 PM 11/14/2002, you wrote:
Also, as the price goes up so does the demand for more drilling and exploration, hence more reserves.After much pondering, Mark Gregson favored us with:Oh, and as an interesting side note, proven oil reserves have increased over the past decade. In other words, the world continues to use oil at a phenomenal rate (75 million barrels per day = about 28 billion barrels per year) and yet the amount left over continues to _increase_ (from 1 trillion to 1.05 trillion in about ten years). At this rate, we will never run out of oil but will rather have more and more all the time. A barrel is equal to 159 litres (42 gallons). And the proven reserves do not even include the Alberta Oil Sands which have more oil than the rest of the world put together, one quarter of which is believed to be economically and technically retrievable.Not only that, it is meaningless to talk about proven oil reserves without linking it to the price of crude. As the price of crude goes up, oil reserves that are not commercially viable become viable. Raise the price of crude enough, and this earth has many times it current viable oil reserves, many times our needs for that matter, because as the price goes up, the demand goes down.
John W. Redelfs [EMAIL PROTECTED]
"Nations are defined by their founders. George Washington set a standard of
selfless public service and heroic private virtue against which American
politicians continue to be measured - and found wanting - even today." --Steven W. Mosher
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