July 13, 2005

Peak oil

Right now the world has excess oil production capacity. A lot of people are worried about what will happen when we reach the point at which all wells are pumping at capacity. This happened in Texas in about 1970, and the US went abroad for oil (remember the oil crisis?). Next time, there will be no 'abroad' to go to. Some great energy statistics are available from the British Petroleum Statistical Review of World Energy. For example the data in this report can be used to calculate the following:
Iraq’s oil reserve is 112.5 thousand million barrels (2002), the USA rate of consumption in 2002 was 19708 thousand barrels per day, meaning that Iraq is good for 5708 days or about 15 years.


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