In light of all the claims that we are running out of oil, like, yesterday, I found this interesting...
Oil shortage a myth, says industry insider
Current estimates suggest there are 1,200 billion barrels of proven global reserves, but the industry's internal figures suggest this amounts to less than half of what actually exists.
The misconception has helped boost oil prices to an all-time high, sending jitters through the market and prompting calls for oil-producing nations to increase supply to push down costs.
Explaining why the published estimates of proven global reserves are less than half the true amount, Dr Pike said there was anecdotal evidence that big oil producers were glad to go along with under-reporting of proven reserves to help maintain oil's high price. "Part of the oil industry is perfectly familiar with the way oil reserves are underestimated, but the decision makers in both the companies and the countries are not exposed to the reasons why proven oil reserves are bigger than they are said to be," he said.
The environmental implications of his analysis, based on more than 30 years inside the industry, will alarm environmentalists who have exploited the concept of peak oil to press the urgency of the need to find greener alternatives.
"The bad news is that by underestimating proven oil reserves we have been lulled into a false sense of security in terms of environmental issues, because it suggests we will have to find alternatives to fossil fuels in a few decades," said Dr Pike. "We should not be surprised if oil dominates well into the twenty-second century. It highlights a major error in energy and environmental planning – we are dramatically underestimating the challenge facing us," he said.
Hmmm...Visit the full article here.
In this next article from Times Online, it's not the article itself that perked my attention, but rather the comments below. When I first started researching AGW a couple of years ago, an alarmist article like this one would be filled with comments agreeing and making even more extreme claims. Instead, more and more, I'm seeing commentors recognizing the double talk and contradictory claims - in other words, more commentors that are actually thinking critically about what they're reading, rather then blindly accepting what was said. I find that encouraging.
Global warming turning sea into acid bath