Thursday, October 23, 2008

There Will Be Oil

The World's oil reserves total around 1, 240 billion barrels.
That's enough to keep us buzzing off to the quick stop in our guzzlers for another fifty years, at today's usage. Of course "today's usage" ought to go down as we find more efficient ways to burn oil, but it is a workable number anyway.

But wait. Within the last six months, both Venezuela and Iraq have increased their estimated oil reserves, to the tune of 30 billion barrels each.

And now Cuba has announced that they have "discovered" that their oil reserves are double what they previously thought, according to a BBC report. They now claim to have a 20 billion barrel reserve.

Lubos Motl, a Czech physicist and blogger, has some interesting perspectives on the idea that the world is running short of its most important economic commodity.