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The days of gas powered cars are numbered. Saudi Arabia has figured this out and that's why they are diversifying their economy away from oil. I think the US is near its peak as far as oil consumption goes. Even if the US oil reserves are limited, it's not that important. In 50-100 years, oil won't be nearly as economically important as it is today. Natural gas will likely remain important for a long time after oil is mostly obsolete.
The days of gas powered cars are numbered. Saudi Arabia has figured this out and that's why they are diversifying their economy away from oil. I think the US is near its peak as far as oil consumption goes. Even if the US oil reserves are limited, it's not that important. In 50-100 years, oil won't be nearly as economically important as it is today. Natural gas will likely remain important for a long time after oil is mostly obsolete.
Good. Although the large reserve situation is good news, the bad news is that we are still importing a lot of oil. Reduce the demand, while increasing production, and we'll be free of foreign oil soon.
The United States can now claim to have the largest total recoverable oil reserves in the world, with an estimated 264 billion recoverable barrels, compared with 256 billion barrels for Russia and 212 billion barrels for Saudi Arabia.
Then why is Obama's America the biggest customer in the world of oil from the communist Venezuelan regime???? Is it in memory of his friend Hugo?
Why not replace it with American oil?
Good. Although the large reserve situation is good news, the bad news is that we are still importing a lot of oil. Reduce the demand, while increasing production, and we'll be free of foreign oil soon.
In 2015, 24% of the oil consumed in the us was imported
What other options? Alternatives to oil, or improved extraction methods?
As the the cost of oil goes up other tech becomes viable, you can make diesel from coal for about the equivalent of $50 to $60 a barrel. As another example you can use CO2 from coal plants as feedstock for algae based fuels. How much coal was it again we have?
Inevitably carbon based fuels will be replaced by something, my money is geothermal but that is off in the future. I've said it before and I'll say it again, the government picking winners and losers is going to slow development in the private industry. Case in point is ethanol, if you are Exxon and want to develop an alternative you can't compete against a mandate.
"The data were published July 4 by Rystad Energy and include proved and probable reserves, discoveries and undiscovered fields."
"Discoveries are new fields that haven't yet been sized and undiscovered fields are places where nothing has been found yet but where recoverable amounts are likely to exist."
Uh....okay? How'd they work out these numbers?
They aren't just throwing darts at a dart board, it's estimated based on observations and knowledgeable assumptions.
This is the estimates on coal reserves, we burn about 1 billion tons a year. The very tip labeled active mines is enough for the next two decades. Skipping to demonstrated reserve base this is coal that is known to exist with a lot of reliable data to estimate it. Going back to estimated Recoverable reserves this is how much of the demonstrated reserve base can be feasibly mined using today's technology. When you hear 200 years of coal left it's based on this figure, they adjust for increased demand. The rest of it is based on sparse data or inference.
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