World has tapped just 18 percent of global oil supplies, Saudi executive says

[w¡n9Nµ7 §£@¥€r 123]

The world has tapped only 18 percent of the total global supply of crude, a leading Saudi oil executive said Wednesday, challenging the notion that supplies are petering out.

Abdallah S. Jum’ah, president and CEO of the state-owned Saudi Arabian Oil Co., known better as Aramco, said the world has the potential of 4.5 trillion barrels in reserves - enough to power the globe at current levels of consumption for another 140 years.

Jum’ah challenged oil ministers and petroleum executives at an OPEC conference in Vienna to step up exploration “and leave the minimum amount of oil in the ground.”

http://news.bostonherald.com/international...rticleid=157340

[one...two...tree 2,762]

I'll have to read the full article later, but from what I understand - shortages that we encounter right now have to do with how many barrels are being consumed in ratio to how many barrels of oil being pumped from the ground per day. Following the current trend of increasing daily consumption, we will run into a shortage crisis.

[Ban Hammer 13,677]

I'll have to read the full article later, but from what I understand - shortages that we encounter right now have to do with how many barrels are being consumed in ratio to how many barrels of oil being pumped from the ground per day. Following the current trend of increasing daily consumption, we will run into a shortage crisis.

much of the recent crisis was caused by lack of refinery capability. we have very little excess in that regard.

[heishe 2]

I'm not sure I trust the Saudis on that.

[Saddle Bronc 124]

Also, the article DOESN't indicate whether much of that is in tarsands/shale/etc (for which recovery oft costs more than price currently).

Edited September 13, 2006 by CherryXS

[Hilarious Clinton 452]

Perfect timing for me to buy that H2.

[Ban Hammer 13,677]

Perfect timing for me to buy that H2.

let's get a surplus m-48 or m-60 and invade canada

[Hilarious Clinton 452]

Perfect timing for me to buy that H2.

let's get a surplus m-48 or m-60 and invade canada

I really want one! Luckily it would only take one for a successful invasion.

[Sister Fracas 5]

I'm sure we can manage to successfully drop that 140 year estimate by leading folks to believe there is absolutely nothing to worry about... unlimited resources around for all! wayhey!

[Welshcookie 17]

.......and who cares about future generations anyway??

[Sister Fracas 5]

.......and who cares about future generations anyway??

'xactly... not my problem!

[Saddle Bronc 124]

Perfect timing for me to buy that H2.

let's get a surplus m-48 or m-60 and invade canada

Uh, you do remember that Canada has CENTURION tanks in service (which in combat have beaten the tar out of M-48's and M-60's)? :lol:

I'm sure we can manage to successfully drop that 140 year estimate by leading folks to believe there is absolutely nothing to worry about... unlimited resources around for all! wayhey!

Oh, any Christian familiar with the Bible already dropped such estimates grossly.

Calculating from 1948 and using the high number of 120 years for a "generation", the number comes to 62.

[incanada1234 0]

Perfect timing for me to buy that H2.

let's get a surplus m-48 or m-60 and invade canada

Or at least just Alberta since they'd fit right in.

[Ban Hammer 13,677]

Perfect timing for me to buy that H2.

let's get a surplus m-48 or m-60 and invade canada

Uh, you do remember that Canada has CENTURION tanks in service (which in combat have beaten the tar out of M-48's and M-60's)? :lol:

be about fair with centurion's. the m-60 was the predecessor to the m-1.

Edited September 13, 2006 by charlesandnessa

[incanada1234 0]

be about fair with centurion's. the m-60 was the predecessor to the m-1.

Errr, yeah, that's what I was gonna say...