Oil being Left in the Ground

Oil being Left in the Ground

www.technologyreview.com

Even with record-high oil prices, about two-thirds of the oil in known oil fields is being left in the ground. That's because existing technologies that could extract far more oil--as much as about 75 percent of the oil in some oil fields--aren't being widely used, according to experts in the petroleum industry.

Several well-established technologies, including "smart oil fields," exist that could significantly boost the supply of petroleum from oil reservoirs. But a lack of investment in such technologies, particularly by the national oil companies that control the vast majority of the world's oil reserves, is holding back implementation.

(visit the link for the full news article)

God forbid they should do something that would endanger their obscene profits like getting enough oil out to keep the prices reasonable.

www.technologyreview.com
(visit the link for the full news article)

This is not the reason for the high oil price. This is due to the amount they can refine and supply is being outstripped by demand, it's not as easy as increasing productivity as there has not been any new refineries been built for some time and the ones that exist are so old that they can't run at 100%. There are other threads that will state the same as I have just posted.

Leave the oil in the ground I say. We need to move on to other means and should have actually done it many years ago.