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Originally posted by Anonymous ATS
For perspective, the Saudis have 260 billion barrels of proven reserves.
This is a lie due to the fact that they list the same amount of reserves
year after year, and they have not had any major recent finds.
Back in the 60's they went through Saudi Arabia and did Seismic
operations to detect all the oil underground.
Sound travels at different speeds through oil, and it visible on the
high resolution displays they use.
In 1970 the US peaked at around 10 million barrels a day, and since
then it has fallen to about 5 million barrels a day.
57 countries world wide are past peak.
The only new find of any size was the Northern Arctic one that is being fought over by Russia, Denmark, Norway, Canada and the US.
Go to google video and watch "Crude Awakening" - life after the oil crash,it is about 82 min.
The Great Depression had plenty of oil supply, keep that in mind.
China and India are coming online as the new oil consumers,
demand is going up while supply is going down.
At some point companies like Coskata & Valcent can start scaling up
their bio fuels, but for now we are in for a bumpy ride for awhile.
Originally posted by StellarX
Bio fuels is yet another deliberate effort to create shortages in the commodity markets; if they can't get to you trough high fuel prices they will use that as excuse to turn your formerly cheap food into expensive fuel.
For Brian Appel—and, maybe, for an energy-hungry world—it's a dream come true, better than turning straw into gold. The thermal conversion process can take material more plentiful and troublesome than straw—slaughterhouse waste, municipal sewage, old tires, mixed plastics, virtually all the wretched detritus of modern life—and make it something the world needs much more than gold: high-quality oil.