Arctic May Hold 90 Billion Barrels of Oil, U.S. Says

Arctic May Hold 90 Billion Barrels of Oil, U.S. Says

www.bloomberg.com

The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

(visit the link for the full news article)

Looks like "PEAK OIL THEORY" is going to have to be changed.....again...and again...and again.

Lets just admit it everyone....just like the THEORY of global warming......It just does not exist!!!!!!!!!!!!!!

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

are you saying that there is effectively limitless crude oil... its totally illogical...!

Maybe it is just me, but I got a kick out of this quote from the source article:

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today.

How can we possibly know where one-third of an undiscovered oil reserve is located? We'd have to know the extent of the ENTIRE reserve to know what one-third of it consists of - and if we know the full extent of the reserve it isn't undiscovered anymore!

The words "may", "probably", "similar", and "likely" (as well as their kith and kin) show up with alarming frequency in the source article. I don't really have an opinion on the whole Peak Oil issue, except to say that we clearly don't know enough about the geology of the planet to make a reasonably educated guess as to where untapped oil reserves are located. The article seems to me to be a lot of wishful thinking and does not provide much confirmed information.

This does not even take into account all the oil located in the Bakken fields of North Dakota, South Dakota, Montana and Southern Canada!!!!

inregards to the comment above,
its pretty dumb to automatically assume peak oil, and global warming dont exist.

especially being we've done minimal exploration of our own planet.

only last month we discovered that IRAQ, was infact the largest oil field on the planet.. '' something im sure the american government KNEW before we invaded ''

Likewise,

I find it very ignorant, for anyone to honestly believe that we, as humans completely understand WHAT impact we are having on our environment and the atmosphere. We have been pumping so much toxic CRAP into this 'bubble like' creation for almost a century... how some believe it has no impact, boggles the mind.

Likewise on oil, peak oil exists, because

A. Its a finite source
B. We are using it up without replacing it
C. because its basic LOGIC, that something created from nature, and wasted by humans will run out!, especially when hundreds of billions of dollars in profits results from its use.