'North Sea oil will last for 100 years' So we're not running out of oil then ?

Question

ref

http://www.telegraph.co.uk/news/uknews/2131258/North-Sea-oil-will-last-for-100-years%27.html

Answer 1

The North Sea is running out, however, worldwide we are not running out of oil. There is still plenty of untapped oil reserves. The polar regions are untouched, as are most of the oceans and seas.

Answer 2

People don't seem to understand that this is more an economic question than anything else.

Oil predictions are not based on how much oil there actually is, but on how much oil can be produced PROFITABLY at the current price for oil.  So as the price of oil increases, the oil reserves that can be exploited also increase.

The US also has more oil, natural gas, oil sand, tar sands, oil shales, and coal, than the rest of the world combined, but for some reason (stupid liberals) we choose not to use it.

I guess this is sort of like the man in the desert dieing of thirst, but refusing to drink from the well that he's standing next to.

Answer 3

Yep, we are running out.

100 years is not that long and we need to find other ways to generate energy, for ourselves now and future generations.

Answer 4

lot of folks can't understand how we came to have an oil shortage here in our country.

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Well, there's a very simple answer.

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Nobody bothered to check the oil.

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We just didn't know we were getting low.

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The reason for that is purely geographical.

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Our OIL is located in

The North Sea

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Our

DIPSTICKS

are located in

Westminster !!!

Any Questions ???

NO? I didn't think so!!

Answer 5

The information I've read is that we've only drilled for shallow oil and that deep oil is yet to be tapped. Estimates are that deep oil at todays consumption will last two million years and that it's not fossil fuel but abiotic. That means the planet is making oil all the time. Once again we've been duped into thinking oil is running out.

When I started my apprenticeship in the motor trade back in 1969 we were told at trade school there was only about thirty years of oil left.  This was echoed again in 2003 or 4 .  Now they are saying we are nearing peak oil.

Russia back in the fifties had some oil wells run dry and were capped.  Left for forty years and pumping started again and more oil has been drawn than in the first place.

Just as global warming is a scam so is any notion that oil is coming to an end.

Answer 6

Dakota has oil for 200 years, so that 300 years just in  two spots but environmentalist greeny groups won`t let us drill either one. you and i should give up , i don`t think were winning

Answer 7

somehow, that oil is good enough but always remember that we are huge consumers of energy. that amount is not enough to meet energy demands nowadays so supplies are scarce.

Answer 8

We dont have 100 years of oil.  And even if North Sea has 100 years, i can bet my life that nowhere else will.  Why do you think Oil is so expensive?  Its running out and fast...supply is scarce.

The public CANNOT know this fact because if they did, there would be economic pandemonim, thats why its the responsibility of the media to make these things up/

Answer 9

thats means we;re runngin out

Answer 10

heck no, we're not running out.

that is, assuming that a pint of gasoline a day is all you need.

and everyone else who already uses gasoline.

and no-one else is going to start using it.

no problem.

btw, 20-30 billion barrels is about what saudi arabia produces, and the US consumes, every 3-4 years.

that hardly seems like a 100 year supply.

alaska's north slope has produced around 15 billion barrels, and is now running low.  been considerably less than 50 years.

Answer 11

No we've just run out of cheap oil.  There is still plenty of expensive oil left, as is evidenced by the number of idle oil well that suddenly sprung back to life with the sale price of their oil went over $100 / barrel.

Answer 12

It depends on how fast you use it. If the world used one gallon a day, it would last for billions of years. The 100 years is assuming a certain rate of pumping it out. The story says they once though there were 20 to 30 billion barrels under the North Sea, but now they think there are twice that many. So there could be up to 60 billion barrels. In order to last 100 years they would have to pump out less than 1 billion barrels a year. But I think the world today is burning more than a billion barrels a DAY, so obviously they will either need to pump it out faster or find more oil in other places. The upshot is that we are using more and more oil each year, not less and less, and we are finding less and less new oil each year, not more and more. So we are running out because we are using it up so fast, but because there is so little.