Oil Reserves Running Out Fact or Fiction .......

Question

http://news.yahoo.com/s/ap/20080724/ap_on_bi_ge/arctic_oil

Along with untapped Russian reserves, American Alaska reserves, is this whole government & media generated oil reserves panic simply a conspiracy to profiteer?

Answer 1

First of all, I think the "panic" is mostly hype for the near term needs. By that, I mean the next 10 years or so. Like has already been said though, there is only a certain amount of oil left and we aren't making more of the stuff right now. That means that the more effort we place in finding alternatives the less we will have to depend upon the oil that is left in the ground.

Answer 2

Good afternoonMichael. I certainly thinkits fiction.

The whole thing really gets to me. The problem is there does not seem to be much us humble people can do about it.

There has been so much just lately happening. McCanns for just an example.

That I now have no faith what so ever in anything. I will always be doubtful from now on of that I am sure

Answer 3

the world is awash in oil, if only we knew how to extract it.

Answer 4

it has been known for a long time now that if your product is not selling or you want to increase profits tell the public their is a world shortage and they will rush out and buy anything even if they have never used it in their lives     by the way I heve heard their is to be a world shortage of manure you heard it here

Answer 5

We will never know the truth.

Food is more of a concern, I believe more of a concern than oil.

Answer 6

Running out. Soon, all the 'w£oremonger$' (they are not able to 'master' them, so, they pay them) and 'ca$ino crawler$', would have to drink the f***ing stuff!

Answer 7

Fact. I have done quite a bit of research on this subject in the last 4 months, We are going through a theory of what is called peak oil, I believe this theory is true. Basically what it is, we are demanding more oil than what we can extract from our Earth. Our Government will not tell us what we have in our reserves.

Answer 8

well theyre obviously running out because theyre finite, but at what rate?

the price has gone up because demand for oil has shot up due emerging economies and war and speculative trade - and the fact that OPEC has a vertical monopoly on supply

Answer 9

I have tried, and I mean REALLY tried to make sense of the facts re: oil reserves.

It's like trying to swim in mud. Every time I read an article or listen to an 'experts' opinion I feel their argument is very credible. Then the next person comes along and I feel the same about them.

I have come to the conclusion us plebs are deliberately being kept in the dark and  they are making things as unfathomable as possible. I appreciate the oil situation is somewhat of a speculation game anyway but all the facts are so manipulated now that I don't even try.

Only two things are certain... 1. Oil is a natural resource and not a magic porridge pot. 2. Some bugger is making a shed load of money.

Answer 10

I remember when I was young talk of the oil been gone by 2020 you know. there is one thing do I always think of, not sure but why are most oil fields close to the continental shelves. Anyone notice that over the years it is something I have thought of most the large deposits or close to where the oil continents were before all the plates started moving apart. Another thing if we know where by these computer mapping of the movements of the continents over the period that the oil was made. then surely we can figure easier where they are. See I know little of oil, obivious I know but it oil is made from dead sea animals as I kind of recall from science class then surely the largest oil fields should be in the largest enclosed sea of the time?

I know I asked a question by the way, in fact a few. I get this impression about the oil fields from looking at maps of earthquake zones.

Answer 11

there's only two hundred barrels left !!!

Answer 12

Fiction. All news is fiction.

Answer 13

Fiction. Governments the world over are using this excuse to continue fleecing and holding to ransom the general public. Yes, of course the supply is finite but nowhere near as bad as we're being told. As technology progresses, better ways to generate power will be found. The enviro-n**i's have us by the short and curlies.

Answer 14

fiction

there is more reserve in oil shales and oil tars in the americas alone than the total amount of oil that has ever been extracted,its just expensive to extract

Answer 15

FACT. It's a finite resource.

Answer 16

Most of the best oil fields on the planet have passed peak production and are now in decline.  There is a mess of oil out there, at least a trillion proven barrels, and maybe another 2-3 trillion barrels in hard to reach spots, but the good old days are over.

We might not have reached peak oil yet, but pricewise, it won't get cheaper and humanity now needs to find an alternative source of energy.

Answer 17

Oil reserves are finite but we have not yet reached peak oil, let alone the point where we begin to run out. But the amount of oil we use is likely to accelerate, with higher demand from developing countries, and population increases. This means that oil is likely to run out faster than previously thought, but that still won't be for at least 100 years, if not much later.

Answer 18

"At today's current consumption rate of 86 million barrels a day, the yet-to-be-tapped oil in the Arctic would supply global demand for three years."

Wow, 3 years worth of oil AT TODAY'S CONSUMPTION RATE. What happens as India and China industrialize? 2 years worth?

How is this anything more than a temporary bandaid on the hemorhaging world oil supply?

Answer 19

I don't believe we can rely on Russian reserves, they have a history of using what they have as leverage, they wouldn't hesitate for a second to restrict supplies for political reasons. Any untapped reserves in the far north where the ice is melting will be argued on who can claim it. Then there's the car manufacturers, it doesn't make sense to me that with all our technology it's been left so late to improve fuel consumption, so many cars that have been sold over the last decade, and more, haven't exactly been fuel efficient. Nobody cares until the problem comes and bites them on the ***. There'll be profiteering, but the public have ignored the warnings and allowed it.

Answer 20

Every barrel has a bottom and sooner rather than later that barrel will be empty