beginning of the end?

not surprised at the news at all. that is also why i think that Saudi Arabia privatised their oil operations and guards their reserve information with so much vigor

 

It's in their best interests in the short term to play this up as well. Sustained oil prices are going to eventually make these reserves irrelevant as the industrialized countries do whatever they can to replace oil. It's funny, back before privitization the foreign oil companies downsized their reserves in the arabian countries so that they would pay less tax. When these companies got the boot the national companies greatly inflated the reserves to get good loans to build up infrasturcture. As mentioned, these countries have kept a lid on what their real estimates are. That makes it really hard to know what's out there. What's interesting to me is that even this mega field only has an output of 1.7 ma bbl/day which is only 8.5% of US daily comsuption. It's gonna take a lot of new finds to replace that. I doubt that they're out there.

 

BTW, it doesn't matter when it's depleted so much as when it peaks. From here on out it will contribute less and less to the GROWING energy needs of the planet. Once global production peaks the price of oil will skyrocket. Hopefully by then it won't really matter. The good news is that this will really drive new technology and a variety of front. Assuming that this is not simply a play to spike oil prices again. Either way, we win in the long run.

 

"They" have already won Rounds 1-5.

When in history has a small handful of FAMILIES (not even whole tribes), descended from nomadic camel-traders, with no real military power, unusual intelligence or technological resources, ascended to such heights of power and mind-boggling wealth? The ability (through OPEC) to hold hostage the world's most advanced "civilizations"? The ability to surreptitiously wreak havoc when-
ever and wherever they please through terrorism?

Have you seen Kuwait City? WE built it!

But it's a 15-rounder. Time is on our side. Enjoy your toys, Middle Eastern tinhorn chieftans. Build your infrastructure and casinos. There will come a time when the rest of the world will not come and do all your work for you.

rant *off*

 

I'm afraid any new technology will be too little too late. Sustaining world economic growth for 6 billion people on an alternative energy source is just not going to happen before peak oil hits.

 

in the 150 years it took to burn all the oil harvested so far...at the current rate it will only take 20-25 years to match it.

sadly, it now looks that instead of looking for alternatives to fossil fuels, they will simply gasify the coal reserves and burn away for another 50 years. i only wish the lungs of my children had a better option