According to an article in Popular Mechanics, Jack Field, just off the coast of Mississippi will boos US oil reserves by 50%. Jack Field alone is estimated to contain 15 Billion barrels of oil. Another find in Kazakhstan contains 13 billion barrels, and in Brazil a recent find should yield 8 billion barrels.
The article also point out that the so-called "peak out" should not occur for at least another 20 to 30 years, and will likely not be the catastrophic event so many like to claim it will be due to those 20 to 30 years offering us a great deal of time to develop technologies necessary to effectively curb the world appetite for oil.
Further, though not related to the article mentioned above, don't forget that a lot of the increase in oil futures pricing can be attributed to the nearly 50% decrease in the value of the US dollar. Add the dollar devaluation to the bubble many believe is currently afflicting the oil market and the possibility of either an oil market correction or the inflation of wages to bring on a parity with the price of oil is not unreasonable.
Shiny Side Up!
Bill
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You ever wonder what medieval cook looked at the guts of a pig and thought, "I bet if you washed out that poop tube, you could stuff it with meat and eat it."
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