Thursday, 18 November 2010

“There’s enough oil to supply the world’s needs as far as anyone can see.”

The world will not be running out of energy anytime soon. The New York Times has interviewed several leading energy experts, who predict decades of residential and commercial power at reasonable prices.
This gives us lot of time to develop other energy sources. There is no need for governments to force still highly questionable, underdeveloped and expensive wind and solar power on the consumers, neither to subsidize the kind of primitive electric cars that are offered today.

There Will Be Fuel

No matter what finally plays out, energy experts expect there will be plenty, perhaps even an abundance, of oil and gas. IHS CERA, which monitors oil and gas fields around the world, projects that productive capacity for liquid fuels could rise to 112 million barrels a day in 2030 (including 2.75 million barrels in biofuels), from 92.6 million barrels a day this year.

“The estimates for how much oil there is in the world continue to increase,” said William M. Colton, Exxon Mobil’s vice president for corporate strategic planning. “There’s enough oil to supply the world’s needs as far as anyone can see.”

More promising still is that the growing oil production comes from a variety of sources — making the world less vulnerable to a price war with the Organization of the Petroleum Exporting Countries or an outbreak of violence in a major producing country like Nigeria. As IHS CERA and other oil analysts see it, new oil is going to come from both conventional and unconventional sources — from anticipated expansions of fields in Iraq and Saudi Arabia and from a continued expansion of deepwater drilling off Africa and Brazil, in the Gulf of Mexico and across the Arctic, where hopes are high in the oil world, although little exploration has yet been done.

The vast oil sands fields in western Canada, deemed uneconomical by many oil companies as few as 15 years ago, are now as important to global supply growth as the continuing expansions of fields in Saudi Arabia, the current No. 1 producer.

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