Wednesday, December 12, 2012

The One Crude Oil Chart Everybody Should See

When people read about a long term forecast of world oil supply, say, out to 2030, they often believe that the forecasters are merely incorporating our knowledge of existing fields and figuring out how much oil can be extracted from them over the forecast period.

Nothing could be further from the truth. Much of the forecast supply has not yet been discovered or has no demonstrated technology which can extract or produce it economically. In other words, such forecasts are merely guesses based on the slimmest of evidence.

Perhaps the best ever illustration of this comes from a 2009 presentation made by Glen Sweetnam, a U.S. Energy Information Administration (EIA) official. The EIA is the statistical arm of the U.S. Department of Energy.

The following chart from that presentation will upend any notion that we know exactly where all the oil we need to meet expected demand will come from.....Read the entire article "The One Crude Oil Chart Everybody Should See "

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