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Oil Reserves
From the figures I scared up domestic production is some 6 million barrels a day and imports are some 11 million barrels a day. The largest single source is Canada at about 2 million barrels a day.
Domestic proven reserves are currently 20 giga barrels or 3.5 years at our current rate of consumption.
The oil bill for the country is some 80 Billion dollars per year or approximately 1/2 the current trade deficit.
I guess I am concerned as to the rate at which the country is being sold off to pay for the oil bill. There are a number of things that can be done to reduce our dependancy on imported oil. It is difficult to have any clear cut plans when the largest companies in the US are energy based and they have their man in the white house.
I do see some hope as Chevron-Texico is investing in fuel cells and NiMH battery technology.
Incidently there is as large of proven reserves in the oil sands of Alberta as the middle east.
There is a limited amount of oil energy, the drilling and increase in oil fields has allowed relatively stable oil supply since the 70's. If you think about it Europe is self sufficient in oil due to drilling in the north sea. The UK is in the top ten for oil imports for the US. I doubt I would have predicted that 30 years ago.
I have a cousin that has spent time in all the garden oil spots; middle east, Africa, North sea, and is now in Nova Scotia looking for more on the bank.
Compared to the larger reserves there are a number of marginal or small oil fields. I know or wells in Ontario that have been pumping a couple of barrels a day for near 100 years. You need to remember that the oil is not necessarily stored in a void but in rock. It takes time for the oil to flow to the well pipe and there is a finite rate at which you can pump oil from most wells.
Well Mark in Nevada they may still be looking for the King, but in todays hard science there is no self sustaining carbon Fairy, only theories that he has been seen in Nevada.
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Oil Reserves
The last I heard the rate of subduction/expansion per year is measured in millimeters. The measurement I heard on the ocean trench was something like 17 mm per year. Continental drift has need measured using satellites only for the last 17 years so? Assuming all the crust is 4 km thick and that there is maybe 300,000 miles (480,000 km) of subduction zones in the world, then the steady state of carbon up take into the core would be something like 160 million barrels of material per year.
Obviously not all of this material is carbon containing and not all would be turned into hydrocarbons, therefore we need the carbon fairy if we are to have a the volume of oil currently consumed being naturally generated/renewed in the earth.
Well maybe there are enough of them from southern California in Nevada to provide what you need to believe. Here we are a little more scientific.
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Oil Reserves
I would like to debunk another myth if I might. The average price of gasoline has been tied to US inflation for the last 50 years despite the peaks and valleys.
It is a bit hard to determine which is the chicken or the egg, but there seems to be a correlation and obviously if we look at the high inflation years of the 70 and 80's they seem to be somewhat in a response to the inflationary pressure of oil prices (Not Carter).
I guess this shows the need for stable energy suppliers and that we are not really paying more for gas than we did. Maybe less.
The inflation is published number and the averge gas cost in 55 is from the US energy commision numbers.
There was a scam pulled in the 80's where the octane level of regular was lowered, therefore the old regular is now mid grade, therefore the later numbers may better correlate to the midgrade numbers.
Year Inflation Cost
Rate Regular Gas
1955 -0.31 $0.30
1956 1.56 $0.30
1957 3.38 $0.30
1958 2.98 $0.31
1959 0.58 $0.32
1960 1.72 $0.33
1961 1.13 $0.33
1962 1.12 $0.33
1963 1.1 $0.34
1964 1.37 $0.34
1965 1.62 $0.35
1966 2.92 $0.35
1967 2.84 $0.36
1968 4.26 $0.37
1969 5.29 $0.39
1970 5.94 $0.41
1971 4.31 $0.43
1972 3.31 $0.45
1973 6.2 $0.47
1974 11.11 $0.50
1975 8.98 $0.55
1976 5.75 $0.60
1977 6.62 $0.64
1978 7.59 $0.68
1979 11.28 $0.73
1980 13.48 $0.81
1981 10.36 $0.92
1982 6.16 $1.02
1983 3.21 $1.08
1984 4.37 $1.11
1985 3.54 $1.16
1986 1.86 $1.20
1987 3.66 $1.23
1988 4.12 $1.27
1989 4.81 $1.32
1990 5.39 $1.39
1991 4.22 $1.46
1992 3.01 $1.52
1993 2.98 $1.57
1994 2.6 $1.62
1995 2.76 $1.66
1996 2.96 $1.70
1997 2.35 $1.75
1998 1.51 $1.79
1999 2.21 $1.82
2000 3.38 $1.86
2001 2.86 $1.92
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