Sma' Talk Wi' T

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90 Billion Barrels Of Oil In Our Hands

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“We’re not running out of oil, we’re swimming in it,” says the most recent U.S. Geological Survey.

By the way, the report adds almost as an aside, there’s also about 1,669 trillion cubic feet of natural gas in the Arctic region. That’s about 27% of the world’s total.

This again puts the lie to the “peak” oil theorists, who have asserted repeatedly that the amount of oil we can use is in terminal decline and that it’s therefore futile to drill for more. It’s not.

Let’s put this in perspective. That 90 billion barrels of Arctic crude is enough to run the entire world economy for three years. And it could fuel the U.S. alone for 12 years.

Using a conservative estimate, let’s say we pump 3 million barrels a day after developing these Arctic resources. That would boost total U.S. crude output of 8 million barrels a day by 38%. It would shrink the trade deficit, saving us roughly $137 billion a year in money we now send to Mideast and South American oil potentates, some of whom use the money to train and equip terrorists.

We need to drill here, drill now!

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Written by smalltalkwitht

July 24, 2008 at 8:43 pm

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