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The U.S. will overtake Russia and Saudi Arabia to become the world’s largest oil producer...
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Wednesday, January 16, 10:22 AM ETThe U.S. will overtake Russia and Saudi Arabia to become the world’s largest oil producer this year, thanks to the boom in tight oil, rising production of biofuels and expected cuts in OPEC supply, BP says in its latest energy outlook. Other potential shale operators, such as China, lack the unique combination of factors that have helped launch the U.S. shale revolution.
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This news story has 9 comments:
Lies, damn lies, and then there are statistics.
BP .pdf:
http://bit.ly/SKH9Zr
BP .xlsx:
http://bit.ly/We0sGZ
Latest production #'s:
http://1.usa.gov/zWEk2c
The phrase "proven reserves" is the exact sort of misleading statistic that I am describing. Complete BS when it comes to accurately measuring our potential energy production.
I have no doubt that as long as the enviro whackos can be set aside that we will achieve incredible leaps forward in our energy production. We have hundreds of years worth of traditional fossil fuels left in this country and that 1.9% figure is just purposely misleading for someone with a tendentious agenda. It is used precisely to further a particular political agenda and viewpoint and is misleading at best and downright dishonest at its worst.
http://1.usa.gov/VmF2cI
"For oil and natural gas, a major distinction in measuring quantities of energy commodities is made between proved reserves and undiscovered resources. Proved reserves are those amounts of
oil, natural gas, or coal that have been discovered and defined, typically by drilling wells or other exploratory measures, and which can be economically recovered. In the United States, proved
reserves are typically measured by private companies, who report their findings to the Securities and Exchange Commission because they are considered capital assets. In addition to the volumes of proved reserves are deposits of oil and gas that have not yet been discovered, which are called undiscovered resources. The term has a specific meaning: undiscovered resources are amounts of oil and gas estimated to exist in unexplored areas. If they are considered to be recoverable using
existing production technologies, they are referred to as undiscovered technically recoverable resources (UTRR). In-place resources are intended to represent all of the oil, natural gas, or coal contained in a formation or basin without regard to technical or economic recoverability. "
Thank you for your link, which I think covers the issues related to measuring resources very well. I also have no problem with the term "proved reserves" which I think counts the resources (oil) that can be recovered at today's prices and with today's technology. Each year, new drilling and new technology will add to proved reserves, while consumption will draw down proved reserves. I agree there's more out "there", as described in the pyramid in your link, but it may much higher prices to bring it all to market.