oilproducer

The Global Oil Scam: 50 Times Bigger than Madoff

Dr. Robert L. Hirsch
Senior Energy Advisor at MISI

Financial Sense interview
www.netcastdaily.com/b...


Dr Hirsch Power Point presentation referred to in the interiview
www.financialsense.com...

Dr. Hirsch biography
www.financialsense.com...
Senior Energy Advisor at MISI
Dr. Robert L. Hirsch is a Senior Energy Advisor at MISI and a consultant in energy, technology, and management. His primary experience is in research, development, and commercial applications. He has managed technology programs in oil and natural gas exploration and production, petroleum refining, synthetic fuels, fusion, fission, renewables, defense technologies, chemical analysis, and basic research.

Previous management positions include:

Senior Energy Program Advisor, SAIC (World oil production)
Senior Energy Analyst, RAND (Various energy studies)
Vice President of the Electric Power Research Institute (EPRI).
Vice President and Manager of Research and Technical Services for Atlantic Richfield Co. (Oil and gas exploration and production).
Founder and CEO of APTI, a roughly $50 million/year company now owned by BAE Systems. (Commercial & Defense Department technologies).
Manager of Exxon’s synthetic fuels research laboratory.
Manager of Petroleum Exploratory Research at Exxon.(Refining R & D).
Assistant Administrator of the U.S. Energy Research and Development Administration (ERDA) responsible for renewables, fusion, geothermal and basic research.(Presidential Appointment).
Director of fusion research at the U.S. Atomic Energy Commission and ERDA.

Hirsch has served as a consultant and on advisory committees for government and industry. He holds 14 patents and has over 50 publications in the energy field. He is past Chairman of the Board on Energy and Environmental Systems of the National Research Council, the operating arm of the National Academies, has served on a number of National Research Council committees, and is a National Associate of the National Academies. In recent years, he has focused on problems associated with the peaking of world conventional oil production and its mitigation.

The Global Oil Scam: 50 Times Bigger than Madoff

Oh, and for the US as of last year, anyway:

The US consumes/consumed 20 million total barrels of oil per day. The US highway transport system consumed 10 million of that 20 million every day. So, 10 million barrels went to market use other than cars, trucks, SUVs, etc.

But the US only produced 5.1 million barrels per day. That means the US needed to import about 15 million barrels every day.

All things being equal, if all roadway driving was outlawed, all highways vacated, the US would eliminate half its oil consumption.

But since the US would still be consuming 10 million barrels per day, while only producing 5.1, it'd still have to import half its daily oil needs.

I'm all in favor of drilling off the coasts (why should everyone else bail out California when they have Santa Barbra's field offshore as a source of revenue Californians refuse to utilize?) and in places like ANWAR. But if anyone believe these source will have much effect on US imports and meeting future consumption needs I believe they don't understand how serious the energy crisis actually is.

On Nov 12 10:41 AM oilproducer wrote:

> According to the IEA, at a decline rate of 6.7% annually the world
> needs bring online the equivalent of 4 new Saudi Arabias by 2030
> just to keep production at current capacity. That's a new Saudi Arabia
> every 5 years. To offset this decline rate and meet expected increasing
> demands from developing counties in additon to OECD countries 6 new
> Saudi Arabian equivalents must come on line by 2030. That's a new
> Saudi Arabian equivalent every 3.5 years. Source to IEA World Energy
> Outlook 2008 report: oildepletiondebate.blo...
>
>
> The world consumes between 84 & 85 million barrels every day
> (86+ before the recession). So, since everyone knows what a 55 gallon
> steel drum looks like....
>
> Visualize 85 million barrels of oil being consumed every day by converting
> barrel volumes into 55 gallon steel drums:
> * 42 gallons equals one oil barrel
> * A 55 gallon steel drum is 3 feet tall by 22 inches wide
> * A mile is 5,280 feet
> * The circumference of the earth is 24,901 miles
> * Speed of sound 768 mph
>
> (85,000,000bbl x 42gal) / 55gal = 64,909,090 fifty-five gallon steel
> drums being consumed every day
>
> Lay those steel drums end to end to make a pipeline:
> (64,9090,090 x 3ft) / 5280ft = a 36,880 mile long pipeline
>
> 36,880 miles / 24,901miles = a steel-drum pipeline of oil being
> consumed every day stretching 1 1/2 times around the earth.
>
> (36,880 / 24hr) / 768mph = Mach 2 or twice the speed of sound the
> oil would need to flow to replace the volume of oil in this pipeline
> every 24 hours.
>
> (36,880 x 365days) / 24,901miles = 540, or the times you would encircle
> the earth each year with 55 gallon steel drums.

The Global Oil Scam: 50 Times Bigger than Madoff

According to the IEA, at a decline rate of 6.7% annually the world needs bring online the equivalent of 4 new Saudi Arabias by 2030 just to keep production at current capacity. That's a new Saudi Arabia every 5 years. To offset this decline rate and meet expected increasing demands from developing counties in additon to OECD countries 6 new Saudi Arabian equivalents must come on line by 2030. That's a new Saudi Arabian equivalent every 3.5 years. Source to IEA World Energy Outlook 2008 report: oildepletiondebate.blo...

The world consumes between 84 & 85 million barrels every day (86+ before the recession). So, since everyone knows what a 55 gallon steel drum looks like....

Visualize 85 million barrels of oil being consumed every day by converting barrel volumes into 55 gallon steel drums:
* 42 gallons equals one oil barrel
* A 55 gallon steel drum is 3 feet tall by 22 inches wide
* A mile is 5,280 feet
* The circumference of the earth is 24,901 miles
* Speed of sound 768 mph

(85,000,000bbl x 42gal) / 55gal = 64,909,090 fifty-five gallon steel drums being consumed every day

Lay those steel drums end to end to make a pipeline:
(64,9090,090 x 3ft) / 5280ft = a 36,880 mile long pipeline

36,880 miles / 24,901miles = a steel-drum pipeline of oil being consumed every day stretching 1 1/2 times around the earth.

(36,880 / 24hr) / 768mph = Mach 2 or twice the speed of sound the oil would need to flow to replace the volume of oil in this pipeline every 24 hours.

(36,880 x 365days) / 24,901miles = 540, or the times you would encircle the earth each year with 55 gallon steel drums.