The elite used to control salt, now they control oil.
Funny thing is that oil reserves have continued to increase since the 1970's.
The more they look, the more they find.
We will not run out of oil in your lifetime.
Iraqi oil reserves are considered to be the second largest in the world, after Saudi Arabia's. Large parts of Iraq are still virgin; its large hydrocarbon reserves are still waiting to be developed to their full potential, while most other Middle East countries are fully exploiting their reserves. Southeastern Iraq has the largest concentration of super-giants fields to be found anywhere in the world; nine fields total. Yet they were measured using very old 2-D technology.
Part of the upper Jurassic-aged Gotnia reflector, based on 1980s 2-D seismic data, they are, from left to right and top to bottom:
; West Qurna
; North and South Rumaila
(measuring over 117 kilometers long); Tuba
; and Nahr Umr
These fields will be found to be even larger if they are ever mapped with modern 3-D seismic technology.
Iraq's production comes from only 15 developed fields out of a potential 73 discovered fields. Iraq has the capability to reach a production plateau of six million barrels of oil per day within a very short period of time tripling its current OPEC limited production and it would jump from the number 14 producer to the number four; close behind the United States. It would then rank as the number three exporter of oil in the world trailing only Saudi Arabia and Russia. it could pass Russia with ease and challenge Saudi Arabia as an exporter or oil; if allowed.
As a comparison, Saudi Arabia the top producer in the world, produces 8.8 million barrels per day with a peak production capacity of something over 10 million barrels per day.
In just the last 12 months, there have been discoveries of new reserves in Russia, offshore China (>17 increase in reserves of 18 billion), Argentina (>5% increase in reserves of two billion), Albania (>900% increase in reserves of 200 million), and offshore of Brazil (>40% increase in reserves 11 billion). And this is all light crude, the most prized and easily refined.
Just 19 months ago, there was a major discovery in the Gulf of Mexico that slipped under the radar.
Whenever they look; they find more.
If tar sands and oil shales ever reach major commercialization, proven world oil reserves would last past your children's grandchildren and beyond.
Total world resources of oil shale are conservatively estimated at 2.6 trillion barrels, US sits on close to two trillion barrels of crude: more than all the crude than was ever produced worldwide since petroleum age began. The United States has the largest known deposits of oil shale in the world; an estimated 2,500 gigabarrels of reserves or enough to meet the current rate of U.S. demand for oil for more than 110 years. Colorado and Utah have as much oil as Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya, Angola, Algeria, Indonesia, Qatar and the United Arab Emirates combined when oil shales are considered. The Bureau of Land Management owns about 80% of the oil shale acreage in Colorado, there is no investment play for any company that commercializes the extraction process.
It was estimated in 1998, when prices for light sweet crude were $14 to $15 per barrel, that oil from shale could be produced in commercial quantities for $30 to $40 per barrel based on a 20% return on equity. Shell estimated as recently as June, 2007 it could extract oil from Colorado shale for $30 a barrel, less than half the price of the benchmark New York futures of $66 at the time. And the product Shell would produce would require no heavy refining; making the venture that much more lucrative.
Canada's tar sands have a break even point at $33 per barrel of light crude in 2008 dollars. The U.S. has another 30 billion barrels in tar sands reserves mostly in Utah.
Then there is synthetic oil that can be produced from coal at the rate of one barrel per ton of coal at a break even point of $30 per barrel. Modern plants can produce 1.3 barrels of oil per ton of coal lowering the break even cost even further. The Fischer-Tropsch method can produce as much as 1.5 barrels of diesel fuel per one ton of coal at the cost of $35 per barrel in 2005 dollars.
At the end of 2006 the recoverable world coal reserves amounted around 909 gigatonnes; up from the 2005 reserves of 847.5 gigatonnes. So just like petroleum reserves, coal reserves continue to increase as exploration continues.
The U.S. has the world's largest reserves of coal estimated at 27.1% of the world's coal reserves or a very conservative figure of 246.6 gigatonnes or enough coal to produce 246 billion barrels of oil. Some estimate the U.S. total at 29% of the world's recoverable reserves. Montana has 25% of the U.S. reserves of coal.
Thermal depolymerization can make very light oil equivalent to number two heating oil from offal: animal guts from slaughter houses. Chickens, turkeys, cows; it doesn't matter.
The break even cost is about $15 per barrel or less with one ton of animal parts producing three barrels of number two heating oil that needs no refining. It was estimated in 1996 that the U.S. produced 13.2 million tons of animal offal for the year or the equivalent of at least 31 million barrels of number two oil which is how much oil our number ten producing state, Montana, produces every year in crude that still needs to be refined.
Three barrels of number two oil is equivalent to four barrels of crude; meaning the 31 million barrels of oil equivalent from offal is really the equal to 41 million barrels of crude which would make animal offal the eighth largest oil producing state in the U.S.; just behind Wyoming and well ahead of Kansas.
Thermal depolymerization can make oil from many other biological sources as well.
Peak Oil is a myth; a very lucrative myth.