Official – there’s still some oil left
Good news for those of you who were worried that oil would run out in the next few years. It seems that we’ve all had a stay of execution, as Cambridge Energy Research Associates (CERA) publishes figures that show the supply will not start to decline for at least another 24 years.
CERA’s latest reports and numbers indicate that the global supply of oil remaining stands at a total of 3.74 trillion barrels, which is over twice of the 1.2 trillion barrels estimate put forward by the ‘peak oil’ lobby.
Peter Jackson, the director of oil industry activity for the group estimates that oil will not peak until somewhere around 2030, though he does concede that after that time frame oil will be in slow decline.
Without doubt we should all be keeping an eye on the gas tank. One of the interesting opportunities available to the Democrats in their newfound position of power is to push for reforms to the US gasoline taxation policies. Any increase in taxes at the pump will have a two-fold benefit; first it will discourage over consumption, and secondly it will allow subsidies to be placed in more efficient public transport networks and systems that the US desperately needs.
Previous articles
Oil falls as production is cut
Oil up on OPEC reduction rumors
Oil! Why the price is still quite low