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No Shortage of Oil
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1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 No Shortage of Oil Predictions of oil supplies drying up within a few years have been common over the last 150 years, despite estimates of the total amount of oil resources still in the ground continually growing throughout the 20th century. In 1920, the U.S. Geological Survey announced that the world's total store of oil amounted to 60 billion (60B) barrels. In 1950, the world's total oil endowment was estimated at around 600B barrels. From 1970 through 1990, the estimates increased to between 1,500B and 2,000B barrels. In 1994, the U.S. Geological Survey raised the estimate to 2,400B barrels, and the 2000 estimate was of a 3,000B-barrel endowment. This is possible because the world's oil endowment is much larger than its oil reserves, which are identified resources that can be economically extracted and refined using current technology. As new technologies increase the amount of recoverable oil, and market prices encourage new exploration and development, the world's total endowment goes up. That does not even include unconventional oil resources like oil shales, for example, which could easily be as large as 14,000B barrels. More than 500 years of oil supply are now known to exist at 2000 production rates, and does not include other fossil fuels, such as natural gas and coal. |
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RF Cafe began life in 1996 as "RF Tools" in an AOL screen name web space totaling 2 MB. Its primary purpose was to provide me with ready access to commonly needed formulas and reference material while performing my work as an RF system and circuit design engineer. The World Wide Web (Internet) was largely an unknown entity at the time and bandwidth was a scarce commodity. Dial-up modems blazed along at 14.4 kbps while typing up your telephone line, and a nice lady's voice announced "You've Got Mail" when a new message arrived... All trademarks, copyrights, patents, and other rights of ownership to images and text used on the RF Cafe website are hereby acknowledged. My Hobby Website: AirplanesAndRockets.com
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