BP lowered its estimates of proven oil reserves for the first time since 1990.
Yesterday, the British oil behemoth released its annual “Statistical Review of World Energy,” and what’s inside portends the end of the cheap oil era.
World oil reserves declined by more than 1 billion barrels between 2006-2007, BP claims. The 1 trillion barrels in reserve and projected global production is enough to last the world no more than 40 years at the rate of current consumption.
They also predicted global oil output would continue to rise to meet demand, but that growth would depend on areas outside the industrialized countries and in regions where state oil firms dominate. How wonderful for our favorite megalomaniacal dictator, Hugo Chavez.
Our Peak Oil pro Byron King is making his way back from Alaska, where he met to talk “inside baseball” with a cadre of energy analysts and geologists, including a few muckity mucks from BP. He’s preparing a report for you on the impact this latest news from BP will have on the energy markets… stay tuned.
World oil reserves declined by more than 1 billion barrels between 2006-2007, BP claims. The 1 trillion barrels in reserve and projected global production is enough to last the world no more than 40 years at the rate of current consumption.
They also predicted global oil output would continue to rise to meet demand, but that growth would depend on areas outside the industrialized countries and in regions where state oil firms dominate. How wonderful for our favorite megalomaniacal dictator, Hugo Chavez.
Our Peak Oil pro Byron King is making his way back from Alaska, where he met to talk “inside baseball” with a cadre of energy analysts and geologists, including a few muckity mucks from BP. He’s preparing a report for you on the impact this latest news from BP will have on the energy markets… stay tuned.
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