Yeah sure....the world is running out of oil

[Christians4LessGvt]

Venezuela oil "may double Saudi Arabia"  



Venezuela holds the largest oil reserves outside the Middle East

A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia.

Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought.

The geologists estimate the area could yield more than 500bn barrels of crude oil.

This assessment is far more optimistic than even the best case scenario put forward by President Hugo Chavez.

The USGS team gave a mean estimate of 513bn barrels of "technically recoverable" oil in the Orinoco belt.

Chris Schenk of the USGS said the estimate was based on oil recovery rates of 40% to 45%.

Petroleos de Venezuela SA (PDVSA), Venezuela's state oil company, has not commented on the news.

However, Venezuelan oil geologist and former PDVSA board member Gustavo Coronel was sceptical.

"I doubt the recovery factor could go much higher than 25% and much of that oil would not be economic to produce", he told Associated Press news agency.

Venezuela holds the largest oil reserves of any Opec country outside the Middle East. Saudi Arabia has proven reserves of 260bn barrels.

http://news.bbc.co.uk/2/hi/americas/8476395.stm

[kimba1]

isn`t thier oil most costly?

more sulfer than middle eastern oil,meaning a more expensive refining process.

[Christians4LessGvt]

be positive Kimba!
shipping would be less
the glass isn't always half empty
it's half full!
 

ps: we just need to annex kuwait anyway

[Xavier_Onassis]

Venezuelan crude, as a rule,  is thicker and has more sulfur in it. Each deposit is different, so until it is analyzed, I do not think that valid assessments can be made.

Eventually, humans will run out of oil: there is no more being created. And burning it is unhealthy for the Planet. Most of these stories one sees in the paper are just hype. The US tar shale is also supposed to hold more oil than Saudi Arabia.

[Amianthus]

Eventually, humans will run out of oil: there is no more being created.

Sure there is; it's just not being created as fast as we're using it.

[Xavier_Onassis]

Sure there is; it's just not being created as fast as we're using it.

====================================
I know it is not made from deceased dinosaurs, but it is not being produced at any appreciable rate. In any event, we need to become less dependent on oil.

Have you noticed that ALL discoveries of oil tend to resemble ALL drug busts?
They are all huge, they are mentioned in the news for a week or so, and then you hear no more.
The Rocky Mountain Oil shale gets mentioned about every six months or so, though I think it is sort of like undertow from the blogosphere. The article dredged up always announces that there is another Saudi Arabia of crude locked in the shale.

Yeah, and a lot of delicious, yet prehistoric fish surely frozen in Antarctica. There are troves of diamonds seventeen miles under the Earth's crust, somewhere as well.