Originally Posted By: Tempest
What global oil shortage? There is oil all over the place and proven reserves continue to
increase, even as use increases.
http://oilprice.com/Energy/Crude-Oil/Proven-Oil-Reserves-Will-Continue-To-Increase-With-Time.html
Is that your only source of info? That blog is from 2010 and uses 2008 data. Newer data from 2012, show reserves decreasing and the estimation highly suspect as OPEC is lying about reserves (they obviously don't want USA develop alternative sources, as it would hurt the insane profits for Arabs).
This is good food for thought:
Quote:
The sudden revisions in OPEC reserves, totaling nearly 300 bn barrels, have been much debated.[21] Some of it is defended partly by the shift in ownership of reserves away from international oil companies, some of whom were obliged to report reserves under conservative US Securities and Exchange Commission rules.[19][22] The most prominent explanation of the revisions is prompted by a change in OPEC rules which set production quotas (partly) on reserves. In any event, the revisions in official data had little to do with the actual discovery of new reserves.[19]
Total reserves in many OPEC countries hardly changed in the 1990s.[19] Official reserves in Kuwait, for example, were unchanged at 96.5 Gbbl (15.34×109 m3) (including its share of the Neutral Zone) from 1991 to 2002, even though the country produced more than 8 Gbbl (1.3×109 m3) and did not make any important new discoveries during that period.[19] The case of Saudi Arabia is also striking, with proven reserves estimated at between 260 and 264 billion barrels (4.20×1010 m3) in the past 18 years, a variation of less than 2%,[19] while extracting approximately 60 billion barrels (9.5×109 m3) during this period.
Sadad al-Huseini, former head of exploration and production at Saudi Aramco, estimates 300 Gbbl (48×109 m3) of the world's 1,200 Gbbl (190×109 m3) of proven reserves should be recategorized as speculative resources, though he did not specify which countries had inflated their reserves.[23] Dr. Ali Samsam Bakhtiari, a former senior expert of the National Iranian Oil Company, has estimated that Iran, Iraq, Kuwait, Saudi Arabia and the United Arab Emirates have overstated reserves by a combined 320–390bn barrels and has said, "As for Iran, the usually accepted official 132 billion barrels (2.10×1010 m3) is almost one hundred billion over any realistic assay."[24] Petroleum Intelligence Weekly reported that official confidential Kuwaiti documents estimate reserves of Kuwait were only 48 billion barrels (7.6×109 m3), of which half were proven and half were possible. The combined value of proven and possible is half of the official public estimate of proven reserves.[20]
http://en.wikipedia.org/wiki/Oil_reserves