Quote:
Originally Posted by RedJewel2SS
wow, it seems alot of people in this thread believe everything they read in the news and from "studies"
i'll just make one comment on the "Reserve Life" stuff. i work as a Petroleum Engineer and i am assigned to fields in the Permian Basin (West Texas, for those who do not know). I GUARANTEE you that the life of some of the fields i work are much much much more than 8 years! the reserve life of one field i work for example has a life of over 50 years as long as the price per barrel is at or above $40. the field makes approx. 500 bbls per day, which doesn't sound like much compared to other places in the world. but as long as the field makes a profit it will continue to make oil. this is why i believe we will continue to be driving gas powered vehicles in at least my lifetime (i am 22 years old)
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No, the 8 year "Reserve Life" refers to if the US had to depend on only its own oil reserves. The Mabee, Means, McElroy, Sacroc, or even the Spraberry fields in West Texas are producing fields on the decline and have been for years. 500 bbls per day is a drop in the tanker compared to the US daily needs. There are no undiscovered fields in West Texas. Water floods, and CO2 injection can only do so much!