Billy Writes A Little

How about a little reading material?
High gas prices means we're running out of oil, Right?

Well not according to This article.

How Much Oil Is Left?
"Scaremongers are fond of reminding us that the total amount of oil
in the Earth is finite and cannot be replaced during the span of human life.
This is true; yet estimates of the world’s total oil endowment have
grown faster than humanity can pump petroleum out of the ground"

Hmmm, so we are constantly finding new oil. Who knew?
And to prove the point, did anyone hear about this on the news lately?

Scientists Discover (Biggest Ever) Oil field off U.S. coast.

"The find is some 60 billion barrels or 3 Times more than current US recoverable Oil of 20 Billion barrels."

"This is enough Oil to make the US self sufficient and make
foreign Oil supply disruption a thing of the past."

Maybe i wasn't paying attention. After all it was May 1, 2006.
Who knew?
Actually Larry Cathles did in 2003.

Cathles and his team estimate that in a study area of about 9,600 square miles off the coast of Louisiana, source rocks a dozen kilometers down have generated as much as 184 billion tons of oil and gas — about 1,000 billion barrels of oil and gas equivalent. "That's 30 percent more than we humans have consumed over the entire petroleum era," Cathles says. "And that's just this one little postage stamp area; if this is going on worldwide, then there's a lot of hydrocarbons venting out."

But hey lets for arguments sake, say we didn't discover this whopper of an Oil Field.

"The estimates above do not include unconventional oil resources. Conventional oil refers to oil that is pumped out of the ground with minimal processing; unconventional oil resources consist largely of tar sands and oil shales that require processing to extract liquid petroleum. Unconventional oil resources are very large. In the future, new technologies that allow extraction of these unconventional resources likely will increase the world’s reserves.

* Oil production from tar sands in Canada and South America would add about 600 billion barrels to the world’s supply.

* Rocks found in the three western states of Colorado, Utah and Wyoming alone contain 1,500 billion barrels of oil.

* Worldwide, the oil-shale resource base could easily be as large as 14,000 billion barrels — more than 500 years of oil supply at year 2000 production rates."
.

And what the heck is going on at Eugene Island 330?
An oil field re-filling? Now we have too much Oil!

Well i for one think that ought to be enough... for now.

So why the high gas prices?

The Myth Of Peak Oil -
An internal Chevron memo states; "A senior energy analyst at the recent API convention warned that if the US petroleum industry doesn't reduce its refining capacity it will never see any substantial increase in refinery margins."

The Memos make clear that blockages in refining capacity and opening new refineries did not come from environmental organizations, as the oil industry claimed, but via a deliberate policy of limitation and price gouging at the behest of the oil industry itself.

Just a little research i did to help me understand why the high prices. And why if they say we are running out of oil that the big oil companies aren't running scared and trying to find alternative fuels. The reason i believe they aren't is...

1. We aren't out of oil, Just the opposite. There is a huge supply.

2. If it was common knowledge how much oil we really had, the price per barrel would collapse.

... well thats what i found out.

Links:
National Center For Policy Analysis - Are We Running Out of Oil?

NewTechSpy - Scientists Discover (Biggest Ever) Oil field off U.S. coast

GeoTimes - Raining hydrocarbons in the Gulf

WSJ - Odd Reservoir Off Louisiana

The Myth Of Peak Oil