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Thursday, October 28, 2010

Oils well that ends well.

http://news.blogs.cnn.com/2010/10/27/alaskas-untapped-oil-reserves-estimate-lowered-90-percent/?hpt=T2

Looks like the Alaska oil reserve estimate was off -by 90%. Drilling results from actual test wells revise the figure sharply downward.

In other oil news, Israel has discovered significant oil in the Mediterranean. Lebanon is threatening war over it, as they feel that's their oil. Turkey and Cyprus also have claims.

Interesting times ahead.

The sooner the world kicks the oil dependence, the better.

-Sixbears

4 comments:

  1. Makes you wonder just how many of these other estimates are really overestimated. What would happen if the middle east oil all of a sudden ran dry?

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  2. "What would happen if the middle east oil all of a sudden ran dry?"

    Jeez, as a Canadian, that's a pretty scary thought! Been watching what y'all been doing to get theirs...

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  3. Hmmm, and they all said us "peak oilers" were nuts...

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  4. We might be nuts, but that doesn't mean we are wrong.

    ReplyDelete