Geologist: Earth has lots and lots of oil (error in DRUDGE story - UPI may fix)

DRUDGE - UPI ^ | 10/20/06 | Not Listed

[caisson71]

I also read somewhere that a bunch of Russian scientists published a paper that says oil might also be a renewable resource.

[SamAdams76]

Actually we have 57.8 quadrillion barrels of oil in the earth presently so it will be a while before we run out.

Someday, we are going to tunnel to the core of the earth. We won't find any oil there but it will solve our heating problems for a while.

[thackney]

I missed the switch for discussion of oil to the price of gasoline. For Gasoline, the original article was correct.

[Lokibob]

Yep, and in the early 60's, a loaf of bread was 20 cents, today $2.00

Early 60's, a VW was $1800, now $18,000

Gas, 30 cents/gal, $3.00 today.

[Hardastarboard]

Move the decimals on both one to the right

Amazingly astute analysis. I've noted for a long time that if you take the model number of a BMW and multiply by about 110, you get the approximate price of the car (pointless observation, I know).

[thackney]

I don't see how your chart compares barrel prices 1898 to 1998.

Correction...compare 1903 to 1998.

The black line is the inflation adjusted price in 2006 dollars. To compare any years, find those locations using the time scale on the bottom. But I fear I am probably misunderstanding your question.

[GOP_1900AD]

He's a Cheney, part of the HAAAAAAAAliburton conspiracy ... /sarc

[TexasTransplant]

Look at those Jimmy Carter Years!

[Barnacle]

And, in the 60's I cut lawns for a dollar and I smiled as I did it too. Because, that could buy me 20 candy bars.

[Extremely Extreme Extremist]

I read Gold's theory that the Earth is loaded with oil and oil did not originate due to decaying plants and animals. I always thought that idea of oil being limited, and due to dead animals sounded too far fetched.

I Never bought into that BS either. Do you know how many dinosaurs had to have decomposed? C'mon. My BS meter went into overdrive in grade school.

[raybbr]

"The most common question I get is, 'When are we going to run out of oil?' The correct response is, 'Never,'" said Cheney. "It might be a heck of a lot more expensive than it is now, but there will always be some oil available at a price, perhaps $10 to $100 a gallon."

Did he really say "gallon" and not barrel? I thought that's where the error was.

[pwatson]

Another theory is that 90% of living biomass on the planet is in the form of bacteria in the soil and earth. It has been postulated that the bacteria in the ocean crust is producing the oil.

[danamco]

To beat thev lefties to the punch:

With a name like Eric Cheney, there just HAS to be a Haliburton - BushHitler connection, therefore making this whole article a lie to give more tax money to Big Oil.

;-)

/snarkiness off

Where is Paul Ehrlich in this mixture???

[ChildOfThe60s]

When I graduated from HS in 1970, my dad said go to college and get a good job for $12K and live pretty well as a single guy. How quaint that sounds now.

[theBuckwheat]

>>
"The most common question I get is, 'When are we going to run out of oil?' The correct response is, 'Never,'"
<<

I would respectfully suggest that the correct answer is that the issue is the price of hydrocarbons in suitable forms and quantities. We will never run out. Indeed, we are awash in hydrocarbons that can be refined and converted into any other form we need. The only question is cost.

It appears we have run out of crude that only costs the Saudis $5/bbl to pump out. But given a high enough market price per barrel, we have more hydrocarbons in the form of coal under Illinois than the Saudis have in all their oil.

Even sewage sludge and waste from turkey slaughtering can be converted into biodiesel at no more than the present retail price.

[USFRIENDINVICTORIA]

"...to the concept of repleting oil and gas fields in the gulf of Mexico."

If oil and gas fields could be repleted, does that mean that pumping CO2 into them for sequestering would be a bad idea -- because there would be no room left for new oil or gas?

[marvlus]

In the 60's, as a young boy, I cleaned fish during the summers. Charged the fishermen .03/fish. Saved up a hundred dollars one summer. (Yep, that's a lot of fish).

[Duke Phelan]

Before people start saying things are more expensive now than they were back then you have to look at what it was you were using for money.

In 1964 a gallon of gas could be purchased for roughly $0.30/gal. The 3 dimes were composed of 3/10 ozt. of silver at that time. Look at the price of silver today at roughly $11.88/ozt those three silver dimes would be valued at $3.56 so gas is cheaper today than it was back then.

Today's paper money has no value, it's value is artificially made by declaration on the fiat bills where it says this bill is good for all debts public and private.

[paulat]

In the 60's, as a young boy, I cleaned fish during the summers. Charged the fishermen .03/fish. Saved up a hundred dollars one summer. (Yep, that's a lot of fish).

Great image of what it really takes! Thanks!

[beyond the sea]

I don't know.

The one thing that I'm rather sure of....... is that there is a lot to learn about this, and that there is much more oil than anyone really knows.

And, that old story about oil coming from old dead dinosaurs and leaves is so much bull.

And, the oil companies have been lying about a lot of things for a lot of years.

They most likely have been responsible for shutting down and killing new technologies for many decades. To me, they do a lot of things real well, but they are most likely very evil in the end. The end result of everything that oil companies have done to the world will be extremely destructive. It need not be that way................... but GREED rules mankind unfortunately.

****

p.s. My nephew just moved on Thursday to Victoria from Ottawa. Say, "hi".