Friday, April 22, 2005

Oil Reserves Are Increasing ???

Oil Reserves Are Increasing by George Crispin: "Eugene Island is an underwater mountain located about 80 miles off the coast of Louisiana in the Gulf of Mexico. In 1973 oil was struck and off-shore platform Eugene 330 erected. The field began production at 15,000 barrels a day, then gradually fell off, as is normal, to 4,000 barrels a day in 1989, Then came the surprise; it reversed itself and increased production to 13,000 barrels a day. Probable reserves have been increased to 400 million barrels from 60 million. The field appears to be filling from below and the crude coming up today is from a geological age different from the original crude, which leads to the speculation that the world has limitless supplies of petroleum."

I would not go so far as this gentleman does, but theory of Dr. Gold does desearve more consideration. What theory is that you ask? Namely, that oil is of primordial pre-biologic origin. In the strong version of the theory, we can't run out, because more is always being made. In the weak version, we can say, 'yes, but so what?'

Just because it is being produced continually does not make it useful. I have serious reservations about the strong version of this theory, but the weak version is worthy of far more consideration than it is normally given. However, old theories die hard. Often times, the only reason new theories can flourish is because the old generation dies off and those less set in their ways see some merit in it.

However, even if the strong version were true, the concept of peak oil is still a valid threat, because, we are still very limited in how fast we can get it up. It would however put the looming peak oil crisis off for many years.

Energy is going to be an important research topic in the future. Things will not continue are they currently are.

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