Thursday, September 03, 2009

barely believable

Over the last couple of days it's been all over the news.

'Giant oilfield discovered in the Gulf of Mexico!!!'

Shell shares go up 2% on the day. Peak Oil is over!

There was no mention of the size of this oilfield so I did some searching.

Amazingly this 'giant' oilfield, the saviour of globalisation and the rubbishing of Peak Oil is expected to produce - wait for it!!! - 600 million to 900 million barrels of oil. In other words, at current consumption rates (about 82 million barrels a day), 11 days worth!!

This says a lot about how deep the crisis is. That such a tiny and inconsequential find should set the markets alight and warrant 2nd or 3rd headline on the news shows how serious our situation is.

This is the biggest find this year. To keep the oil flowing we really need to make a discovery as large as this every fortnight ...
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