The Mudcat Café TM
Thread #66696   Message #1461414
Posted By: GUEST,Larry K
14-Apr-05 - 04:39 PM
Thread Name: BS: Oil will run out
Subject: RE: BS: Oil will run out
I was at the Federal Reserve Bank Energy Seminar a month ago.   Stephanie Balltels from the EIA division of the Department of Energy gave one of the presentations.   An interensting tidbit:

In 1971 the oil reserves for the world were estimated at 200 billion barrels.   Since that time we have pumped 400 billion barrels and the oil reserve is estimated today at 209 billion barrels- more than in 1971.   That is because of costs and technology we have discovered new sources and reserves such as the Gulf of Mexico.

I am a big fan of renewable energy but have grave concerns.   About 20 states in the country have mandated standards.   According to Global energy Solutions in California, but 2020 we will have a shortfall of 52,729 MW with an investment of $53.4 billion dollars just to meet the mandated standards.   76% of this is supposed to come from wind energy.   I just don't see how that is going to happen.
That doesn't even account for voluntary programs or new mandates.