We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.
Although increased drilling has added new oil to the nation's supply, it has not done so fast enough to offset the terminal decline of existing fields.
We are going to have to import more of our oil. Period.
The resource pyramid: The pyramid charts the economic feasibility of an area’s petroleum reserves. It shows a small volume of prime resource at top and, at bottom, larger volumes of lower quality resources that are more expensive to extract. The amount and nature of occurrence of oil and gas near the base of the pyramid is not well understood. Assessments slice through the pyramid, defining only resources that have economic potential within the foreseeable future. USGS image.
And M. Simmons in:
THE WORLD’S GIANT OILFIELDS
*How Many Exist?
*How Much Do they Produce?
*How Fast Are They Declining?
by
Matthew R. Simmons
Posted: Sun Nov 25, 2007 11:52 pm Post subject: Re: "Oil Barrel Pyramid Model" by M_B_S : Peak 20
Why does it have to be a pyramid? It could be a tetrahedron or some other cube-like geometry.
In other words, I think this is just a sampling exercise in creating ratios between the different land masses. This has been verified at TheOilDrum.com by at least one person.
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