[KevO]

is a question I'm often asked by peak oil debunkers.
Recently they site the BP giant oil find that was main buisness news in the UK last week.
Please correct me if I'm wrong but they found 3 billion barrels worth and a billion now being 1000 million.
If we are using 80mbpd at present then that eqautes to 39 days more oil (5 and a half weeks) (80million X 39 days = 3.12 billion)
http://news.bbc.co.uk/1/hi/business/8233504.stm

And the article said that only 30% may evev be extracted so that's 2 weeks worth
So the main business news of last week is that they found 2 weeks more oil! We must really be in trouble!
comments?
also
What is the current mbpd usage?
are we at peak yet?
If not what is the latest projection of either peak and/or plateau drop off?
anyone?

many thanks in advance

[Pops]

One thing is as certain as public numbers allow:
After increasing for 100 years the r/p ratio plateaued 20 years ago at about a 40 years supply.

IOW, the oil we know is in the ground and we know how to get out would theoretically last 40 years at current rates of extraction and for 20 years now we've been finding just enough to keep up with the growing population and demand.

That doesn't necessarily mean next year we'll have 39 years worth, it doesn't mean population and demand won't change, all it means is we found oil fairly easily for 100 years and now not so much.

Personally, I think everything else is speculation.


P.S. I don't know the exact numbers, you can look it up on BP's charting tool.

[efarmer]

I like your answer Pops, but my new debate opponent has posed
an important question to me, are those human or dog years?