Just recently, a very large amount of oil was discovered in the Gulf of Mexico, equal to about half of all oil currently thought to be available under U.S. soil and territories.
The technique used to tap this reserve sunk a drill in over a mile deep ocean and then drilled another 4 miles into the bedrock.
If some company can drill in an ocean a mile deep and bore in four more miles, then oil drillers can reach oil almost anywhere.
How much of the Atlantic and Pacific have been drilled?
There must be so much damn undrilled oil available to the world that there really was no oil shortage at all, only a fear of shortage.
What do you think? What about Iraq?
2006-09-06 14:15:18 · 11 answers · asked by Wait a Minute 4 in News & Events ➔ Current Events
My understanding is that there are many known oil reserves that are either 1) too costly or impossible to extract or 2) of poor quality. There is a large known reserve in Cuban waters that various countries are bidding for.
As new drilling technologies develop, previously unreachable reserves become reachable - so yea, I don't think the end of fossil fuels will happen anytime in the next 50 years.
During the gas shortage of the early 70s, we were all led to believe that fossil fuels would run out long before now. Yet, here we are 35 years later and there is still no real end in sight.
Still - I'm tired of being jacked around every summer and I honestly believe we will see a spike to $4/gallon in the US next summer. So, my next car will either be a Hybrid or something that gets 30mpg+.
2006-09-06 15:01:54 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Seems the planet is making more all the time but it is getting harder and more expensive to extract it. Shale oil for instance requires a great deal of water and heat and leaves a tremendous amount of ecological damage.
The real restriction right now is the lack of spare refinery capacity. And of cousre no one wants a new refinery in their backyard. Heck even Kennedy doesn't want a windmill farm in his backyard even though he pushs that as an important alterative fuel source.
If we had started on alternatives 30 years ago we could be energy independent like Brazil is now. But no one wanted to invest in that. Private interprise could not when the price of crude was less than $40. And no one would pay any taxes for the R&D. Now we bear the cost. The shortsightedness and the big engines and SUV's come back to bite ya.
2006-09-06 14:58:22 · answer #2 · answered by gatzap 5 · 1⤊ 0⤋
Well considering how much oil is needed to fuel the machinery in every nich of the world has to be calculated. Include the countries that do not have an abundance of oil and then the trade prices skyrocket because of the demand to those areas in particular.
Fossil fuels are not endless, they need time to accumulate. If the fuel is being taken out faster than it can reproduce itself then of course it will eventually dry up.
2006-09-06 14:18:53 · answer #3 · answered by ~*Renaissance*~ 3 · 1⤊ 0⤋
Limitless my ***. The fact is is that we are storing all of our oil in reserves in case of emergency. and there is always a fear of shortage. there is an overall amount to just how much oil there can be. And if you are one of the people that think that the iraq was was started to get thier oil then i am wasting my time answering.
2006-09-06 14:24:51 · answer #4 · answered by obsessive_writer 2 · 0⤊ 0⤋
There is a lot of oil, but it is by no means unlimited, and we have exponentially found uses for it. You can destroy any ecosystem you want getting to the oil, but eventually we'll run out. So, why not find an alternative before we make everything so ugly and messed up?
2006-09-06 14:18:33 · answer #5 · answered by just browsin 6 · 1⤊ 0⤋
Hate to tell you but there is and always will be a shortage the planet has a limited supply the question is can we find all the places its hidden in ---- unlikely.
the real question is when we take billions of barrels of oil out of the ground what is taking its place? wouldn't the planets upper layers cave in is it worth the risk
2006-09-06 14:23:52 · answer #6 · answered by topgunpilot22 4 · 0⤊ 0⤋
Did you ever stop to think what happens to the earth once more and more oil is pulled out? I wonder what happens to the empty spaces. The planet has to compensate somehow
2006-09-06 14:22:12 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Still, there is only a limited supply of oil, because the demand is so huge (mostly from the U.S.). There is, however, a 25,000 year supply of brake fluid.
2006-09-06 14:18:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Not Limitless but it could help us for the next 50 years or so.
2006-09-06 14:20:54 · answer #9 · answered by Dr. Nick 6 · 0⤊ 0⤋
No, but apparently the greed of those selling it is unlimited.
2006-09-06 14:21:02 · answer #10 · answered by Repub-lick'n 4 · 0⤊ 0⤋