Oil Is Well On Earth

A landmark study of more than 800 oilfields by Cambridge Energy Research Associates (Cera), concluded that the world is not running out of oil. BP economist's also say that world oil production will increase by over 25% in the next ten years, and the world's largest oil field in Ghawar, Saudi Arabia, was not failing one iota:

Peter Jackson, the report's author, said: “We will be able to grow supply to well over 100million barrels per day by 2017.” Current world oil output is in the region of 85million barrels a day.

Cera reckons that oil output, including unconventional oil, such as tar sands, could allow oil to peak at much higher levels of as much as 112 million barrels per day, with average rates of more than 100million bpd.

The Cera analysis targeted oilfields producing more than 10,000 barrels a day of conventional oil and concluded that overall output was declining at a rate of 4.5 per cent a year and that field decline rates were not increasing.

Maybe if we all crowd together in a drum circle and chant "alternative green energy", this report might disappear.

Just like every piece of junk science and insane conspiracy theory ever to leave their lips, the environmental crowd is wrong again. That makes them what, 0 for 5000?

It's okay, maybe they'll get something right next week. I hear killer bees are making a comeback! Hooray!

Jeeves, gas up the SUV!