Bad Economics
How ignorance of basic science and economics will create a bleak future.
Tue, 05/13/2008 - 09:12 — justjohn
So while reading the comments on one of the more creative online videos that talks about peak oil, I was struck by the preponderance of replies that seem to state absolutely magical beliefs in what science can do. Such as...
“There's enough oil under the north slope of alaska to supply the US for the next 200 years. Not only that, but old wells can be re-explored and often are found to have re-filled.” -deaglek
Ok, so deaglek may not have even a simple grasp of mathematics but most people should be able to follow this simple number crunch. Here's the facts, the total proven crude oil reserves, in the ground, in the lower 48 states and Alaska are about 20 billion barrels of crude. The US consumes about 20 million barrels a day, multiply that by 365 days in a year, and you find that we consume about 7.3 billion barrels of crude a year. So, in less than 3 years we would consume all of the available oil in the US, that includes the Alaskan north slope.
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