Article: http://www.dailytech.com/Geologists+Find+90+Billion+New+Barrels+of+Oil+in+Arctic/article12481.htm
Race to claim begins
The Arctic may hold far more oil than previously thought; as much as 90 billion undiscovered barrels according to a new study released today by the US Geological Survey. The new amount, equivalent to nearly 20 years of US foreign oil imports, is worth over $11 trillion dollars at current oil prices . One third of the amount may lie in Alaska alone, according to the study’s authors.
The region also holds nearly 1,700 trillion cubic feet of natural gas, 27% of known world gas reserves. Counting known deposits already surveyed, total oil and gas deposits in the Arctic are more than 410 billion barrels.
The study, known as CARA — Circum-Arctic Resource Appraisal — included only those deposits that could be tapped with current technology. Future advances would likely boost the number further. Researchers in Denmark, Greenland, Canada, and Norway contributed data to the study.
According to project chief, Donald Gautier, “The extensive Arctic continental shelves may constitute the geographically largest unexplored prospective area for petroleum remaining on Earth.”
A geopolitical scramble for the resources is beginning. Russia has taken steps to secure rights to the region, last year sending a nuclear-powered ship to map a possible undersea connection between Siberia and the North Pole. This would allow the nation a rationale to circumvent the UN 200-mile limit of offshore resource claims.
Seven other nations have claims for the area, including Norway, Sweden, Canada, and the U.S. Earlier this month, Canadian Prime Minister Stephen Harper said the nation intends to “defend” its sovereignty in the Arctic, backing up the statement with a plan to divert 8 military patrol ships to the region, along with a new deep-water port.
http://thesenatorhillary.blogspot.com
Duration : 0:2:11
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December 15th, 2009 at 12:20 am
this video proves …
this video proves their is still a few idiots in the world. even if they found more than that, in the time it takes to get it to market our other oil reserves will have fallen enough where it won’t make much of a difference.
December 15th, 2009 at 12:20 am
Your right it works …
Your right it works out to about 3 years, don’t we use about 85 million a day right now. And that number is going up. People are so ignorant to what really is happening.
December 15th, 2009 at 12:20 am
i always believe …
i always believe stephen hawking
December 15th, 2009 at 12:20 am
90billion barrels? …
90billion barrels?
not enough to last but a couple years
when will idiot repukes open their eyes?
December 15th, 2009 at 12:20 am
We need to stop …
We need to stop wasting time and money looking for more oil and start mass building renewable energy solar plants, wind, geothermal etc. instead. However I will say that oil is important in making many other products so it would be nice if we could save the remaining oil on the planet for none fuel related products.
December 15th, 2009 at 12:20 am
The oil in …
The oil in Antarctica would not stop peak oil. It would push it back a year or two. This video is bullshit. Look into Hubbert if you don’t believe me. He’s the one I’m quoting.
Peace.
P.S. He predicted peak oil in 2000. His data didn’t include new oil discoveries after he made his prediction in the 60’s. When you calculate it you end up with 2010-ish. Get a bike and grow a garden.
December 15th, 2009 at 12:20 am
It says, in the …
It says, in the article linked this video in the notes, that – “The new amount, equivalent to nearly 20 years of US foreign oil imports, is worth over $11 trillion dollars at current oil prices”.
OK, 20 years. 20 years is nothing; yes it’s a long time to wait for a bus for example but for an entire civilisation’s energy source it’s nothing.
Head in the Tar Sand is it?
December 15th, 2009 at 12:20 am
We need this to …
We need this to replace canteral and gawar. Canterell is already in decline and Mexico could become a net importer by the end of 09. Gawar is like 50 some years old and will soon go into decline, although the Saudi’s don’t release this data, it’s pretty well known that they are near peak.
December 15th, 2009 at 12:20 am
90 billion barrels …
90 billion barrels in place sounds like a lot, but it isn’t. Probably close to half of that is unrecoverable. As price goes up, many of the old wells will start working again, just like they were during the 08 oil bubble. Abandoned wells is probably the 2nd biggest known reserve in the world, the first is conservation. Liberate the workforce and stop using tractor trailers for god sake.
December 15th, 2009 at 12:20 am
switch to clean …
switch to clean renewable energy !
December 15th, 2009 at 12:20 am
And the demand …
And the demand grows exponentially because of population and industrialization of developing countries. The population today is artificially large because of an artificially large food supply due to cheap energy aka die off is inevitable. Things will have to fall back into equilibrium once the peak occurs.
December 15th, 2009 at 12:20 am
If its true than Im …
If its true than Im happy but it doesn’t change the fact that oil is a limited resource so its not a question of if the peak will occur but when.
December 15th, 2009 at 12:20 am
please check …
please check reality. this is propaganda.
December 15th, 2009 at 12:20 am
90 billion barrels …
90 billion barrels = 3 years of world consumption.
Yawn
Big deal.