Oil and gas resources – The realities climate alarm cannot avoid – Part One
By Dr. Jay Lehr, Robert Lyman |April 11th, 2022|Energy|7 Comments
A central thesis of those who advocate for complete “decarbonization” of the global energy economy is that the world’s reserves of oil and natural gas are steadily declining and becoming far too expensive to produce.1 The “end of oil” story has been published many times over several decades, and by repetition alone has become broadly accepted in the media and by many in government. The purpose of this series of essays is to examine what the best available expert analysis indicates about the present and potential future of oil and natural gas resources and what this means for the climate policy debate in The US and other countries.
What these essays will show is that the world’s supply of economically and technically recoverable oil and gas resources is enormous and growing. The sources of supply in the future will increasingly move to developing regions that value their economic contribution, and it will be virtually impossible for climate campaigners to impair these developments.
Defining Supply
Too often, those unfamiliar with oil and natural gas industries consider the supply of these commodities purely in terms of their annual production. When they think of future security of supply, they consider it as the period of time during which the currently proven reserves can supply current levels of demand. Thus, the website Worldometer recently presented the current level of proven oil reserves in the world as 1.65 trillion barrels, about 47 times current levels of oil consumption, and stated this indicated there was only 47 “years of oil left”.
https://www.cfact.org/2022/04/11/oil-and-gas-resources-the-realities-climate-alarm-cannot-avoid-part-one/?utm_source=rss&utm_medium=rss&utm_campaign=oil-and-gas-resources-the-realities-climate-alarm-cannot-avoid-part-one
