Apparently not in Britain. Vladimir Putin and the Arabs hardest hit.
"Two months ago, a small British oil exploration firm shocked the world when it announced a massive new oil discovery in southeast England, describing the site underneath Gatwick airport as a “world class potential resource.” The lucky firm, UK Oil & Gas Investments, estimated that the region’s Weald basin held as many as 158 million barrels of oil per square mile, which extrapolated out could mean a grand total of more than 100 billion barrels. Now, an outside assessment estimates the basin to contain 271 million barrels per square mile—72 percent more oil than was initially reported. "
I am starting(years ago) to believe that oil is a renewable resource. Yeah, yeah, many of the 'finds' lately have been fields that wouldn't have been economically feasible at a lower per barrel price. But - for the most part, oil prices are pretty stable right now, so companies are exploring and exploiting easy to get oil. AND - abandoned oil fields have been found to 'refilled' to the point that removing the 'new' oil is profitable.
ReplyDeleteMy 2 cents - for what it's worth. Which ain't 2 cents!!
There is an immense amount that we don't know. I have also heard that oil fields tend to recharge somewhat if left alone after being pumped "dry."
Delete