Saturday, October 15, 2005

THE OIL RESERVE FALLACY


Proven reserves are not a measure of future supply

The Middle East does not have two thirds of all world oil reserves
, as is claimed by the oil companies and the US Dept. of Energy. It only has two thirds of "proven" oil reserves. According to the US Geological Survey, other categories of oil reserves need to be taken into account. They say the Middle East has only half to one third of recoverable world oil reserves.

The idea that only the Middle East has the key to the world's energy future is not true and is politically dangerous.


This an in-depth view


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