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Energy Experts At Odds
Over World Oil Supply
By Ronald G. Nelson, Oil & Gas Consultant, Reservoir Engineering
il is the most convenient energy barrels) and only about 100 billion bar- nology that shows promise to reverse
source for the United States rels remains undiscovered today. Using this trend in exploration or production.
and the developed or develop- this method in 1956, Hubbert predicted About 70% of our global oil supply
ing nation of the world. Nations that . oil production would es from fields discovered more than
have e dependent on an abun- around 1971. 30 years ago. Reserves estimates are
dant supply of fossil fuels. Coal was the Widely ridiculed at the time, Hubber’s also cause for alarm. Royal/Dutch Shell
fuel of choice for the 19th century and findings proved to be amazingly accu- reduced its proven oil reserves by 24%
oil was the choice in the 20th century. rate. His estimate of gross ultimate oil last year; El Paso had to lower its
The wealth and prosperity of nations is reserves has actually been exceeded, reserves by 40% as well, so natural gas
based on the continued growth of a but he only considered the lower 48 reserves are equally suspect.
cheap energy supply. states in his study. Large reserves were The reserves of some OPEC nations
In the last half of the 20th century, later discovered in Alas