Uranium lead dating artifact top commentators closed X xnx
it wasn’t profitable for the past 100 years to extract it. Furthermore, the world has been consuming about an average of 70 million barrels per day of conventional oil production since 2000 (the total liquid production is higher, but includes oil sands, deep water, shale oil, natural gas liquids, biofuels and etc).
This is all due to the falling EROI – Energy Returned On Investment in oil and gas industry.My intuition tells me that global liquid oil reserves will fall even lower due to the next two charts in the following section. In my article, , I posted the following chart: The amount of debt (as outstanding bonds) that comes due in the U. energy industry jumps from billion in 2016 to 0 billion in 2018.Over the next several years, the amount of debt that comes due in the U. Furthermore, this continues higher to 0 billion in 2022.So, not only are conventional oil discoveries falling the lowest since 1947, companies are now forced to downgrade their total liquid oil reserves due to lower oil prices.This can be seen more clearly in the EIA chart below: The “net proved reserves change” is shown as the black line in the chart.