Friday, July 18, 2008

Oil is discovered in Caspian Sea

So, it looks like a Swedish firm has made a nice find of oil in Russia’s north Caspian Sea. Try and guess how long it’s going to take them to start drilling. Do you think that it will take 5 years? Or perhaps it will maybe take 10 years? Nope. Try the end of September of this year. The Russians aren’t squeamish about putting their resources to work, that’s for sure.

BTW, with a major oil find off the coast of Brazil, this finding in the Caspian Sea and all the untapped potential in North America, the talk by people that constantly rail about oil running out very soon or how far past the world is from Hubbard’s Peak is sheer conspiracy babble.


ubergroov said...

Watch this video to learn why the intended message of this article is completely wrong.

Any new oil discoveries amount to just drops in the bucket and can only slightly delay the inevitable. We need to increase efficiency and find a new energy source fast.

VH said...

Thanks for the video link. It is good one.

Our economy is far more energy efficient (in regards to oil) now than it was 30 years ago and we continue to make head way in efficiency primarily due to our technology. While I understand that the world is using more oil than ever, and that this trend will continue, as economies become richer they will become more efficient also: Developed countries are far more energy efficient and cleaner than poor ones or developing ones.
Until we discover a “new energy source” what is inevitable is higher gas prices if we don’t continue to explore for new oil resources.

Thanks for your post