Re: tidbits on oil

From: Walter Hicks (
Date: Sat Jan 19 2002 - 15:43:30 EST

  • Next message: Glenn Morton: "RE: tidbits on oil"

    Interesting analysis --- and rather frightening. I've heard of another
    possible energy source, OTEC (Ocean Thermal Energy Conversion). The web
    site goes into a discussion of U.S.
    activities. The U.S. seems to be funding some research in the area but
    it does not seem to be very substantial.


    Glenn Morton wrote:

    > Hi Jack,For the UK, it is predicted that within 3 years they will be
    > a net importer of natural gas. They already have the gas
    > interconnector to Norway ready to go. Eventually the UK and Europe
    > will depend upon Algeria and Russia for their supplies of natural
    > gas. Expect there to be less close ties to the US.I don't know the
    > 2001 oil consumption figure for the UK but in 1998, they consumed 1.78
    > million bbl/day. Even if that rate had remained constant, the UK is
    > now producing only 2.2 million bbl/day. If we continue with a 15%
    > decline rate, we will be importing oil before I come back to the
    > States in a year and a half.The implications of this are that the
    > taxes collected on this oil will be in serious decline putting
    > pressure on social services. I have a friend whose husband is an
    > economist over here and he says that this is the last generation of
    > Brits who will have the social net that they have. However, the
    > British government gets $96 dollars per barrel in taxes off of oil
    > (not just UK oil). This will have to rise to make up the extra taxes
    > they are able to collect from the North Sea.Jobs will decrease in the
    > oil industry so Scotland will feel that pinch, especially Aberdeen.
    > They will have to find new industries to live off of. Fishing is
    > practically dead and farming in this country is not very
    > lucrative. Once again, I would point people to my web
    > page for
    > a fuller discussion of the implications of running out of oil.
    > -----Original Message-----
    > From: Jack Haas []
    > Sent: Friday, January 18, 2002 11:38 PM
    > To:;
    > Subject: Re: tidbits on oil
           Glenn,Do you have any comment on the economic effect on the UK of
           the continuing decrease in oil production that you report?Jack Haas
           -------Original Message-------

           From: Glenn Morton
           Date: Saturday, January 19, 2002 06:54:27
           To: Asa@Calvin. Edu
           Subject: tidbits on oil
            While the current recession, fear of flying and a relatively warm
           have drastically dropped the demand for oil, the long term picture
           does not look great. Opec's reserves as a percentage of world
           continues to climb. Reserves are the amount of producible oil still
           in the
           ground. Here is the data

           1980 Opec had 60% of world reserves
           1990 Opec had 76% of world reserves
           2001 Opec has 79% of world reserves

           They are growing because the rest of the world is pumping out their
           as is happening in the UK. The Guardian this week wrote:

           “The drop in crude output for the second year running confirms that
           as an oil nation reached its peak in 1999 when it produced 2.8 m
           barrels a
           day. Output fell to 2.6 m barrels in 2000 and has plunged a
           precipitous 15%
           to 2.2 m over the last 12 months.” “Buzzard’s boost,” The Guardian
           Jan 18,
           2002, p. 23


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    Walt Hicks <>

    In any consistent theory, there must exist true but not provable statements. (Godel's Theorem)

    You can only find the truth with logic If you have already found the truth without it. (G.K. Chesterton) ===================================

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