[Marxism] Re Peak Oil

Jon Flanders jonflanders at jflan.net
Fri Oct 14 20:30:13 MDT 2005


> <http://www.nytimes.com/2005/10/14/business/14oil.html>
> 
> "Chevron said on Monday that it was moving ahead with a $900 million 
> development called, without irony, Blind Faith. The field, discovered 
> in 2001, has potential reserves of 100 million barrels of liquids, and 
> is expected to start producing in 2008."]
> 


100 million barrels is a laughably small amount of oil compared to Saudi
Arabia's Ghawar which after 50 years is still producing nearly 5 million
barrels a DAY. Of course now it is taking 7 million barrels a day of
water injection to get this result.

It just shows how desperate the situation is that oil companies are
making these kinds of investments.

Jon Flanders





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