madrmc wrote:In the Middle East alone, for example, reserves have doubled in the past 25 years despite significant production and few new discoveries. As one professor put it, "It would take a pretty big pile of dead dinosaurs and plants to account for the estimated 660 billion barrels of oil in the region."
I would attribute that to technology, it's also within Saudi Arabia's best interest to bolster claims of reserves which may be another factor. Additionally as I have been reading a little more on this and the bulk of Saudi's oil production come s from 5 fields, all found between 1940 and 1960. There has been no major new fields found since then. More than half of it comes from 1 field alone. They are extended the life of the fields by injecting water into them and using differen drilling techniques. This has also lead to increase in the cost of production because they now recover water with the oil which leads to a secondary recovery. This reflects what Mr. Hubbert whom I linked to above has stated, at some point it requires more energy to extract the oil than what you get out of it.
Even if we assume that this theory is true then obviuosly it is not being regenerated very fast. Evidence of that would be the decline of production in the US, Russia and other places. Keep in mind the US is pumping less oil now than it did in 1970.
At what point did this become a oil discussion?