In the short term, we need more coal, oil, and natural gas. We have 100+ years of natural gas. We also have more oil, (if you count Canada and Mexico), of 1.7 trillion barrels of oil. That's more oil than
Saudi Arabia, which has proven reserves of only 2.6 BILLION, barrels of oil.
At the Chicago Booth Graduate School of Business Management Conference Friday, I listened to a panel discussion on energy. It was interesting, primarily because the two panelists didn’t mince words.
They offered up some interesting stats. Did you know that Chevron ($CHV) spends $33 billion a year just to keep the doors open and the lights on. Amazing operating budget. For that 33 billion spend, they control 2% of the world wide oil market.
Conclusion: Running an oil company isn’t cheap and has a lot of fixed costs.
Question: Why do we...
I am not taking you to task, however the media broadcast all sorts of numbers and usually they make no sense to me as a petroleum engineer/geologist.