Michael Perelman wrote:
The Exxon suggestion that they will spend $100 bill on new oil did not distinguish whether they would buy existing oil companies or explore for "new" oil. Today, I read that Shell spent more than $2 billion on an Alberta company.
Oil sands & shale. A while back I read of some indigenous Canadian group that was experiencing 3:1 gender ratio in new births (more females I believe). It's a 'dirty' industry that produces low grade crude... and apparently, genetic disturbances. In 'The End Of Oil', Paul Roberts suggested that the oil companies have already discovered all geological formations capable of supplying oil. The question is: Is there oil there, natural gas (if the raw material was pushed too deep into the earth's crust, the raw material of oil creation would be turned to gas or destroyed entirely.), or did the oil leak away millions of years before anyone was even around to know what oil is... FWIW, I'm pessimistic about any major new oilfield finds capable of keeping up with growing demand worldwide. Leigh http://leighm.net/
