Oil - we're out of control
This entry was posted on 7/11/2007 11:55 PM and is filed under OIL.
Some numbers:
Proved reserves of oil (billion barrels): World - 1,317; U.S. - 21.8 (2% of total)
Consumption (million barrels/day): World - 84.5; U.S. - 20.6 (24% of total)
The U.S. has 2% of the earth's oil reserves, but our consumption is 24% of the total.
How long do you think this will/can last before economic upheaval in the U.S.? We import over 60% of the oil we use every day. Our addiction is being fed by others, so we're completely vulnerable to an import disruption.
At present consumption and percentage import levels, how many years do you think before the U.S. proved reserve is gone?? 7.5 years !! Do the math. Literally frightening. Sure, some will argue that technology will increase the reserve figure over time and they'll be right. However, extraction costs will also rise as the "easy" barrels are snarfed up. U.S. oil will be at a price disadvantage to foreign oil. So, I don't care if we have 10 or even 15 years of oil left -- this is an incredibly short amount of time.
We need to act, now. We have no control over a key input into our economy.
The relatively small amount of oil we do have.... might be wise to save it for a "rainy day" when we really need it. At a minimum, if we use it, shouldn't we find alternatives during the oil's "lifespan"? Nothing like spitting on our children and grandchildren - use up the oil without creating a solid base of economically and environmentally viable alternatives.
The best thing we can do to:
- increase the amount of control we have over our economy;
- treat future generations as we'd like to be treated, by....
... quickly reducing our oil consumption via a tax shift.
