Black Gold: The New Frontier in Oil for Investors by George Orwel

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By George Orwel

I loved Mr. Orwel's ebook "Black Gold." It used to be effortless to learn and it had numerous issues within the publication that i did not understand. Like President Clinton's Iraq Liberation Act of 1998, which said that, "It will likely be the coverage of the USA to help efforts to take away the regime headed via Saddam Hussein from energy in Iraq." This e-book is mild studying. do not anticipate finding loads of deep proposal. it really is the same as an extended newspaper article. i do not remorse i purchased the publication. Regards, Keith Renick, Saudi Aramco Oil Co. Retired

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There are an estimated two trillion barrels of oil equivalent (boe) in proven reserves around the world today, including 885 billion boe of natural gas. For natural gas, by some estimates, the supply at present rates of consumption would be exhausted in about 60 years, while the current known supply of coal would last 180 years. Energy Economics I have talked to many economists on this oil issue, and despite their claims to the contrary, there’s a wide belief that energy is an elastic commodity, meaning consumption and production behaviors change in response to price changes.

The International Energy Agency (IEA) believes that oil will peak between “2013 and 2037,” and Saudi Arabia, Kuwait, Iraq, and Iran, four countries with much of the world’s known reserves, report little if any depletion of reserves. Meanwhile, the oil companies (which do not make public estimates of their own peak oil) say there is no shortage of oil and gas for the long term. These conflicting views show that nobody knows the answer. 12 The industry is asking the public to trust it, arguing that every year for more than 100 years it has produced more than it did the year before, and predictions of oil running out or peaking have always been proved wrong.

It’s not a useless organization, as some in the oil industry are trying to portray it, and its members are not just crying wolf. It’s very credible and its members include people who should know, including some from the Middle East, such as Ali Bakhtiari, head of strategic planning at Iran’s National Oil Company (NOIC). Campbell himself is a former executive vice president of Total, the French oil company, and Simmons was an adviser to the controversial Bush-Cheney energy plan. ASPO members don’t think much of the argument advanced by Lynch and Leonardo Maugeri, an executive for Italian energy company ENI, that high oil prices would spur development of additional oilfields because the cost of developing some of the known reserves could be too high to be economically feasible.

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