Oil Makes A Fearful Arithmetic
There are a lot of huge numbers in the oil and gas industry–dollars, barrels, MMcfs. It’s hard to grasp their true meaning and context. What’s a billion, anyway?
But I got a new and frightening perspective when I came across the following insight at a peak oil website recently, the ASPO-USA (Association for the Study of Peak Oil):
If some E&P company were fantastically lucky and announced a headline-making discovery of 500 million barrels of oil–recoverable– that may not be so much of a big windfall after all. Why not, you say? It is the equivalent of only 25 days of current U.S. oil consumption! Not even a month.
–Lhaines@hartenergy.com
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