Monday, May 09, 2005

You Do the Math

"Let me take you to another situation quickly. 84 million barrels a day times 365 days is 30 billion barrels of oil a year that we're depleting. All of the world's (oil) industry doesn't even come close to replacing 30 billion barrels of oil. We don't spend enough money to even give ourselves a chance to replace 30 billion barrels. It may be because the prospects are not there. I rather imagine that's what the answer is to that. ".....
T. Boone Pickens

Are we finding and replacing 30 billion barrels of oil a year? No. Eighty-four million barrels of oil a DAY is what the world consumes. The U.S. consumes 25% of that. Again, we import 60% of that. China and India are growing in consumption and China will match our numbers soon with India not far behind.

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