BP Reserves Chart

In conflict to my last post. This is from a BP presentation:



This graph suggests that oil needs to 2030 and beyond can be easily satisfied from conventional oil ... which seems optimistic. I don't disagree that there may be that amount of oil there. But that doesn't mean we can get it out quick enough to satisfy demand.

This graph also demonstration of "Weitzmann's Law", as explained by Paul Krugman. He says since the 1970's the cost of recovering Canadian tar sands has been 40% more than the current oil price ... whatever that price is.