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Oil Supplies

THE BUSINESS WEEK 016 NUMBERS OIL SUPPLIES ARE GETTING TIGHTER, BUT THAT'S NOT PROOF OF A PRODUCTION PEAK Exploration: Oil companies have boosted spending to find more oil and natural gas. But they aren't getting much bang for their By Peter Coy/Charts by Ray Vella Prices near $90 a barrel have fueled worries that the world is running out of easy- to-get oil. On the other hand, the cost of production is still relatively low, and global reserves are far from exhausted. Alternative fuels will become increasingly important. buck. PERCENTAGE CHANGE FROM 2005 TO 2006 50 Reserves Though there's still plenty of oil in the ground, most of it is in OPEC nations and the former $24.73 INCREASE IN SPENDING TO BUY, FIND, AND 45%. Soviet Union. Those countries have been slow to increase production and relieve the pressure on prices. DEVELOP MORE OIL AND GAS AVG. COST PER BARREL (2006) OPEC $43.62 40 FORMER SOVIET UNION UNITED STATES CHINA AVG. REVENUE PER BARREL (2006) INDIA Data: BP Statistical Review of World Energy The average cost per barrel covers finding oil and gas, developing the field, and delivering the product to storage. In 2006 it was consistently less than the ALTERNATIVE FUELS MILLIONS OF BARRELS PER DAY OF OIL AND EQUIVALENTS 30 Unconventional liquid fuels, such as oil synthesized from the tar sands of Alberta, Canada (black bars in chart), will help compensate for an expected shortfall in ordinary oil. average revenue per barrel of oil and equivalents. From a survey by John S. Herold Inc. -10 11.9 20 YEARS OF U.S. OIL RESERVES 72.5 GAS TO LIQUIDS COAL TO LIQUIDS BIOFUELS YEARS OF OPEC OIL RESERVES ULTRA-HEAVY CRUDES The figure represents the number of years' worth CANADIAN OIL SANDS 4 10 3D proven reserves of oil left at the end of 2006. of The calculation assumes production continues at the 2006 rate and no new Data: Energy Information Administration INCREASE IN RESERVES OF OIL AND 2% GAS reserves are added. In fact, it's likely new reserves will be added. The numbers come from the BP Statistical Review of World Energy. 1980 1990 2000 2004 2010 2015 2020 2025 2030 HISTORY PROJECTIONS Data: John S. Herold Inc. BUSINESSWEEK I OCTOBER 29, 2007 8∞

Oil Supplies

shared by VELLA on Apr 26
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Assignment was to show how oil supplies are getting tighter, comparison graphic.

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