Pond scum anyone?

October 28, 2009

The BP Energy Review 2008 says that we have enough oil to last us 42 years (at 40% of our total energy mix). Discovery of new oil fields was highest between 1960-70 and has fallen ever since. However, OPEC countries continue to show constant instead of declining oil reserves since the 1980s as during this period country production quotas were introduced. These quotas were based on the ‘proven’ oil reserves¬† and therefore the more oil reserves OPEC show, the more they are allowed to sell. The fact that many OPEC members do not reveal their reserve engineering field data (instead they provide unaudited claims for their oil reserves) also does not inspire confidence.

You would think that the Big Oil companies would be worried about depleting oil reserves. Not really. Sure, they will be less to sell but it will sell at exorbitant prices. Hence, the scheming oil barons stand to make as much or more money than they do now. Meanwhile, they are happy to promote some obscure ‘revolutionary’ technology to create the illusion that they are dead keen to walk away from dirty oil. For example, Exxon Mobil is trying to convince us that algae (a.k.a pond scum) is the next miracle fuel and that their scientists are on the verge of a breakthrough. The only thing that they are on the verge of is pulling off a massive con game. The truth is Big Oil will not invest in proven renewable technologies like wind and solar. They would prefer we remain slaves to oil as long as possible to ensure they get the big profits at the bottom of the oil barrell. Meanwhile, governments will continue to subsidise oil, protect pipelines, invade hostile oil countries, destroy wilderness and hasten climate change to eventually benefit the real pond scum.