Worries swelling over oil shortage

WASHINGTON, D.C. -- In the space of a couple of hours last week, crude oil prices hit a record $56 a barrel, President Bush fretted publicly over world oil shortages and the Senate voted to open an Alaskan wildlife refuge to drilling.

The converging events drew attention to what administration officials call a temporary global energy crunch. Bigger worries also are bubbling to the surface -- fears of a day of reckoning over world oil reserves.

Even as China and India are joining the grab for oil, most experts agree that world production will peak sometime in the next several decades -- more likely in the next couple of years, say a gaggle of academics.

If the falling supply loses out to rising demand before new energy sources are ready, government officials say, a world that runs on oil could face consequences ranging from recessions to famine and even war.

more....
http://www.startribune.com/stories/587/5303725.html

Ex-Aramco VP: Oil supplies 'over-estimated' ...

A Study of the Reporting of Saudi Arabia’s Reserves...

Staring down the barrel of a crisis...

Expert says Saudi oil may have peaked...

Era of cheap oil over, says Kuwait official...

Abdullah al-Saif, Aramco's senior vice president for exploration and production, was quoted in the March 14 edition of the Daily Star about future oil production projects in Saudi Arabia. Let us take a look at the projects he named in more detail.

Saudi Arabia produces five grades of crude oil; Arab heavy, Arab Medium, Arab light, Arab extra light and Arab super light. Arab heavy and Arab medium are considered sour crudes because of their high sulfur content. Besides these five grades of oil, Saudi Arabia also exports condensate and natural gas liquids.

Haradh is the southernmost part of the Ghawar Field, the world's largest. The field produces Arab light crude and the proposed project will add 300,000 barrels per day of capacity in 2006. This is the third and final stage of the Haradh development program that began production in 1996. The Ghawar Field is under waterflood, which is to say that water is injected into the lowermost part of the oil reservoir in order to maintain pressure as the oil is produced. Over time, the oil is displaced into the higher parts of the reservoir. Haradh is the highest part of the Ghawar Field, so it is likely that increasing water cut in the lower parts of the field will offset production increases in Haradh. For a technical discussion of the Ghawar Field, see www.gregcroft.com/ghawar.ivnu.

The Khursaniyah Project involves three oil fields; Khursaniyah, Abu Hadriya and Fadhili. These fields are considered small fields in Saudi Arabia although they are respectably large by North Sea standards. Production at Khursaniyah began in 1960 and reached 200,000 barrels per day in 1980. Oil is present at five reservoir levels in the Khursaniyah Field, which produces Arab medium crude. Production of Arab light crude at Abu Hadriya began in 1961 and reached a peak of 105,000 barrels per day in 1971. The field has oil at six reservoir levels. Production of Arab extra light crude at Fadhili began in 1963 and reached a peak of 55,000 barrels per day in 1977. There are two oil reservoir levels at Fadhili. The proposed project will add 500,000 barrels per day of productive capacity in 2007. To add this much production from those three fields will require simultaneous, intensive development at all reservoir levels.

http://www.energybulletin.net/4785.html

is the movie Road Warrior -- whack-jobs racing around the countryside killing each other for the dwindling supply of fuel. It's a vision that, as a Los Angeleno, I can easily imagine happening.

in a way, I have been expecting to see it in my lifetime since 72.
So now here it comes. Big changes are going to come down the pike damn quick, I fear.

Terri Schiavo ! Michael Jackson !! Martha Stewart !!! Robert Blake !!!! Terri Schiavo ! Michael Jackson !! Martha Stewart !!! Robert Blake !!!! Terri Schiavo ! Michael Jackson !! Martha Stewart !!! Robert Blake !!!! Terri Schiavo ! Michael Jackson !! Martha Stewart !!! Robert Blake !!!! Terri Schiavo ! Michael Jackson !! Martha Stewart !!! Robert Blake !!!! Terri Schiavo ! Michael Jackson !! Martha Stewart !!! Robert Blake !!!! Terri Schiavo ! Michael Jackson !! Martha Stewart !!! Robert Blake !!!!

And don't forget Jessica Lunsford getting killed by that spooky guy. Still top of the news.

http://edition.cnn.com/US/