Picojoule

Nate Hagens and Euan Mearns discussed the graph below in this post at The Oil Drum: The world uses over 300 billion barrels per decade at current rates. This much oil was discovered in the following decades: 1950s, 1960s, and 1970s. Not good.

The claim of vast US reserves just waiting to be exploited offshore is really just an illusion. Sort of like financing your retirement on coins that have fallen between the cushions of your couch. From ASPO: The Illusion of Vast Undeveloped U.S. Oil Resources

The Khursaniyah project in Saudi Arabia is still not producing oil , and it is about six months behind schedule. This after they claimed just a few weeks ago to have already started . The finger is being pointed at the gas plant: "The gas plant is a major delay. It's really a disappointment," Falih said. "All of it will be ready in a few months." Aramco could bring on most of Khursaniyah's capacity if needed, Falih said. But gas would have to be burnt off, which Aramco wanted to avoid, he added.The field produces light crude, and Falih said Aramco had seen little increased demand for that type of oil from its customers. Most recent demand growth was for medium and heavy grades, he added.Saudi Arabia boosted crude output of 300,000 bpd earlier this month and is targeting total output of 9.45 million bpd in June. That increment came from several fields including Ghawar and Safaniyah, Falih said. Nobody wants the light crude? But doesn't Ghawar product ligh