Peak Oil? Is it upon us?

[SlickHolden]

Originally Posted by henk4

really?

The end of oil - Part 1 - Ask an expert - The Lab - Australian Broadcasting Corporation's Gateway to Science

That's because it's sold overseas. For us alone it will last generations. Yet me import it all. There is more under ground it can supply our demands yet we import it for us and export our own.

[henk4]

Originally Posted by SlickHolden

That's because it's sold overseas. For us alone it will last generations. Yet me import it all. There is more under ground it can supply our demands yet we import it for us and export our own.

when I did global oil transportation forecasts (in the eighties) it was always the case that Australia exported a little, but at the same time compensated this with imports. (may have to do with specific qualities of the crude oil involved). What the link showed was the remaining oil reserves based on domestic consumption, and without further discoveries, you'll be running out of oil within the next ten years...

[Matra et Alpine]

Some crude is better for some roles than others.
So regardless of "reserves", importaing makes sense
Modern plants can make better use and can clean up the dirtier/heavier oils but these cost, so it's often "cheaper" to import the better stuff!!

Also, importing it cheap so that there are larger reserves later on to export more expesnively is economics 101 !!!!