Our oil reserves

A good article by Jim Ostroff, Associate Editor, The Kiplinger Letter:

The U.S.' Untapped Oil Bounty
Think the U.S. is running out of oil? Think again. What is running low, given soaring demand for energy worldwide, is oil in fields that have already been tapped and are in production -- in other words, the relatively easy-to-get stuff, which oil companies have proven exists and can get at with current technology. Those reserves are clearly being drained. The U.S. has around 20 billion barrels now, down from nearly 29 billion barrels a decade ago and about half the 1970 peak of 39 billion barrels. But...

The U.S. is sitting on the world's largest, untapped oil reserves -- reservoirs which energy experts know exist, but which have not yet been tapped and may not be attainable with current technology. In fact, such untapped reserves are estimated at about 2.3 trillion barrels, nearly three times more than the reserves held by Organization of Petroleum Exporting Countries (OPEC) nations and sufficient to meet 300 years of demand -- at today's levels -- for auto, truck, aircraft, heating and industrial fuel, without importing a single barrel of oil.

So, when President Obama said in his Oval Office speech, June 15th:

For decades, we have known the days of cheap and easily accessible oil were numbered. For decades, we�ve talked and talked about the need to end America�s century-long addiction to fossil fuels. And for decades, we have failed to act with the sense of urgency that this challenge requires. Time and again, the path forward has been blocked -- not only by oil industry lobbyists, but also by a lack of political courage and candor.

The consequences of our inaction are now in plain sight. Countries like China are investing in clean energy jobs and industries that should be right here in America. Each day, we send nearly $1 billion of our wealth to foreign countries for their oil. And today, as we look to the Gulf, we see an entire way of life being threatened by a menacing cloud of black crude.

I call bullshit on Obama -- the days of cheap and easily accessible oil were numbered The EPA will not let oil companies drill in areas where the known reserves are. If something like Deepwater happened in coastal waters, BP could have sent down a couple of divers and the leak would be history in a few days. If this had happened on dry land, a couple of roughnecks could have it capped off in a day. As for: Countries like China are investing in clean energy jobs and industries Bullshit again. From the New York Times:

Pollution From Chinese Coal Casts a Global Shadow
One of China's lesser-known exports is a dangerous brew of soot, toxic chemicals and climate-changing gases from the smokestacks of coal-burning power plants.

In early April, a dense cloud of pollutants over Northern China sailed to nearby Seoul, sweeping along dust and desert sand before wafting across the Pacific. An American satellite spotted the cloud as it crossed the West Coast.

Researchers in California, Oregon and Washington noticed specks of sulfur compounds, carbon and other byproducts of coal combustion coating the silvery surfaces of their mountaintop detectors. These microscopic particles can work their way deep into the lungs, contributing to respiratory damage, heart disease and cancer.

Filters near Lake Tahoe in the mountains of eastern California "are the darkest that we've seen" outside smoggy urban areas, said Steven S. Cliff, an atmospheric scientist at the University of California at Davis.

Unless China finds a way to clean up its coal plants and the thousands of factories that burn coal, pollution will soar both at home and abroad. The increase in global-warming gases from China's coal use will probably exceed that for all industrialized countries combined over the next 25 years, surpassing by five times the reduction in such emissions that the Kyoto Protocol seeks.

And:

Already, China uses more coal than the United States, the European Union and Japan combined. And it has increased coal consumption 14 percent in each of the past two years in the broadest industrialization ever. Every week to 10 days, another coal-fired power plant opens somewhere in China that is big enough to serve all the households in Dallas or San Diego.

From the World Nuclear Association:

Nuclear Power in China

• Mainland China has 11 nuclear power reactors in commercial operation, 20 under construction, and more about to start construction soon.
• Additional reactors are planned, including some of the world's most advanced, to give a sixfold increase in nuclear capacity to at least 60 GWe or possibly more by 2020, and then a further substantial increase to 200 GWe by 2030.
• China is rapidly becoming self-sufficient in reactor design and construction, as well as other aspects of the fuel cycle.

Most of mainland China's electricity is produced from fossil fuels (80% from coal, 2% from oil, 1% from gas in 2006) and hydropower (15%). Two large hydro projects are recent additions: Three Gorges of 18.2 GWe and Yellow River of 15.8 GWe. Rapid growth in demand has given rise to power shortages, and the reliance on fossil fuels has led to much air pollution. The economic loss due to pollution is put by the World Bank at almost 6% of GDP.1 In 2009 power shortages were most acute in central provinces, particularly Hubei, and in December the Central China Grid Co. posted a peak load of 94.6 GW.

Domestic electricity production in 2009 was 3643 billion kWh, 6.0% higher than the 3,450 billion kWh in 2008, which was 5.8% more than in 2007 (3,260 billion kWh) and it is expected to rise to 3,810 billion kWh in 2010. Installed capacity had grown by the end of 2009 to 874 GWe, up 10.2% on the previous year's 793 GWe, which was 11% above the previous year's 713 GWe.2 Capacity growth is expected to slow, reaching about 1600 GWe in 2020. At the end of 2007, there was reported to be 145 GWe of hydro capacity, 554 GWe fossil fuel, 9 GWe nuclear and 4 GWe wind, total 713 GWe. In 2008, the country added 20.1 GWe of hydro capacity, 65.8 GWe coal-fired capacity, and 4.7 GWe wind.

So yeah, bullshit on China's 'green energy' They generate a lot of hydro which is some color of green but there was a huge environmental outcry when they started construction of the Three Gorges Dam but now that it is a fait accompli, the 'green' energy is lauded...