Sunday, June 21, 2015

Omnipotent oil...

Courtesy of: Visual Capitalist
Oil production and oil usage is increasing [*] Click to enlarge or better still go HERE for the original or for an even bigger version go HERE. Points to note are that 87% of global energy sources are still fossil fuels and that "renewable sources contribute just 2.7%". Things aren't changing much and remembering the overblown outlook may even seem to be in reverse although based on the compound annual growth rates shown in the graphic [*] "it does seem that we are making progress in tapering the growth of production. Human population and the economy are growing at rates higher than 1.13%, so that means oil is giving up ground to other energy sources."

I would like to point out that the figures are debatable because I thought Venezuela now had the highest proven reserves (and you'd think OPEC would know about their own members) and that worldwide Canada were 3rd. See HERE and HERE; the second (Wiki) link provides the probable reason: "Different sources... ...give different figures, and there are different types of oil, ranging from cheap and easy to recover oils to shale oil or oil sands, which are more expensive and difficult to recover."

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