What peak-oil theorists have failed to take into account is both the discovery of new oil and new means of extracting difficult-to-recover reserves buried deep beneath the ocean or in tar sands in the Canadian tundra. In the last 20 years, global proven reserves have actually increased by more than 380 billion barrels.Huh? Didn't global oil production peak in 2006 or so?
Despite the fact that peak-oil theorists keep changing the date for when we will reach Hubbert's peak, from four decades ago to next year, their theory remains popular. The most prominent proponent in recent years was late Texas energy investor Matthew R. Simmons, who argued that Saudi Arabia's reserves are far lower than it has admitted and that a global oil shock is imminent. There are indeed questions about Saudi Arabia's reserves -- unlike other petrostates, the kingdom does not allow its fields to be independently audited -- but oil prices, while volatile, have not returned to their pre-recession heights.
In the last 20 years, global proven reserves have actually increased by more than 380 billion barrels.That's nice, an average of 380/20 = 19 billion barrels a year discovered. Yet, oil consumption is 82,769,370.4 barrels a DAY, that's 30 billion barrels a year consumed.
With smartphones, being able to video call whoever you like will become a reality eventually. However with not everyone owning a phone with a front-facing camera, and the lack of a standard (FaceTime vs. Skype vs. etc) it will be a few more years yet. 10?It won't be too long before almost all cellphones have front facing cameras. And remember that in other countries people have had them even longer. It was U.S. carriers who (as usual) were holding things back in the U.S. After all, a front facing camera isn't any more technically challenging then a rear facing one. Carriers just didn't want to let people use the bandwidth.
Who was the jerk who first predicted flying cars? Because I want to kick them for raising that bright future, only for it not to appear.First of all, how is a helicopter not a flying car?
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posted by GuyZero at 4:05 PM on August 23, 2011