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USGS claims Venezuela sits on Earth’s largest oil reserves (5 posts)

  1. truthmod
    Administrator

    http://rawstory.com/2010/01/usgs-claims-venezuela-...

    Venezuela may have just become the center of an energy-starved world.

    The Orinoco Belt, situated squarely underneath the South American nation, may hold some 513 billion barrels of crude oil, according to a new report by the U.S. Geological Survey (USGS).

    That's twice the size of Saudi Arabia's oil reserves, placing Venezuela firmly atop the list of oil-rich nations.

    The timing of the USGS announcement is striking. On Jan. 28, international firms will take part in an auction for contracts to drill in the Orinoco Belt. The deadline for auction registration was Jan 18, according to industry publication Petroleum World. Results will be announced on Feb. 10.

    Posted 14 years ago #
  2. truthmover
    Administrator

    Gee, I wonder if we will be trying to influence their upcoming election?

    Posted 14 years ago #
  3. mark
    Member

    Most of this alleged oil is similar to the tar sands in Alberta, Canada, it is not petroleum since it requires lots of energy input to turn it into something usable. Venezuela may have already peaked.

    Saudi Arabia really has the Earth's largest oil reserves if you want petroleum and not tar sand gunk that needs to be cooked some more.

    There are probably more ways to mislead the public about Peak Oil than the myriad diversions of 9/11 truthiness.

    Posted 14 years ago #
  4. truthmover
    Administrator

    Yeah, but the tar sands will become economically viable to extract with oil at it's present price or higher which is likely.

    I suppose you are implying that the story is meant to counter peak oil claims. I'm more under the assumption that it's just a way to drum up support for undermining Hugo Chavez.

    Posted 14 years ago #
  5. mark
    Member

    It will be more economically viable as oil prices increase, but "tar sands" take almost as much energy to process as they contain. This is more important than the number of dollars, or euros or bolivars that are required. Energy creates money, not the other way around. I hope on the downslope this concept is better understood, since without it societies will be reacting to the symptoms of depletion instead of recognizing that it is ultimately imposed by nature.

    The story is probably intended both to undermine recognition of Peak and to undermine Chavez.

    Posted 14 years ago #

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