[vampyregirl]

hmmm that 3 billion barrel reserve recently found in india came at the right time but how long will it last? back in the vietnam war era the growing markets were Japan and South Korea. now it is China and India. chindia. difference is either of those countries has more people than Japan and korea combined. we are looking at a big challenge ahead. a challenge and an opportunity to make lots of money

[Kingcoal]

I'm rather suprised that it is estimated to get 50mpg. It seems like it should be more. How does the Nano compare in size, weight, and engine size to older Honda Civics (such as the pre-90's CRx's mentioned in another thread of the really old first ones to be imported)?

That's what I wonder about. I mean, I have a Honda VF1100 motorcycle that gets around 46 mpg and has 120 hp. I have a Harley Lowrider which has about 55hp and gets over 60mpg on the highway. This thing has 33 hp, which is less than most mid sized motorcycles. It's pathetically underpowered. The engine is severelly overloaded, which probably accounts for the low MPG figure. I wouldn't doubt that a bigger engine would do better. It appears to me that this car is poorly engineered, at least from the powertrain standpoint. Perhaps that's why it's so cheap.

[KevO]

phew!

BANGALORE: “If we do not take care to conserve petroleum products now, the world oil reserves will stand to be exhausted in 40 years,” according to experts who attended the inaugural sessions of the “Oil and Gas Conservation Week 2008” held here on Wednesday.

State Co-ordinator for Oil Industry V.K. Jayachandran said that in 2006-07 India spent $ 40 billion in importing 120 million tonnes of crude oil. About 41 per cent of the industries were dependent on petroleum for fuel and this dependence was increasing annually.

He said India had only 730 million tonnes of petroleum reserves which should hold good for another seven years with the annual rate of consumption being around 120 million tonnes. The global reserves were estimated at 1,57,000 tonnes and the world consumption was surging ahead at 3,700 million tonnes a year. It had been estimated that if the consumption continued at the same rate, world’s oil reserves would be exhausted in 42 years.

He said with the advent of small cars and super mini cars at a price band of Rs. 1 lakh hitting the market, the consumption of petrol might get out of control. And this situation called for stricter control of oil consumption, he said.

FULL ARTICLE

[cipi604]

42 years? who cares...

[ohanian]

I'm so happy that oil reserves will only last 40 years
I do not want the young rascals of tomorrow to use the oil
and abuse me. Those young rascals of the future can
work hard for a living for a change.

[highlander]

It is good this expert see's the problem of out of control consumption lies with the.......Indians

[KevO]

It is good this expert see's the problem of out of control consumption lies with the.......Indians

well it's only natural as up until now it's been with the cowboys!!

[RonMN]

Oil reserves WILL last another 40+ years...what most people don't understand is the economic ramifications of the 1 MBPD the world will be pumping at that time.

[joewp]

It is good this expert see's the problem of out of control consumption lies with the.......Indians

well it's only natural as up until now it's been with the cowboys!!

Don't worry, the Giants beat the Cowboys last Sunday.

[Denny]

I am guessing we'll always have oil at the market price. Maybe we'll be selling it in ounces and milliliters not gallons and liters. Look even now how you buy a bottle of water of all things at $1.25 for 500 milliters.

I remember when they started the metric system here in Canada, and to reduce the sticker shock, meat was priced in terms of 100 grams, not kilograms.

[FreakOil]

How long oil will last is a moot point.

Peak is what matters. The amount of oil available to world markets will begin to decline as soon as we hit peak, or decline at the end of a plateau. The price of oil rises as it becomes more scarce, and that rise in prices is going to push up the price of everything. All economic hell could break loose.

In such a scenario, where would the oil companies raise the cash to continue exploration? Furthermore, a large part of the URR is technically unextractable. A lot of oil is simply going to stay in the earth's crust.

[Starvid]

Reserves vs. flows...

Is it really so hard to fathom the difference?

[dub_scratch]

I just hope that oil last long enough for my retirement plan to kick in and last a few years... 40 years should do it....

[Blacksmith]

What worries me is Stagflation as oil reserves decline, increase in value and the economy declines.

[PeakingAroundtheCorner]

Reserves may last for 40 more years but the effects of depletion are already being felt in very negative ways and it's only going to get worse until modern civilization collapses and a sustainable existance, with far fewer people on the planet and the technological society having become extinct, takes its place.


Edited to add: 40 years. Think about that. If everyone were to suddenly realize that there is only 40 more years of fancy living left - can you imagine? Four-ty years. At current consumption/supply ratios there could be no more oil within what's left in my lifetime - God-willing. Even without all the current doom and gloom, knowing there may only be 40 years left of oil is enough to invoke a profound "OH Shit!" in my gut. To think, in my lifetime, huge cities like Dallas will be overgrown jungles and there won't be a single moving non-military/non-governmental fossil-fuel-powered vehicle in site.

Jeez! I'm blowing my own mind with self-inflicted doomer porn! Mu-ahahahahahahah!

[Johnvancouver]

Unfortunately, 40 years is an eternity to the Wall Street; the economy is slowing, let's sell down the oil price to keep the consumption strong!

Our financial system is NOW centered. How many people care about what happens after the next earning season? Let alone 40 years away from now. When are we going to wake up? We've got to elect Matt Simmons president!

[FreakOil]

Edited to add: 40 years. Think about that. If everyone were to suddenly realize that there is only 40 more years of fancy living left - can you imagine? Four-ty years.

It won't take forty years for the fancy living to stop. The point I was trying to make before was that the economic ramifications of oil depletion begin when we hit peak. That means we cannot add any more liquid energy (unless you want to do even more damage to the environment/carrying capacity through CTL or biofuels) to our current system, which is heavily reliant on road transport.

That calls into question the idea of economic growth and fractional reserve banking, which doesn't make sense without growth.

[PeakingAroundtheCorner]

Edited to add: 40 years. Think about that. If everyone were to suddenly realize that there is only 40 more years of fancy living left - can you imagine? Four-ty years.

It won't take forty years for the fancy living to stop. The point I was trying to make before was that the economic ramifications of oil depletion begin when we hit peak. That means we cannot add any more liquid energy (unless you want to do even more damage to the environment/carrying capacity through CTL or biofuels) to our current system, which is heavily reliant on road transport.

That calls into question the idea of economic growth and fractional reserve banking, which doesn't make sense without growth.

Your point is taken. And you only have to look behind us until the present to find the evidence that your point suggests. Nearly the entire world is now feeling post-peak pains and major western economies including the US and Great Britain are wobbling severely. Yesterday, the DOW dove -307 points and Helicopter Ben is calling for $150 billion cash injection into the...um...wait...

I'm gettin' a boner. Gotta go.

[sanjibramadama]

It is clear to me now that you should be investings in teh india shares.

the power shift is commings.

it is time to out sourcing to india

[JPL]

It is clear to me now that you should be investings in teh india shares.

the power shift is commings.

it is time to out sourcing to india

So I guess the wise teachings of Ghandi, Nehru etc. no-longer matter then.

Oh dear, what have we done to the world...

JP