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Ned Potter is the science correspondent for ABC's "World News with Charles Gibson." He has reported on such topics as space exploration, the human genome and climate change.
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Where the Oil Is
July 23, 2008 3:29 PM
The U.S. Geological Survey has taken a look around the part of the world north of the Arctic Circle, and in a new estimate, out today, it says there are probably "90 billion barrels of undiscovered, technically recoverable oil, 1,670 trillion cubic feet of technically recoverable natural gas, and 44 million barrels of technically recoverable natural gas liquids in 25 geologically defined areas thought to have potential for petroleum."
What do those numbers mean? The USGS says it could be 22 percent of the undiscovered petroleum on the planet -- 13 percent of the oil and 30 percent of the natural gas. There's a fact sheet HERE, and more at the USGS Arctic Assessment site HERE. They'll give more of an idea of how the estimate was made.
84 percent of what could be drilled is probably offshore, says the report. That makes it harder and more expensive to reach -- but if indeed more of the Arctic Ocean is more ice-free in summer than it used to be, there are fewer complications than there used to be. (See last year's report from the National Snow and Ice Data Center; it's HERE.)
One more bit of fodder, perhaps, for the debate about powering the economy in the future. But while 90 billion barrels sound like a lot, the USGS says that's the equivalent of the world's demand for about three years.
July 23, 2008 | Permalink | Share | User Comments (70)
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If it's undiscovered, how do they know? . . . . . .
Posted by: DAVID NH | Jul 23, 2008 3:40:34 PM
Discovering and thus using this oil supply will help with one thing for sure. It should speed up the end of the world by (guess like this report) by say 54%.
Posted by: Jen | Jul 23, 2008 3:46:34 PM
DAVID NH ~ :0) funny!! like "hidden valley"... how did they find it?
Posted by: Moosedog | Jul 23, 2008 3:51:21 PM
Ned considering that in the next few year it is estimated we will be using somewhere close to a half billion gallons of oil a year ... and that because of population growth and industrialization will continue to grow...
those numbers aren't very reassuring for our grandkids
Posted by: dl | Jul 23, 2008 4:00:13 PM
And to think... less ice to drill through to get to it!
Posted by: Deep Release | Jul 23, 2008 4:10:59 PM
And to think... less ice to drill through to reach it!
Posted by: Deep Release | Jul 23, 2008 4:11:30 PM
David and Moosedog - good one. =-) It would sure save on the exploration expense if they'd just label those spots. =)
and dl - our grandkids will be smarter and more global thinking than we were.
Posted by: Lynne | Jul 23, 2008 4:35:44 PM
Go for it! It is out of reach of the village idiots we call Congress these days. We need to tap into every resource we can while simultaneously developing alternative sources in a drive for energy independance.
Posted by: exploreoutside | Jul 23, 2008 4:43:45 PM
D'oh! Hopefully it's in Alaska only... if people think there's oil in Canada, we'll be invaded for sure! (If you can find us on a map, anyway) ;)
Posted by: Mina | Jul 23, 2008 5:50:00 PM
There is nothing wrong w/ drilling up there to help us reduce our dependency on oil from others. But yes, at the same time we should be researching other alternatives.
Posted by: Life | Jul 23, 2008 5:54:13 PM
So if the planet continues to warm and there is less ice in the waters of this region, we can try drilling for more oil and continue the same habits that are warming the planet? That doesn't sound like a solution. The only solution is to focus on renewable energy and to conserve. It's pleasant to believe that there is a quick or relatively quick fix to this problem, but there just isn't.
Posted by: mary | Jul 23, 2008 5:56:46 PM
Well hello Antarctica, have I ever told you how pretty you look? I know I had been flirting with Middle East, but she means nothing to me, you're the one I want.
Posted by: Jay | Jul 23, 2008 5:56:54 PM
TO HECK WITH THE REST OF THE WORLD!
GET IT FOR THE GOOD OLD USA!
Posted by: GENE | Jul 23, 2008 5:58:04 PM
Anybody watch Ice Road truckers? helloooo
Posted by: kitty | Jul 23, 2008 5:58:09 PM
Yes Yes Let them drill -
China needs it!
Posted by: ghm | Jul 23, 2008 6:05:59 PM
Jay
"Well hello Antarctica, have I ever told you how pretty you look? I know I had been flirting with Middle East, but she means nothing to me, you're the one I want."
Jay I think you mean Artic...yeah I understand it sounds similar but are as different as mouth and ########.
Posted by: Jay | Jul 23, 2008 6:08:27 PM
I heard on World News Tonight that there are 1,000 new cars per day on the roads in China. Oh, and China has the "one child" policy. Makes me wonder how many new cars are on the roads daily world-wide. Simply put, there are too many people in the world today and our problems in general are going to get much, much worse.
Posted by: Lisa Again | Jul 23, 2008 6:11:14 PM
The re-do of Ice Station Zebra will have an oil rig instead of a satellite as the center of the story.
Posted by: Last Call | Jul 23, 2008 6:11:15 PM
So, that's 22% before reaching empty. It's better to start using renewable energy sources BEFORE we're on empty.
Posted by: giftedroot_1 | Jul 23, 2008 6:13:14 PM
The same government that told us there were WMD in Iraq?
Posted by: tom92645 | Jul 23, 2008 6:18:13 PM
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