World's Oil Supply to Last to Middle 21st Century, Says Geological Survey

By Matt Yancey, Ap | THE JOURNAL RECORD, October 15, 1985 | Go to article overview

World's Oil Supply to Last to Middle 21st Century, Says Geological Survey


Matt Yancey, Ap, THE JOURNAL RECORD


WASHINGTON - The world appears to have enough oil to last until the mid-21st century, according to a U.S. Geological Survey report.

But, it said, because most of the known and undiscovered reserves are found principally in the Middle East, Americans can expect to face several repetitions of the energy crises of the 1970.

In the 25-page report ""World Petroleum Resources,'' completed last month, government geologists said their survey of potential oil-bearing formations around the globe indicates there are none equivalent to those in the Middle East.

""The most important conclusion of our study is that the Middle East increasingly will monopolize world petroleum supplies,'' said Charles Masters, the chief author of the report. ""Even with continued frontier exploration effort and success, that distribution reality is not likely to change.''

The study said discoveries of new oil appear to be on a permanent decline from a high of some 35 billion barrels per year in the 1950s to between 10 billion and 15 billion barrels annually in recent years.

Given this trend, it said, ""we can project the potential for substantial oil discovery and production to the middle of the 21st century.''

The report dismissed what it called ""the commonly held assumption'' that discoveries have dropped because of a decline in exploration caused by a current surplus in world oil supplies.

""To the contrary,'' it said, ""the amount of drilling effort has stayed constant over time. . .Rather than measuring a lessening resolve, the decline in discovery. . .reflects the lower-grade prospects available to, or conceived by, the world exploration community.

""Most certainly, we do not believe we have missed the recognition of another Middle East,'' it said.

Meanwhile, the researchers noted, annual production and consumption of oil has continued along at about 20 billion barrels per year and is outpacing new discoveries by almost two to one. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

World's Oil Supply to Last to Middle 21st Century, Says Geological Survey
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.