RED WARNING LIGHT: The World Is Rapidly Burning Through Its Conventional Oil Reserves
While Americans continue to enjoy the convenience provided by the just-in-time inventory supply-chain Leech and Spend Suburban Economy, the rate we are consuming the high-quality conventional oil reserves should scare the hell out of people. But, it doesn’t. Why? Because, virtually no one sees it or has a clue. Unfortunately, 99.5+% of Americans believe in “Energy Magic” or the Energy Tooth Fairy.
Day in and day, the American population has approximately 60 billion energy slaves working for them. That figure is based upon the data provided by Jean-Marc Jancovici during his presentation to the OECD back in September 2019. Jean-Marc says each human, on average, has about 200 energy slaves working for them. I just multiplied 300 million Americans by 200 energy slaves to equal 60 billion energy slaves. Easy-Peasy.
Due to the complex layers of technology and our vast supply chain system, Americans totally dismiss energy altogether except when they have to pay a BILL FOR IT. Americans are only concerned about the cost or the energy bill they have to pay. Never is the sustainable supply or quality of energy considered on the internet, the press, or on TV.
So, the blind continue to lead the blind.
However, the amount of conventional oil reserves that we are burning through is quite alarming. According to data from Rystad Energy, the EIA – Energy Information Agency, and info from Labyrinth Consulting Services, the following chart shows how much conventional oil the world discovers each year versus total consumption (production):
The white part of the bar represents global conventional oil discoveries for that year compared to an average of 23.5 billion barrels consumed. The 23.5 billion barrel in annual conventional oil consumption (production) is based on the following chart showing approximately 65 million barrels per day of this source since 2013.
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