Subject: Re: Oil crisis coming up according to Barrons

From: BOB ALLEN 0310 <[email-masked]>
Date: Tue, 7 Mar 1995 13:38:50 GMT

In the mid fifties a fellow by the name of King Hubbert looked and
data for discovery, production, and consumption of oil in the US and
predicted that around 1970 that in the US consunmption would outstrip
production and more importantly even discovery. (A plot of oil
availablefrom production in the US shows a peak about this time and has
fondly been refered to as King Hubbbert's Hump ever since. Continuing
expansion of demand in the US has been meet by importing oil, something
like half our total consumption.  I relate this story because Hubbert
also applied the same analysis to world supplies versus demand and
predicted the same hump for world supplies about 2000.  At which point
we ahve no where to go to find other oil.  I note in passing that the
biggest find of oil in the US in the last two decades was made in the
Gulf of Mexico- a reserve estimated to be about 700 million barrels-or
less than 2 months supply for the US at current consumption rates.
Even if we plunder the ANWR it will provide only about 2yrs supply.

Folks, the party is just about over.

================================================================
 Bob Allen                     [email-masked]
 Professor of Chemistry
 Arkansas Tech University      501-968-0310
 Russellville, Ar 72801
Re: Oil crisis coming up according to Barrons                                R