Newfoundland has more oil than Saudi Arabia? The known reserves (recoverable) in Hibernia are around 3 billion barrels. The world uses 30 billion barrels a year. The Saudi's claim they have nearly 300 billion barrels. If you have trouble with math, to go start, run and type calc then press OK and your computer has a calculator, then do the math.
Reddog is correct, we may now be in peak oil. USA peaked in 1970, North Sea in 1999. Over 50 of the some 94 oil producing nations are now in depletion. People say "drill more". The USA was once the largest producer of oil in the world, it's now producing half of what it did 40 years ago (guess all the drilling ain't finding much). The so called huge oil reserves under the arctic are unproven. To quote Matt Simmons "40 years, 220 dry holes, we need to stop pretending something is up there".
As for your statements Mick, they do give me a chuckle. You're writing style seems to demonstrate you're one of those angry, uneducated rednecks that have no clue about what's happening in reality. You free to go ahead and live in your fantasy world of endless supplies of a finite resource, but anyone with any understanding of the industry knows we're ALL up shit creek without a paddle. When world production starts to decline, you stand back and watch the economic calamity that ensues. Prices will soar, gas will be rationed, food supplies will dry up (farming is energy intensive). Economic growth will stagnate, but inflation will soar, it'll be 73 all over again. Difference is, we're not returning to the glory years of cheap energy. It'll be permanent. And if the world doesn't quickly mitigate the problems of Peak Oil, you'll likely see a banking crisis and in the future, a devaluation of the US dollar. In short dude, the shit will hit the fan. ANd if you think you'll be immune, your head is in the sand.
