Proof Positive of Peak Oil

The bread and circuses propaganda party continues unabated with regard to the pathological denial of the uncomfortable and impending reality of Peak Oil. I say this because I just finished reading an article in today’s Business section of the Times Online by Robin Pagnamenta and Elizabeth Judge entitled BG’s huge find propels Brazilian oil to centre stage,” and nearly popped a blood vessel trying to refrain from putting my fist through my monitor.

The reason for my barely controlled disdain is the same ludicrous trend that caused me to be similarly vexed over the past two months or so, about which you can read in either (or both–go wild!) of the following articles:

– The ‘Significant’ New Oil Discovery That Wasn’t
– Another “Giant Oil Discovery” That Just Doesn’t Hold-Up Under Scrutiny

Namely, the trend of which I speak (between the clenched teeth of a man enraged) is that in which every mainstream media report of a new oil find must be described as “huge” or “giant” or the ever-more classy “significant” in what I’m beginning to believe more and more is a concerted effort to lull the masses into a comfortable calm when they need to be preparing for the coming hard times.

As I did with the other articles above, let me explain why BG’s newest find doesn’t qualify (in any sane person’s mind) as “huge” nor “giant” nor the ever-more classy “significant.” According to the article in question which almost comically adds “vast” to the growing repertoire of flashy adjectives being skillfully employed, the “new oilfield off the coast of Brazil could contain up to two billion barrels of crude” or as little as 1.1 billion barrels.

Okay. Sounds like a lot of oil… until you look at those pesky daily usage totals, which very clearly point out that we go through an estimated 21 million barrels of oil per day in the U.S. alone. Worldwide, that number climbs to around 83 million barrels of oil per day. With that in mind, this new find represents between a 13 and a 24 day supply for the world or between a 52 and a 95 day supply for us here in the United States alone.

When we are at a point in this world where a discovery that mediocre can be considered a “vast” find, is that not proof of the veracity of Peak Oil Theory?