OMG! We need tons of oil. NOT! Sorry, folks they just wanted to help increase the stock $$$$ for a bit but now they finally admit that we just do not need as much oil as they originally thought.
IEA cuts 2006 oil demand growth forecast UPDATE
The world's energy watchdog said in 2006, world oil demand is projected to grow by 1.49 mln bpd -- down from its previous forecast for growth of 1.78 mln bpd -- as high oil prices dampen demand
However, it said the growth forecast for 2006 "still represents a recovery from growth of 1.02 mln bpd in 2005". In its previous monthly report, the agency estimated 2005 demand growth stood at 1.06 mln bpd
Also the world does not seem to be running out of oil anytime soon. New technologies allow us to recover more from oil wells and also allows us to find what we did not see before. Israel actually found some oil, but it is in an area where spillage could spell a disaster. Now Mexico is getting in on the finds too!
Fox: Deep-water oil find may top Cantarell
The oil find is under 950 meters (3,117 feet) of water and a further 4,000 meters (13,120 feet) underground, Fox said in an interview with Dow Jones Newswires. The find will be formally announced Tuesday, he said.
Blast from the past (2003): Are We Running Out of Oil?
Today’s drilling technology allows the completion of wells up to 30,000 feet (9,144 meters) deep.
The vast petroleum resources of the world’s submerged continental margins are accessible from offshore platforms that allow drilling in water depths to 9,000 feet (2,743 meters).
The amount of oil recoverable from a single well has greatly increased because new technologies allow the boring of multiple horizontal shafts from a single vertical shaft.
Four-dimensional seismic imaging enables engineers and geologists to see a subsurface petroleum reservoir drain over months to years, allowing them to increase the efficiency of its recovery.
New techniques and new technology have increased the efficiency of oil exploration. The success rate for exploratory petroleum wells has increased 50 percent over the past decade, according to energy economist Michael C. Lynch.23
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