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90 Billion Barrels of Oil Found in Arctic Friday, July 25, 2008 - Anuradha Menon Home >> Headlines >> Environment   
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The Arctic may hold far more oil than previously thought; as much as 90 billion undiscovered barrels according to a new study released today by the US Geological Survey. The new amount, equivalent to nearly 20 years of US foreign oil imports, is worth over $11 trillion dollars at current oil prices. One third of the amount may lie in Alaska alone, according to the study's authors. The region also holds nearly 1,700 trillion cubic feet of natural gas, 27% of known world gas reserves. (source: dailytech.com)
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OK, I read the "survey" and its just a little more than a SWAG. Really if we ran a probability estimate over ANY 6% of the Earth's surface this method would come up with wild numbers. Just like the ones in this report. |
