Wednesday, February 03, 2010
USGS Doubles Estimate of Orinoco Oil Reserves
The United States Geological Survey (USGS) has dramatically increased its estimate of how much heavy oil can be recovered from Venezuela's Orinoco River Belt using presently known technologies. The new estimate--513 billion barrels--is more than double the previous figure of about 235 billion barrels.
Venezuela has long been known to hold more oil than Saudi Arabia. Its recoverable reserves are put at 264 billion barrels.
But Venezuela's oil, unlike the Saudi stuff, is heavy--thick, gooey, gummy oil and even thicker, semi-solid, oil (tar) sands that are far more costly and difficult to produce and refine than conventional, or light, crude oils.
Petroleos de Venezuela, which is a state-owned company, has estimated the Orinoco belt's total resource base at 1.3 trillion barrels of oil, only a fraction of which is now economically recoverable.
At least 30 countries, including Canada, have heavy oil/tar sands reserves.
During America's first big energy crisis, In the 1970s, the Carter administration ignored proposals to organize a Western Hemisphere energy alliance to tap Canadian and Venezuelan heavy oil.
Venezuela, which is nowadays headed by an anti-American dictator, is working with China to exploit the Orinoco resources, while the U.S. focuses on inefficient or non-existent alternatives to "fossil fuels."Iran Advances Toward ICBMs
Given enough time, Iran will be able to strike all of Europe and the United States with nuclear missiles.
The Iranian regime is living Hitler's dream.Tuesday, February 02, 2010
China Denies Russia Proposed Dumping US Bonds
Wednesday, 3 February 2010
Nuclear-arming, Islamonazi Iran launched a satellite into space. Click here for the story.
China denies Russia proposed a plan (during the Olympic Games) to dump Fannie, Freddie bonds. Click here for the story.
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