World consumes 972 barrels of oil every second
“The world produces & consumes about 84 million barrels of petroleum every day. (Leave out natural gas, gas liquids, coal, coal oils, etc. We are just talking oil from a hole in the ground.)
“There are 86,400 seconds in a day. So, each second of each day, the world is consuming about 972 barrels of petroleum...each second...of every day.
“By comparison, the average stripper well in the United States produces about five barrels of oil...per day. It takes almost two hundred days for a U.S. stripper to produce the oil that the world uses up in one second. Some of the stripper wells that Greg, Joel & I saw up in Titusville, Pennsylvania, last November, are producing about one barrel of oil per week. So, it takes a Titusville stripper (hey, catchy phrase) about 20 years to produce as much oil as the world uses in one second.
“OK, let's think big. There are some wells in the Saudi-Kuwait oil production axis (at Ghawar & Burgan) that produce 10,000 barrels per day. Damn good wells. Super wells. The entire production of one of these wells gets burned up in about 10.25 seconds of your average world economic activity. You would have to be almost an Olympics-caliber sprinter to be able to run 100 meters in less time than it takes the world to burn up the output of one of these super-wells.
Like I said, back to Peak Oil.”
( Thanks to Daily Reckoning for the snippet )
“There are 86,400 seconds in a day. So, each second of each day, the world is consuming about 972 barrels of petroleum...each second...of every day.
“By comparison, the average stripper well in the United States produces about five barrels of oil...per day. It takes almost two hundred days for a U.S. stripper to produce the oil that the world uses up in one second. Some of the stripper wells that Greg, Joel & I saw up in Titusville, Pennsylvania, last November, are producing about one barrel of oil per week. So, it takes a Titusville stripper (hey, catchy phrase) about 20 years to produce as much oil as the world uses in one second.
“OK, let's think big. There are some wells in the Saudi-Kuwait oil production axis (at Ghawar & Burgan) that produce 10,000 barrels per day. Damn good wells. Super wells. The entire production of one of these wells gets burned up in about 10.25 seconds of your average world economic activity. You would have to be almost an Olympics-caliber sprinter to be able to run 100 meters in less time than it takes the world to burn up the output of one of these super-wells.
Like I said, back to Peak Oil.”
( Thanks to Daily Reckoning for the snippet )
posted by Oil Shock at 3:59 PM
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