The Reserves Ultimatum

Published on Dec 01, 2006 in BL

Estimates of Ultimate Recoverable Reserves (URR) of Conventional crude range between 2.0 to 4.0 trillion barrels (tb). This variation in the estimate of URR is the main reason for differences between the camp of Hubbertians and Cornucopians on the timing of Peak Oil.

This paper looks at both sides of the arguments and concludes that the URR is very likely to be around 2tb. It also points out the multiple flaws in the arguments of USGS that leads people to conclude URR at 3.0 or higher.