THE OIL RESERVE FALLACY
Proven reserves are not a measure of future supply
The Middle East does not have two thirds of all world oil reserves, as is claimed by the oil companies and the US Dept. of Energy. It only has two thirds of "proven" oil reserves.
According to the US Geological Survey, other categories of oil reserves need to be taken into account. They say the Middle East has only half to one third of recoverable world oil reserves.
The idea that only the Middle East has the key to the world's energy future is not true and is politically dangerous.
If the Veneuelans are right, there is enough oil in Venezuela alone to power the world for 44 years (at 27.3 billion barrels of world consuption per year). Similar or greater reserves exist in the Athabasca tar sands and other unconventional reserves that push actual world reserve life well out into the 22nd century. These are not as cheap as Middle Eastern reserves, but they are not prohibitively expensive either. True, not all of the unconventional oil can be recovered. Estimates range from 15 percent upwards. And there may be a number of these unconventional oil fields in other nations that have not been publicly characterized. For example,Russia and Madagascar may also have heavy oil fields.