The US geological survey now reckons there's up to 500 billion bbls of technically recoverable heavy oil in Venezuela. That's 20 years of global oil demand. Not sure it's oil that that's running out, just access to good cheap free flowing oil.
My tongue was firmly in cheek wrt the gas glut. There are gas gluts, but they are localised in time and space.
Gas is THE premium fossil fuel, doesn't leave the localised pollution of oil or coal, doesn't need the extensive upgrading/refining of oil, CAN be used very efficiently, and has an inherently much lower carbon content per GJ.
EL
AOE Price at posting:
$5.12 Sentiment: LT Buy Disclosure: Held
