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Quick, name the country certified by OPEC as number one in national oil reserves. Saudi Arabia? No. Canada? Nope. Venezuela? Bing!

On Thursday, U.S. Department of Energy Secretary Steven Chu announced that the U.S., along with its partners in the International Energy Agency, has decided to release a total of 60 million barrels of oil from strategic reserves within the next 30 days. This move is to offset the disruption in oil supply caused by continued unrest in the Middle East. For its part, the U.S. will release 30 million barrels of oil from its Strategic Petroleum Reserve (SPR). According to the DOE, the SPR currently h

Peak oil, according to Wikipedia, is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. Opinions vary on when the world will actually reach a peak oil scenario, but a new report detailed by Julian Assange's infamous Wikileaks website indicates the United States believes it's staring us right in the face – as early as 2012.

Peak oil, according to Wikipedia, is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. Opinions vary on when the world will actually reach a peak oil scenario, but a new report detailed by Julian Assange's infamous Wikileaks website indicates the United States believes it's staring us right in the face – as early as 2012.

Here's how you make friends and influence people: say that politicians and industry experts have their "heads in the sand" when it comes to understanding how much oil is left in the world. That's what Britain's former chief scientist, Sir David King, said recently, adding that people with a "vested interest" in overstating how much easy-to-access crude is left in the ground do so, and that politicians simply accept their numbers. "That's what governments want to hear and that's what they

Let's set aside the political and environmental reasons for getting off oil to make a statement that focuses just on the ability to predict the price of gasoline: if we knew how much black gold was left in the ground, things sure would be a lot easier. This point is emphasized by two recent articles, one from the Sydney Morning Herald that says that we have a lot less oil reserves underground than we've been led to believe and the other directly from Shell that says that a whole bunch more oil

All sorts of people have been weighing in on the price-of-oil situation lately. Could the current price be a bubble waiting to burst or is it reflective of flat production levels mixed with the rising demand from India and China? If former Saudi Aramco executive, Sadad Al-Husseini, is right, $130 oil might be a bargain-basement price in the near future. It's his contention that the "proven" reserves that are claimed to exist by oil-producing countries are substantially inflated with "probable" r

While the amount of energy the world demands every year is tremendous, the cost of finding and purchasing that energy is just as staggering. According to this article, ExxonMobil plans to spend between $25 and $35 billion every year for the foreseeable future in search of more oil. Even as established oil reserves dry up, the company is finding more oil through their new operations than they have been losing from closing their old ones. With $40.6 billion dollars in profits last year, the compan

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