Wednesday, 27 June 2007

Listen carefully, we are not running out ANYONE old enough to remember reading newspapers in the 1920s (damn few) may recall stories about the world running out of petroleum by the 1940s. Of course, what happened was that Kuwait and Saudi Arabia came on stream -- but that is another story. It does illustrate the point Spigot likes to make at every opportunity which is: the sky is not falling in, Chicken Licken. Recent case in point: the announcement that BP will invest a mere 125 million pounds Sterling in new gas facilities offshore the United Kingdom which will increase the recoverable reserves of gas. That means Chicken Licken that all the calculations about reserves of just this one hydrocarbon will now have to revise upwards. Once again, technology and know how plus human ingenuity to the rescue. Oh, and market forces, of course. Sorry, Chicken old bean. Wrong again

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