10 May '11, 11am

9 in 10 Americans blame Wall Street and Big Oil for spiking #gas prices #HEAT #youcut #pledge #p2 #tcot

A fundamental reason why the price of oil has been rising in recent years, which you certainly won’t hear from the media, is that global production has largely been flat. In 2005 global total liquid hydrocarbons (TLHs) production was 84.595 million barrels/day (mb/d) and in 2010 it was only 86.711 mb/d. That is a rise of only 2.50% over the course of 5 years. The production increase is actually deceptive because what has been increasing is largely natural gas liquids and ethanol production, both of which have much lower energy densities than crude oil. The energy content of the crude + condensate + ethanol + natural gas liquids, which makes up about 97% of total liquid hydrocarbons, declined from 163.3 QBtu in 2005 to 158.9 QBtu in 2010. For global crude oil + condensate production, the energy content has gone down from 153.2 Quadrillion BTUs in 2005 to 146.9 QBTU in 2010 ...

Full article: http://climateprogress.org/2011/05/10/9-in-10-americans-b...

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