Oil: Orinoco Flow, Dirty Sand and Thirsty Empires
20 Second Summary: Three out of five of the worlds largest economies (EU, Japan and India) have almost no oil reserves. China are currently importing most of its oil, and USA will need to import most of its oil very soon. The demand of oil is rising and the supply will eventually fall. I expect price shocks and shortage of oil and oil-related products. Price shocks for oil will not save the climate - there is enough of oil, natural gas and coal to reach 450 ppm and above. Peak-oil is a second strong reason to stop wasting our resources and to stop heating our planet. Oil Reserves, Consumption and Production Recovery In this post, I will investigate the supply and demand of oil for different regions of the world. I'll start with listing the countries with the biggest GDP, reserves, production and consumption respectively. GTOE is a billion tonnes of oil equivalents and MTOE is a million of oil equivalent. The five largest economies are marked in bold. The +/- sign