Energy Department supply reports that said U.S. Right now, world markets are so awash in oil that even voting Iran’s secret nuclear weapons program to the Security Council has not caused oil prices to spike extraordinarily. Even before the new Mexican discovery, the Energy Information Agency’s own figures estimate proven world oil reserves at 1.28 billion, more than ever in human history, despite world consumption nearly doubling since the 1970s. All of these Gulf of Mexico oil finds are at deeper levels than traditional-thinking "fossil fuel" geologists typically looked.įrom a policy point of view, we have to ask why President Bush continues to believe we must prepare for a world running out of oil. ![]() Scientists advocating the abiotic theory, that oil is produced inorganically by the Earth, not as a result of once living organisms transforming into oil, believe that hydrocarbons formed in the mantle of the earth seep up through cracks in the bedrock to pool in relatively porous sedimentary layers near the surface. The Yucatan seabed is believed to have been deeply cracked by the impact of the giant comet that killed the dinosaurs at the end of the Mesozoic Era. These offshore findings support the abiotic, deep earth theories that abundant oil can be found even below the bedrock. Thunder Hourse North was drilled in February 2001, finding oil under 1 mile of water and 5 miles below the seabed. The Noxil field is under 930 meters (0.6 miles) of water and a further 4,000 meters (2.5 miles) underground.
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