NC Media Watch

A quest for reason and accuracy in letters to the editor, guest editorials and other issues of interest to the citizens of Western Nevada County.

Tuesday, March 01, 2005

More Bad Oil Facts by Schwalm

Michael Schwalm is concerned about Howard's history problem, March 1, 2005, but has some factual problems of his own.
If you believe that extremist Islam (Bush's oil buddies in Saudi Arabia) is now a threat to the existence of the U.S., then attack al-Qaida, not Iraq. Iraq was a weak, secular, mean dictatorship that had no WMDs or connections with 9/11. Saddam was well contained and we were protecting the Kurds. We could have easily reformed the "oil for food" program and slowly built an ever-increasing world consensus against him. There was no hurry except the world's second largest oil supply, sitting there unexploited.
Really?

According to the USGS World Oil Assesment:
* The Middle East does not have two thirds of the world's oil -- it has 54 percent of identified reserves, or, if you look at ultimately recoverable reserves, 39 percent.

* Kuwait -- not Iraq -- has the second largest identified oil reserves in the world with 99.4 billion barrels, compared to 96.5 for Iraq, according to USGS.

* Saudi Arabia may have one quarter of the world's identified oil reserves, as the oil industry claims, but it has only about 16 percent of all ultimately recoverable reserves, according to the USGS.
The USGS did not include "unconventional" oil such as Venezuelan heavy crudes, but the agency did say that these unconventional sources "are approximately equal to the Identified Reserves of conventional crude oil accredited to the Middle East."

In other words the Middle East probably has anywhere from 29 to 35 percent of ultimately recoverable world oil reserves -- not two thirds, as is commonly claimed. And Iraq has less than half of the oil in the Middle East, about 16 percent.

I was also wondering how we were going to easly reform the UN? Mr, Schwalm failed to provide any details.

Tell me what you think

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