Don't get the wrong idea. Oil is still generally bad as a long term energy source. We can not afford the greenhouse effect it contributes and the supplies are still finite. Even if we have made mistakes in our estimate of sites or quantities, what we do know for sure is that nature takes millions of years to create the stuff. We have used the bulk of it in less than 100 years. So even basic math should tell you we are going to run out at our current pace.

What I want to share with you today is that a new oil deposit has been found and that the pro-oil groups and naysayers will use it as an example that oil is alive and strong. This is a clear mis-conception. The oil just discovered will only prolong our current use rate by 1 month.

This is like discovering you forgot an entry in your bank register and there was rebate or refund for something you already purchased. The money is not new, just forgotton or not accounted for. Now you have an extra $10 you didn't know about. It feels like free money or a new discovery, but it was there all along. Also, it will not go far. As an extra $10 is nice and will upgrade lunch for 1 person, this oil find is similarly small when considered what we use globally.

Follow the related link to find out more from the Oil Depletion Analysis Centre (ODAC).