Let's put Nigeria in perspective.

light crude and heavy crude well, it's about 14 bucks a barrel.

Baler

And all those mega barrels under Detroit cost an average of 18 bucks a barrel.

Middle Eastern oil prices jumped by five dollars per barrel.

So here we are using 20 million barrels a day producing eight, importing 12, and from the 12, five comes from OPEC.

When you look at the biggest user and the second largest user, we use 20 million barrels and the Chinese use 10.

Oilmen spent the energy equivalent of 1 barrel of oil to find and extract 100.

The easy to extract, high quality crude was pumped first.

What does that do for entrepreneurs?

One tanker, 16o,ooo barrels by the end of next month.

...before the projections catch us?

Commodity prices are like this.

Remember that large numbers can be deceptive.

And that costs on average under 18 dollars a barrel.

We can save half the oil by using it more efficiently, at a cost of 12 dollars per saved barrel.

Oil. Oil. This was a big topic.

We use over five billion tons of coal, 30 billion plus barrels of oil that's a hundred million barrels a day.

Several factors make oil unique it is energy dense.

Captain, we got a hundred barrels down there rigged to blow. and this.

Now I had people in Washington last week told me, he said, The Saudis can produce the oil for five dollars a barrel.

In the nineteen sixties, six barrels of oil were found for every one that was used.

They make it very clear to you, the Saudis do, they have to have 94 dollars a barrel to make their social commitments.

In Europe where taxes are in place, that's the equivalent to a minus 60 dollar barrel.

And they claim they have 250 billion barrels of oil, which I do not believe.

It would be three times what the Saudis claim they have.

And that also brought me to the fact that this poses such a risk to our society.

For every four barrels of oil that we consume, we only discover one.

That's another 30 percent demand on oil.

Of these fuels, oil is the most critical.

You bet.

I am.

Good.

Damn!

Voilà.

Right!

Exactly.

Yep.

Yes.

Yeah.

Since 1860, geologists have discovered over 2 trillion barrels of oil.

So here you are, that the cost of all this to the world is 89 million barrels of oil, give or take a few barrels, every day.

Here is the problem at 147 dollars a barrel, which we were in six months ago, the U.S. spent a ton of money to get oil.

Per Amount

Per Amount