While browsing the web this morning I came across a page called THE OIL RESERVE FALLACY Immediately I thought, "ah, finally something truthful on the web!" Well, I was quite disappointed of course. The article was not just a fallacy, but it was a fallacy built upon another fallacy.

Third, that the Middle East does not necessarily have two thirds of all world oil reserves, as has long been claimed by the oil companies and the US Dept. of Energy. It only has two thirds of "proven" oil reserves which are far smaller than the potential reserves Jum'ah describes.

Other categories of oil reserves besides "proven" reserves have not (until recently) been taken into account. The idea that the Middle East has the only key to the world's energy future is not true and is extremely dangerous.

Get that, it is extremely dangerous not to consider the other vast reserves located outside the Middle East. Then at the bottom of the page they provide a link that tells us what the world' real reserves really are. They have 397.6 billion barrels in North America, 185.5 billion barrels in South America and 423.8 billion barrels in Europe and the Former USSR.

So sleep well tonight folks, the world is awash in oil. And remember, it is extremely dangerous not to consider these vast reserves when planning for the future.

Ron Patterson