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World consumption today is about 70 million barrels a day and oil producers expect this to rise to 100 million barrels by 2020.
The Organisation of Petroleum Exporting Countries (Opec) says its reserves are sufficient to last another 80 years at the current rate of production.
Last year was the most profitable in history for the oil industry. For 2005, ExxonMobil had gross revenues of $371 billion, a 20 percent increase over 2004. In terms of profits, the company topped out at $36.1 billion for the year--a 43 percent jump from the previous year. This was the largest annual reported profit in corporate history, amounting to more than $4.1 million raked in for every hour in 2005.
According to CIA statistics, ExxonMobil�s revenues last year exceeded the Gross Domestic Product of Saudi Arabia ($340.5 billion), and its profits were higher than the GDP of El Salvador ($33.9 billion). Exxon�s super-profits alone were larger than the economies of more than half of the countries and territories of the world.
Domain: TheOil.Biz
Registrar: GoDaddy
Starting Bid: $5!
Increments: At least $1
Ends: 24 hrs after last bid
PayPal preferred.
The Organisation of Petroleum Exporting Countries (Opec) says its reserves are sufficient to last another 80 years at the current rate of production.
Last year was the most profitable in history for the oil industry. For 2005, ExxonMobil had gross revenues of $371 billion, a 20 percent increase over 2004. In terms of profits, the company topped out at $36.1 billion for the year--a 43 percent jump from the previous year. This was the largest annual reported profit in corporate history, amounting to more than $4.1 million raked in for every hour in 2005.
According to CIA statistics, ExxonMobil�s revenues last year exceeded the Gross Domestic Product of Saudi Arabia ($340.5 billion), and its profits were higher than the GDP of El Salvador ($33.9 billion). Exxon�s super-profits alone were larger than the economies of more than half of the countries and territories of the world.
Domain: TheOil.Biz
Registrar: GoDaddy
Starting Bid: $5!
Increments: At least $1
Ends: 24 hrs after last bid
PayPal preferred.
