Fueling the Hydrogen Economy: Energy Independence Now

Environmentally benign technologies can meet the president's hydrogen plan.

The prophets of doom have again been disappointed by worldwide estimates of proved reserves of oil and gas. We are definitely not running out of oil and gas. In fact, total world oil reserves increased from 1,032 billion barrels (Bbbl) to 1,213 Bbbl, and natural gas reserves from 5,451 trillion cubic feet (Tcf) to 5,501 Tcf over the past year. Even in the United States, proved oil reserves increased from 22.045 to 22.446 Bbbl and proved natural gas reserves from 177.427 to 183.460 Tcf thanks in part to oil reserve additions that exceeded production by 21 percent in 2001, and gas reserve additions that exceeded production by 31 percent in 2001 [see bibliographic references 1 and 2].

Another positive development is that OPEC's share of worldwide crude oil production dropped from 40.5 percent in 2001 to 38.2 percent in 2002 [see bibliographic reference 1]. The latest Energy Information Administration (EIA) report for 2001 , documents year-end proved reserves of 22.446 Bbbl of crude oil, 183.460 Tcf of dry natural gas (after removal of the heavier hydrocarbons beginning with propane), and 7.993 Bbbl of natural gas liquids (i.e., condensate, natural gasoline, and liquefied petroleum gases) [2].