Coober-Pedy oil find probably larger than Saudi reserves, its shale oil in South Western Australia, world still coming to grips
This will shift the balance of power, finance and security in the new world order, and raises serious questions about the tar sands.
Still according to Bill McKibben, and climate reality project and 350.org, it might help solve the overall problem, because the decisions now can be made in the west without being held hostage. Raises security and terrorism and iran nuclear problem spectre.
according to do the math movie, we have a budget of 365 GT that we can safely expel of carbon into the atmosphere (and oceans) in total from all sources before the world reaches the 2 degrees Celcius mark above 1990 mean temperatures as outlined in the Copenhagen accord, with all major and most minor nations signing on to the accord.
This will happen in 10-15 years from 2013. depending on methane in tundra (arctic and siberia), and ocean off gasing as deep ocean currents come to the surface laden with CO2 dissolved gas under high pressure from depth.
this find does not help solve the overall problem in that now there is about 4000 GT of carbon that can be released from proven reserves, while our final budget is only 565 GT of carbon that we can allow to be released. It does help the problem now in the sense that the west can be in the drivers seat economically and decision wise about how to scale back emissions, and add algae as a solution to absorb CO2 emissions at source. Similarly, Stuart Licht , a past president of the American Chemical Society (ACS) has developed a catalytic lithium carbonate reactor cell, that can take hydrogen from electrolyzed water or from reformed fuel source, and by bubbling it through the cell at 950 degrees Celcius, along with CO2 gas emissions, it can create methane catalytically.
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