There is a growing consensus among world oil experts that the planet has an abundance of oil – “enough oil for at least 100 years,” claims a top executive at Italian oil giant ENI SpA. Enough to fuel the industrial revolutions in China, India and elsewhere in the developing world. Enough to supply North America after it recovers from a recession in which oil consumption dropped 9 per cent.
The thesis is based on an unusually large number of recent major discoveries and on enhanced recovery techniques that have breathed new life into oilfields once thought to be tapped out.
While there’s still an argument about oil’s long-term future, there’s no denying the evidence of newly abundant oil.
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We’re not running out of oil after all, that must mean the price of gasoline is about to go up.
mid island mike
Already has Mike, at least in my neighborhood. A barrel of oil has dropped to below $74 U.S while retail prices in the GTA remain high at about .97 cents per litre. The area retail prices are up about 30% over this time last year and there are very few independents left in the neighborhood.
They had to stick in the global warming line didn’t they.
Mike: the point is that easily (inexpensively) accessed oil is running out.
Monty. that’s what they tell us. Oh and the tree huggers and spotted owl lovers won’t let us access what easy stuff there is.
mid island mike
There’s oil in them thar hills! It’s time to declare the greenies a threat to American energy self-sufficiency and thus national security and go out and get it.
The US imported about 14 million barrels of Oil per day in 2007 , which means US consumers sent about $340 Billion Dollars over seas building palaces in Dubai and propping up unfriendly regimes around the World, if 200 billion barrels of oil at $90 a barrel are recovered in the high plains the added wealth to the US economy would be $18 Trillion Dollars which would go a long way in stabilizing the US trade deficit and could cut the cost of oil in half in the long run.
http://www.nextenergynews.com/news1/next-energy-news2.13s.html
btdt. It makes too much sense, that is why it will never happen.
mid island mike
What boggles the mind is that there is even an argument about this.