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.