More on Peak Oil

The New York Times Business Section had a long and interesting article a few weeks ago on oil consumption in the US. The Oil Uproar That Isn’t

A few interesting quotes:

The most visible element of this new equation is that relative to demand, oil is no longer in plentiful supply. The time when we could count on cheap oil and even cheaper natural gas is clearly ending. — David J. O’Reilly, CEO of Chevron.

Furthermore, Mr O’Reilly stated that it took 125 years to consume a trillion barrels of oil; the next trillion is likely to be consumed in the just 35 years.

On our dependence on foreign sources (who may not always behave according to the laws of economics…):

Crude oil imports have doubled over the last three decades and now account for nearly two-thirds of the oil Americans burn… In the same three decade period, oil demand in the US has grown by 18 percent while domestic production has continued on a slow and probably irrevocable path of decline.

The basic approach to energy policy in this country, according to the nation’s first Energy Secretary, James Schlesinger, is “only two modes–complacency and panic.”

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