“Every time I see an adult on a bicycle, I no longer despair for the future of the human race.”
—H. G. Wells, 1904
The fact is, more than 50 nations are now past their peak in oil production: Mexico, Norway, UK, USA, Russia, perhaps even Saudi Arabia to name a few. If you use ExxonMobil's estimate for the decline rate from these existing wells (-6%), then from now until 2017, we need to find and develop 37 million barrels per day of additional crude production just to stay even with what we consume today. That assumes no growth in demand for oil. That is the equivalent of finding FOUR Saudi Arabias. Does anyone think we have overlooked resources of that size and quality?
"The true solution to our energy problems starts with conservation efforts, and investment in alternative and sustainable energy sources, which will create new American industries and jobs and jumpstart the sluggish economy."
Watch video:
Most of Midwest Is Underwater
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