Industrial Insight

Peak oil ??… | September 18, 2011

http://online.wsj.com/article/SB10001424053111904060604576572552998674340.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsTop

There Will Be Oil

For decades, advocates of ‘peak oil’ have been predicting a crisis in energy supplies. They’ve been wrong at every turn, saysDaniel Yergin.

1 trillion

Number of barrels of oil produced since the start of the industry

1.4 trillion

Estimated number of barrels currently considered technically and economically accessible—out of 5 trillion total barrels of petroleum resources in the ground

30%

Increase in annual world oil production since 1978

Source: The Quest

This is actually the fifth time in modern history that we’ve seen widespread fear that the world was running out of oil. The first was in the 1880s, when production was concentrated in Pennsylvania and it was said that no oil would be found west of the Mississippi. Then oil was found in Texas and Oklahoma. Similar fears emerged after the two world wars. And in the 1970s, it was said that the world was going to fall off the “oil mountain.” But since 1978, world oil output has increased by 30%.

Overall U.S. oil production has increased more than 10% since 2008. Net oil imports reached a high point of 60% in 2005, but today, thanks to increased production and greater energy efficiency (plus the use of ethanol), imports are down to 47%.

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