Facts: Is there really an oil shortage?

The debate on the oil situation is almost as bad as the debate on global warming and for good reason since the two are clearly linked. On the one side are the peak oil folk of whom more later. On the other side are the eternal optimists. Let’s start with them. What we know for sure is that the US is consuming about 7 billion barrels of oil a year. That is an official government statistic. So how much oil is there? Continue reading