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

The ‘Idle’ Oil Field Fallacy

Red Cavaney, president and CEO of the American Petroleum Institute, makes the good point in The Wall Street Journal (6/20/08) that a great deal of exploratory and developmental work has to be undertaken before a “nonproducing” field can be classified as a “producing” field. He then argues that this means that nonproducing fields are not the same as “idle” fields, a charge the Congress is currently making. Fair enough up to a point. Continue reading