14 January 2005

Oil Aplenty

Interesting read at the American Enterprise Institute website. Article posits that; (get this) we only have as much oil as is economically rational to produce...gasp!!

I am being a little sarcastic there not because of the articles content, but because such a thing need be explained at all. Read all of it by clicking the link above, excerpt below. -SpinDaddy

" . . . In a televised address on April 18, 1977, president Jimmy Carter delivered a chilling prediction: "Unless profound changes are made to lower oil consumption, we now believe that early in the 1980s the world will be demanding more oil that it can produce . . . at the time of Carter's speech, the Persian Gulf region was authoritatively reported to hold some 74 billion barrels of oil. And today, after three decades of frantic pumping, the region is estimated to hold almost 700 billion barrels of oil, or almost 10 times as much. These reserves may continue to grow. Or they may not. Everything depends on the market's expectations for the future price of oil . . . "