Wow. Peak Oil. One of the theories that drove me to become a Petroleum Geologist in 1972. We were supposed to run out by the end of the decade (1980). I guess we must have done a pretty good job, because now we are not importing any oil. When I went into the business, we were importing about 1/3 of our oil..
I remember reading a study published in OFFSHORE magazine done in the 80’s of the original Kuwaiti fields that showed more oil reserves then than when they started production in the 20’s. Seems that there are some places where regeneration seems to occur.
Raw crude seeps out of the bottom in the Gulf of Mexico. Mexico is said to have more reserves mostly offshore than Saudi Arabia. They are also 30 years behind in production. Having worked with them I don’t think they will ever catch up until they start paying the American companies to come back and get things done.
Our Gulf of Mexico has to be the most explored place on the planet for oil yet every year more new discoveries are announced.
Second most plentiful fluid on earth next to water.
A nation must have access to cheap and plentiful energy to be successful.
Drill baby drill!