It is official. The US will overtake Saudi Arabia to become the world’s top oil producer by 2017.
US to overtake Saudi Arabia in oil as China’s water runs dry – Telegraph Blogs
Jimmy Carter predicted this 35 years ago.
The oil and natural gas we rely on for 75 percent of our energy are running out.
Because we are now running out of gas and oil, we must prepare quickly for a third change, to strict conservation and to the use of coal and permanent renewable energy sources, like solar power.
– Jimmy Carter April 18, 1977
Proposed Energy Policy . Jimmy Carter . WGBH American Experience |
And history repeats itself. Peak oil, solar and all the other nonsense that I heard 35 years ago.
Better for Uncle Sam to rapid tax the Earth than selectively sap the enviable.
To be fair to old JImmy the technology was not available then for extraction of gas from shale, nor actually extraction of oil from sand in those days.
The sooner that oil gets down to nearer $10 a barrel again the better it will be for the US and Europe, the US producing so much gas will help. At $100 per barrel Saudia Arabia makes over $1billion per day in revenue, or nearly $400b per year. They can’t even spend that much.
Andy
Apparently Carter never heard of Malthus. Leftists should study history, instead of constantly trying to rewrite it.
39th President of the United States (1977–1981), 1967 – Great Canadian Oil Sands Ltd (later Suncor) began production of Tar Sands north of Fort McMurray. Yup, technology was not available then….
I was employed by Jimmy Carter in his Synfuels program to develop Oil Shale which he knew was the largest supply of oil in the world. You always think you are being fair, when in fact you just have no idea what you are talking about.
I remember that. I worked on one of those as a student at the University. I laughed then (the process costs were horrible) and I laugh now. We were not running out of oil or gas, it was simply that the older fields using the cheapest tech were winding down and due to price controls, it was uneconomic to bring on new tech. The new tech came on stream in the 80s when tax and regulatory processes, along with demand, made them valuable. The only reason why new refineries have not been built and our production limited was our own political posturing. When Jimmy became president we were the world’s top oil and oil equivalent gas producer. However, if Obama has his way, this prediction won’t happen, even though there is no economic or technological reason why it shouldn’t.
Not of Obama and the EPA can help it!