John K. Cooley: Each oil crisis spells a new energy future

Some scientists assert that world oil resources are near their peak and may soon decline. However, reports of the U.S. Geological Survey point out that peak oil production may not be as close as some have previously thought: Oil reserves are still about 42 times annual production levels. Long-term, alternative petroleum resources, such as the nearly 1 million barrels per day of crude oil that Canada now produces from oil sands and Venezuela’s Orinoco tar sands, are promising.

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