US grapples with ‘the age of energy insecurity’

As fuel prices rise with winter’s approach, the debate over US energy security has reached a fevered pitch.

Domestic sources open to exploration and production are being depleted and any emergency oil production capabilities are in the Middle East. The fact is that the US is subject to unreliable energy supply at unreasonable cost.

If growth in high-consumption areas, notably the US and Asia, continues unabated, he says, beyond 2015-20 the industry will not be able to meet worldwide demand. Those outside the Organisation of the Petroleum Exporting Countries will face serious growth challenges after 2010 and, after 2015, Opec reserves will face similar growth challenges.

FT