Page added on May 12, 2010
With oil wells on land getting tapped out, U.S. oil production would have fallen off even more precipitously than it did if not for offshore oil. Offshore oil production now comprises about a third of the U.S. total. Yet remaining resources are limited and are becoming increasingly difficult to obtain. As BP’s inability to staunch the Deepwater Horizon oil spill starkly illustrates, controlling extraction from almost a mile below the sea surface is incredibly difficult and dangerous.
The era of “easy” oil is over. As Fatih Birol, chief economist of the International Energy Agency, recommends for the world, “we should not cling to crude down to the last drop – we should leave oil before it leaves us.”
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