Farce this Time: Renewed Pessimism about Oil Supply

“Similarly, the total number of wells drilled historically in the United States as of 1970, the year that production peaked in the lower-48 states, was 33.4 per 100 square kilometers of sedimentary basin. Yet, in the rest of the world, the number is less than one. And at current drilling rates, it will be nearly 400 years before they reach the 1970 U.S. level; even if drilling grows by 5% per year, it will still take 120 years. And in the interim, oil production technology will have advanced even further.”
GS