[mekrob]

America enjoys some of the greatest natural resources, including about 80-100 billion barrels in economically/technically recoverable oil reserves (ultimately). However, most of this oil is not in Texas or Oklahoma, but in the deep Gulf, OCS or polar ice where expenditures are massive (up to and soon passing $100 million per WELL). The only companies that are able to have any hope of success in these parts are massive companies such as Exxon or Shell.

However, these companies rely very heavily upon foreign oil, where costs are not so high. They make plenty of money off of this oil, which goes back into the US, keeping our depletion rate around or less than 2%, a remarkable figure for a decrepit oil nation.

As peak oil approaches, we will surely see nations rise up against the US like we are currently seeing in Venezuela, Iran, Cuba, etc, but on much grander scales. This will shut out alot of opportunities for Western oil, drying up major revenue sources, thus reducing the amount they can circulate back into $100 million dollar wells, CO2 injection, and the wonderful economy.

What this means is that we could and probably will see a significant increase in the depletion rate in the US. Instead of producing 7 mpd now and consuming 21 mpd, we could be reduced to 3-4 mpd in 15 years (assuming peak is in the next 5 years like I believe) with our consumption around that figure as most nations would likely keep their oil for a rainy day. When times are good, they are good. When they aren't, oh geez, they won't be anywhere close to being good.

[Battle_Scarred_Galactico]

Pretty good conclusions I'd say. The wild card is how the US will behave during the transistion period.

[DesertBear2]

$this->bbcode_second_pass_quote('Raphael', '.').and that's not a sucking sound I hear south of me, Mr. Ross Peirot...it is a skreeeeeeeee, an oink and a grunt.