On Quenching Our ‘Big Thirst’ for Oil

In an effort to explain the steep climb of the price of oil, a recent New York Times article looked at the increasing worldwide demand and outlined the difficulties the energy industry will face in meeting this demand, which will rise by 35 percent by 2030 according to the International Energy Agency. Halfway through the article, the author noted: “


First, peak oil is no longer just the “view of a small band of skeptics.” It is firmly based on science and is now accepted by a growing number of mainstream economists, politicians and media in Europe and the US. More importantly, however, the previous argument seems to ignore a crucial fact: the key factor in meeting the US and worldwide demand is not the amount of oil reserves, but the rate at which the oil from these reserves can be produced. Therefore, it is not enough to claim that “