Peak oil debate will rage as long as doubts remain over Opec

The debate over the cartel’s capacity rages as American legislators look to make it pump more black gold

It takes a staggering 20bn barrels a day to feed America’s addiction to oil. Two thirds goes on keeping America on the move. And, with fuel costs at record levels, the nation’s car drivers, airline travellers, haulage firms and train companies are feeling the squeeze.

American consumers now pay the equivalent of 54p a litre to fill up (it costs about 116.7p in the UK), a 26pc rise since this time last year.


They, along with households and businesses facing higher bills, want someone to blame and the country’s politicians who depend on their votes are more than willing to point the finger on their behalf.

Opec is in their sights. Legislators are going after the cartel because they believe it will not – or cannot – produce more oil, and the No Oil Producing or Exporting Cartels Act (Nopec) is making its dangerous way through Congress despite objections from the White House.

The trouble is, the collusive gang of sovereign states are already pumping out all the black gold they can. With oil at record levels, why wouldn’t you try to earn as much revenue as you can while the going’s good?

Telegraph