Will We Have Enough Oil And Natural Gas?

Secretary of Energy Samuel Bodman has asked THE question. Will we have enough oil and natural gas to keep our economy going? In a letter to Lee Raymond, Chairman of the National Petroleum Council (NPC), Bodman has asked the Council to predict the future:

…Energy Secretary Bodman’s letter describes several key issues: “Perspectives vary widely on the ability of supply to keep pace with growing world demand for oil and natural gas, the point in time at which global oil production will plateau and then begin to decline (“peak oil”), the implications these may have for the U. S. and world economy, and what steps should be taken to achieve more positive outcomes.”

The oil and natural gas industry has been asked to provide us with a candid evaluation of the world’s oil and natural gas resources using internal industry data. The NPC, a federally chartered advisory committee to the Department of Energy, has accepted the request. Lee Raymond, who is also CEO of ExxonMobile, has the task of documenting the industry’s views on whether or not supplies can keep pace with growing world demand, and if such supplies can be provided at price points low enough to ensure continued economic growth.

Framing this report will be a tough challenge. The issues are complex and there is a dearth of reliable data. Nonetheless, the NPC’s data, analysis, and conclusions must be irrefutable.

Energy Bulletin