Not So Fast: Drilling Holes in the Energy Boom Story
ASPO USA, 24 October 2015
The story of America’s new energy abundance has been accepted uncritically by too many people. A closer look at the realities of today and the last decade, coupled with a better understanding of our energy and oil systems, reveals risks that must be discussed and included in planning for the years ahead.
Based on ASPO-USA’s cumulative work to date, this brief paper reviews key information regarding the state of global oil supplies and the role of oil in the economy including: the fact that the global rate of crude oil extraction has not increased meaningfully since 2005, the failure of high prices to create new supplies, limits to oil being produced through fracking, the global challenges to oil supplies, and the likelihood that the United States will never again be a net oil exporter or even “energy independent” in terms of oil.
People who are part of the energy or economic debate – whether as policy makers, journalists, academics, community planners, conference organizers, or citizens who will be living through the consequences of decisions being made – should be sure to consider all the facts, uncertainties, and choices involved in assessing the future of oil supplies.