Is There a Major Oil Shortfall Coming, Despite Shale Production?
Are we heading for long lines to the pump, ala the seventies?
From the Sun Herald:
After nearly a decade of warnings that the world's oil supply was running out, Americans now are hearing about technology breakthroughs that can unlock vast U.S. deposits of natural gas, help reverse a 40-year slide in domestic oil production and perhaps transform America into the next Middle East.
But despite the euphoria, there's a major problem: The looming American oil glut may simply not be enough to sate the United States and the rest of motorized humanity.
Experts say soaring demand from China and India is sure to send oil prices back above $100 a barrel. A supply disruption in the coming years, they say, could trigger panic, gasoline hoarding and perhaps lead to lines at the pumps akin to the 1973 Arab oil embargo and the 1979 Iranian revolution.
Global shortfalls of other fuels also could develop sooner than many people think, as a planet of nearly 7 billion people and more than 1 billion gasoline-gulping vehicles strains the limits of combustible energy resources that are the underpinning of modern civilization.
While oil industry officials take strong issue with these dim views, critics charge that governments here and abroad have been less than candid about future oil supplies and the ramifications of failing to shift to alternative fuels.
Read more here: http://www.sunherald.com/2012/08/12/4121575/is-the-era-of-oil-nearing-its.html#storylink=rss#storylink=c