At least one author is warning consumers not to be fooled by relatively steady gas prices and prognostications of plentiful petroleum. Richard Heinberg, in his book Snake Oil: How Fracking's False Promise of Plenty Imperils Our Future is warning people that any prediction that the world has staved off the prospect of diminishing returns on continued oil drilling is inaccurate, and that the recent increase in supply may merely accelerate the overall decline.
The Rocky Mountain Institute has created a nifty interactive map that shows you where the U.S. gets its oil from, along with how much - and who - the U.S. pays for its oil. Based on the thickness of the lines, you can see just how much black stuff is coming from where. The map goes as far back as 1973, the year of the first oil crisis, and is accompanied by a graph charting usage and dollars since then. As you'll notice in the pic above, we give a whole lot of money to Saudi Arabia, as well as o
While the U.S. has a ban on drilling in the Florida straits, Cuba has no such restrictions and is cashing in on the oil and natural gas reserves there. Cuba's drilling plans have been known for years, and it has now found some willing partners in China, India and others. Obviously, a growing number of U.S. lawmakers and business leaders are complaining about the drilling ban and giving two economic competitors access to energy at the United States' expense. While the article does not report how
As the Arctic ice caps shrink due to the warming of the planet, it's expected that vast reserves of additional oil and gas will become available, as approximately 25 percent of the planet's petroleum is thought to lie under the polar ice caps. In an effort to map these hydrocarbon resources, the US Geological Society (USGS), BP, and Statoil will be heading far north to conduct widespread surveys next year.