June 19, 2008

We need to drill more for oil

President George W Bush has asked Congress to end a 27-year ban on drilling for oil in US coastal waters to reduce dependence on imports. Mr Bush said rocketing world oil prices meant the United States could not afford to pass up opportunities for developing energy resources at home.
About two years ago a significant event happened in oil production that will have a big impact on world consumption: For the first time in history the rate of depletion of known reserves now exceeds that of new reserve discovery. What this means is that we are using up our known reserves faster then we are replacing them with new discovery. So yes! We need to drill more. It's not simply a matter of economics, but also one of our very survivals. Without oil the human race will crash and burn out.

No comments: