Originally Posted by
The Duke
U.S. oil production peaked in 1970 @ about 10.5 million bbls/day. That's why we transitioned to foreign oil and hence the massive pickle we're all in today. 10 years later (about 1980) we had 4 times as many drilling rigs on the ground here in the U.S., yet we were only producing about 6 million bbls/day of oil. In other words, we were drilling more, but producing less. The lesson here:
More drilling does not mean increased production. If the answer was as simple as just sticking more straws in our soil, we would have done that already. The problem here, simply put, is far more dire than most care to admit.
The reason we are producing less today is not because we are running out. We are producing less because the most promising areas to drill are off limits due to gov. regulations.
Allowing exploration and drilling in
productive areas (off shore) would increase production. From the 1980s to the present there has been so much gov. regulation and opposition to drilling and exploration that there is not enough incentive for oil campanies increase production. And Obama wants to impose huge taxes on oil companies profits! Kinda understandable though, since he actually thinks high gas prices is a good thing.
If the US gov would show they are serious about relaxing regulations against oil and encourage drilling in all available productive areas, and promoting alt. energy like nuclear, coal, biofuel, hydrogen it would lower oil prices immediately. Last week prices went up $3 in one day simply because of fears of Israel attacking Iran, if the speculators knew we (US) were serious about producing more oil prices would drop.
The idea that the world is at it's max oil output is a joke. The saudis and the rest of the middle east can increase production anytime they want to; why would they want to? There is no shortage of oil anywhere. Is there any gas company anywhere that can not buy enough oil?