We Can't Drill Our Way Out

[struggle4progress]

By KENNETH R. RICHARDS
June 22, 2008

The United States, like any forward-thinking investor, needs to diversify its energy portfolio. The country is not going to be able to drill its way out of this energy crisis — oil will not save us.

First, there is the simple fact that we consume about 7.7 billion barrels a year, far more than the 1.8 billion we currently produce. In addition, there has been a steady decline in domestic annual production from our 1970 peak level of 3.5 billion barrels.

Our proven reserves, defined as oil that can be recovered with known technologies under current economic conditions, are only 21.7 billion barrels. Do the math — that is only a dozen years at current production rates, less than three years of total consumption ...

The alternative to trying to drill, or buy, our way out of the current situation is to think our way out ...

http://www.courant.com/news/opinion/commentary/hc-runoverrichards0622.artjun22,0,7335733.story

[elocs]

1. Our oil picture is now a jigsaw puzzle and it will take lots of pieces

to get it to look like a complete picture again. There's no point in holding up one piece and claiming it is the whole picture--it is not. It's never going to work that way again.

[FogerRox]

2. KNR . . . . baby !! ! !

[tom_paine]

3. We can't drill our way out, be we can drill ourselves to death.

I can see it very clearly if I close my eyes, and I think there is a high probability taht we will do it, too.

It goes something like this:

Global Warming is melting the Arctic. It is estimated that in 20 years, at the very VERY outside, the Arctic will be totally ice-free in summer, a condition that has not happened in 2,000,000 years, even with all the ice ages and warming periods.

Therefore the Arctic becomes ever more open and inviting to drilling for oil and gas.

Now, I am no geologist, and I don't even think THEY know how much or how little oil and natural gas exists beneath the surface of the Arctic Ocean.

Assuming there is a-plenty, then we drill. This causes us to sustain the merry-go-round for a few more "party" years, but I suspect that the massive amounts of CO2, methane, and other greenhouse gases released by such endeavors tips the atmosphere into the unrecoverable zone, at least at it relates to sustaining large populations of homo sapiens for a long, geologic period of time (a million years or more).

Then, sometime after what will probably be a long, slow tortuous end for the dwindling populations that survive, homo sapiens goes bye-bye.

I hope I am wrong about this, but ifthat oil and gas is down there, it is almost a 100% certainty that we are going to drill and burn it.

Hence, we drill ourselves...to death.

[struggle4progress]

4. I'm sorry to say: you're right

[End Of The Road]

5. I like the part where you say "under current economic conditions"

Methinks that's why gas is over $4 bucks. The more money they make, the more economically feasible it becomes to drill for those last few drops. It becomes obvious why drilling for more oil in the U.S. cannot possibly bring the price down.

[struggle4progress]

6. A Keith Richards wrote this, not me

[End Of The Road]

7. LOL! You must be a Stones fan!

Kenneth wrote the article, Keith is the living dead.

Regardless, I agree that we can't drill our way out.

:hi:

[struggle4progress]

8. ... Hey! Think the time is right for a palace revolution

Cause where I live the game to play is compromise solution ...

I guess even us old Stones fans go senile eventually