According to Bloomberg, “The U.S. expanded its oil production this year by the most since the first commercial well was drilled in 1859, upending a belief that Americans were increasingly hooked on foreign crude.” Further, “Domestic output grew by a record 766,000 barrels a day to the highest level in 15 years, government data show, putting the nation on pace to surpass Saudi Arabia as the world’s largest producer by 2020.” According to my recent blog post, that estimate is filled with more hype than reality.
Increased domestic crude oil output offers short term added fossil fuel capacity, but that addition will not stop the ultimate decline in fossil fuel production with potential game changing effects on the economy, way of life and civilization as we know it. Renewable energy technologies have serious issues including cost, availability, scalability and their ability to reproduce themselves without fossil fuels.
Researchers are mathematically modeling population sustainability in the presence of declining fossil fuel production. A result of this effort noted, “Populations that are too dependent on nonrenewable resources collapse and never fully recover, leveling off at a nearly constant level determined by the availability of renewable resources.”
These challenges are vividly documented in the 30 minute video, There’s No Tomorrow. Please take a look. It will forever alter your perception on “doing business as usual.” (i.e., corporate fixation on current quarter, 2 year presidential campaigns, and energy companies spending obscene amounts on lobbying).Tags: Bakken, Bloomberg, Cloutman, Logistic Model, Oil. Natural Gas, Peak Oil, Renewable Energy, There's No Tomorrow