All About Oil
Posted By thestatedtruth.com on May 17, 2010
With only so much oil to go around, every new off-take agreement signed by the Chinese with the Saudis or Venezuelans, for example, is a net loss in supply to other bidders, notably the world’s largest energy consumer, the United States.
That the Chinese, and other countries, are aggressively securing long- term energy arrangements, coincidental with what appears to be an official US diplomatic initiative to actively offend all the major energy producers, makes the securing of US-controlled reserves and production critical.
The problem with cheap oil can be seen in the chart here.
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And it has been confirmed in a recent report issued by the US military, conveniently summarized by DailyFinance: “A recent Joint Operating Environment report issued by the US Joint Forces Command suggests that the US could face oil shortages much sooner than many have anticipated.
“The report speculates that by 2012, surplus oil production capacity will dry up; by 2015, the world could face shortages of nearly 10 million barrels per day; and by 2030, the world will require production of 118 million barrels of oil per day, but will produce only 100 million barrels a day.”
The US needs secure oil sources, and “on the double,” as a military type might say. And so the pressure has increased for the US government to remove its actual and effective regulatory bans on offshore drilling.
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