Saturday, Mar 24th

Last update05:20:13 AM GMT

You are here News Energy Gulf spill reminds America: The era of 'easy oil' is over

Gulf spill reminds America: The era of 'easy oil' is over

E-mail Print PDF

Oil worker working on the rigging of a wellTo meet the world's boundless thirst for oil, drillers are searching in the sand and mud of remote western Canada, the tough shale rock of North Dakota and more than a mile under the seas off the southern U.S. coast, where a drilling accident has sent hundreds of thousands of gallons of crude spewing into the Gulf of Mexico.

Why are we going nearly to the ends of the earth and the bottom of the seas for oil?

The answer, say many experts, is that we're consuming as much oil as we ever have but the era of "easy oil" is in our rearview mirror and receding fast.

Production from onshore oilfields in the U.S. has been declining since the 1970s, and near-shore production along the Gulf of Mexico peaked more than a decade ago. Many of the richest remaining conventional deposits are in places that are politically unstable, such as Iraq and Nigeria, or hostile to Western oil companies, such as Sudan, Venezuela and the Middle East.

While Americans remain tethered to a petro-driven economy and surging demand from China and other emerging markets is driving up global demand, the quest for new sources requires more money and technological wizardry than ever before. As anyone tracking the massive gulf spill can attest, it brings greater risks as well.


Most Recent Related Stories...

Oil industry falls out of love with Trump

Oil and Gas fall out of love with TrumpThe oil and gas industry’s relationship with President Donald Trump is cooling off. The administration’s 25 percent...

Emergency official: 5 missing after Oklahoma rig explosion

Oklahoma rig explosionFive people are missing after a fiery explosion ripped through an eastern Oklahoma drilling rig Monday...

Watchdog: Texas company illegally charged Energy Dept. $2.5 million in expenses

Summitt Texas Clean Energy charged illegal fees to US gov.t A government watchdog has found that a Texas energy company likely charged the Department of Energy $2.5...

Energy agency rejects Trump bid to boost coal, nuclear power

Rick PeerryAn independent energy agency on Monday rejected a Trump administration plan to bolster coal-fired and nuclear...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!