Washington - After nearly a decade of warnings that the world’s oil supply was running out, Americans now are hearing about technology breakthroughs that can unlock vast U.S. deposits of natural gas, help reverse a 40-year slide in domestic oil production and perhaps transform America into the next Middle East.
But despite the euphoria, there’s a major problem: The looming American oil glut may simply not be enough to sate the United States and the rest of motorized humanity.
Experts say soaring demand from China and India is sure to send oil prices back above $100 a barrel. A supply disruption in the coming years, they say, could trigger panic, gasoline hoarding and perhaps lead to lines at the pumps akin to the 1973 Arab oil embargo and the 1979 Iranian revolution.
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4 comments:
It's going to continue to be more expensive, but the vast finds of shale oil both here, in canada, and throughout europe(hasn't been talked about in many circles outside of oil investors) will be a second oil boom.
Obama's plan to shut us down!
There is enough proven oil fields for 200 years more and unproven for even longer.
I've been hearing the same crap from these libtards all my life that oil will soon be running out.
Oil has been proven to be a renewable resource the old oil fields are full of oil again if the Democrats would get out of the way this depression would be over!
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