Good News!, Oh, er, then again, maybe not

The International Energy Agency recently issued its WORLD ENERGY REPORT 2012. It surprised many by reporting that oil extraction in the United States has increased to such a degree that within a few years the U.S. will again be the world’s greatest oil producer and exporter. We’re NUMBER ONE … USA … USA … USA. Yaaay!

Well, not so fast. The reason we appear to be accelerating in the competitive race to deplete respective national supplies of oil is not really due to our capitalistic acumen. Rather while inventory and forecasts for American production have been relatively accurate, inventory of Saudi and UAE supplies have been terribly inflated. So as the IEA garnered more reliable stats it learned that comparatively the U.S. will be surpassing our Saudi friends BECAUSE the Saudis have been lying about what they have and can produce. The conclusion, the World has even LESS oil than was thought, and Americans are using up their share even faster.

And that’s not the half of it. The IEA projects that global warming will bring about an average 3.6 degree annual increase in temperatures. This is almost DOUBLE the level of increase which Science has forecast is possible to sustain without substantial changes in our climate. Warming isn’t a possibility, it’s happening.

 

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