Monday, July 11, 2005

Where's The Oil Coming From? Don't Ask Chevron

What a remarkably frank admission by Chevron that they're not finding any more oil. More here:
The trends are in motion.

Energy demand is soaring as never before and driving economic growth. And improved standards of living are requiring increasing amounts of energy. In fact, some say that in 20 years the world will consume 40% more oil than it does today.

The facts are compelling.

Many of the world’s oil and gas fields are maturing. And new energy discoveries are mainly occurring in places where resources are difficult to extract—physically, technically, economically, and politically. When growing demand meets tighter supplies, the result is more competition for the same resources.