OilPrice.com: U.S. To “Drown The World” In Oil
The U.S. could “drown the world in oil” over the next decade, which, according to Global Witness, would “spell disaster” for the world’s attempts to address climate change.
The U.S. is set to account for 61 percent of all new oil and gas production over the next decade. A recent report from this organization says that to avoid the worst effects of climate change, “we can’t afford to drill up any oil and gas from new fields anywhere in the world.” This, of course, would quickly cause a global deficit, as the world continues to consume around 100 million barrels per day (bpd) of oil.
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WNU Editor: Predicting oil and gas production years in the future is always a risky business. Case in point. A decade ago everyone was predicting a massive oil shortage. Today is predicting a glut.
