This morning, President Obama announced plans to ease restrictions on oil and gas drilling in the U.S. and off its coasts. His move comes in the wake of recent gas prices, which may now be moderating slightly.But will it be enough?
Former BP Chief Petroleum Engineer Jeremy Gilbert gave an excellent presentation on peak oil at last year’s ASPO-USA conference that responds to every argument against peak oil and emphasises the need for immediate action.
Gilbert argues that if we want to keep on this road of oil usage, we’ll need to accept the risks associated with deepwater drilling, something President Obama now seems ready to do. But even that may not be enough, as discoveries decline and supply dwindles.
Traditional oil production has definitely peaked -- and check out how long it's been declining in the US
Now here's how people deny peak-oil: faith in discoveries, faith in technology, and misreading the numbers
Usually as technologies mature, risks decrease -- but this isn't the case for unconventional oil production
Business Insider Emails & Alerts
Site highlights each day to your inbox.