All the oil spilling into the Gulf of Mexico would not fill the gap between US production and demand.
Econbrowser’s James Hamilton posted this chart as a reminder of why we’re drilling miles below the Gulf.
US oil production (green) is on the decline, even as off-shore production (blue) is on the rise. Add the fact that US consumption has risen considerably since 1980 and the whole situation seems futile.
So why in the world were we trying to get oil out of the ground under such inherently difficult-to-control circumstances?
The answer, I’m afraid, is because that’s where the U.S.’s remaining oil is to be found.
Maybe you have a notion that if we just did X, we could get by without oil produced from offshore sources. To that my response is, looks to me like we’ll need both offshore oil and X to get through the next decade.
What we really need is a way to tap our vast shale oil reserves >
Or it’s time to make friends with those 12 foreign oil chiefs >