The World is Not Running Out of Oil: Fill 'er Up
"The world produces about 85 million barrels of oil a day. Global energy demand is expected to rise 55% from 2005-2030. Peak oil theories abound that new discoveries are not keeping up with oil usage. But it's significant that the new demand also is fostering big new discoveries, largely from the very countries where demand is growing most."
The IBD editorial documents recent discoveries of new oil in Brazil, China, Mexico, India and Russia, and discusses how new oil technologies have also significantly increased the supply of oil.
"The world is not running out of oil," said Daniel Yergin, head of Cambridge Energy Research Associates and one of the world's leading oil experts, in a recent interview with Les Echos in Paris.
Go ahead and fill up your SUV, and engage in some guilt-free driving.