If you think no worries because we can get arctic oil, think again. We can’t because icebergs knock the drilling platforms down, and massive amounts of new infrastructure — roads, rail lines, platforms, buildings — are needed to set up drilling in Alaska, since the permafrost soil heaves and sinks like a bucking bronco trying to shake them off.
It’s kind of dumb to be in this situation. In the first two oil shocks in the 1970s, many intelligent people proposed we should buy oil from other nations to keep ours in the ground when foreign oil declined. But hell no, Texas, Oklahoma, and other oil states said we need jobs and huge fat profits for shareholders more than national security as long as possible. I would guess this makes war a likely outcome in the future, which wouldn’t have occurred if we’d kept our oil in the ground.
The source material for this post is: Jean Laherrère, Updated US primary energy in quad (April 30, 2019) https://aspofrance.files.wordpress.com/2019/04/updateduspe2019-3.pdf
Philippe Gauthier. May 3, 2019. US Oil Exploration Drops by 95 Percent. Resilience.org
It is well known that oil discoveries are in continuous decline worldwide in spite of ever-increasing investments. What is less known, however, is that spending on oil exploration is fast dropping in the United States. Exploratory drilling has been decreasing year after year and now stands at only five percent of its 1981 peak. In other words, once the currently producing shale oil wells are gone, there won’t be much to take their place.
According to figures derived from US Energy Information Agency (EIA) data by French oil geologist Jean Laherrère, oil exploration has already peaked twice in the United States. The first time was in the mid-1950s, with just over 16,000 wells drilled in a single year. The second major peak dates back to 1981, with 17,573 exploration wells. This number fell to only 847 in 2017.
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