Watching Government: The efficiency variable

02/20/2012
Soon after a spate of stories about annual energy forecasts appeared, a reader e-mailed OGJ with a simple question: With all this optimism about production growth from shales and deep water, when will the world run out of oil? Economists usually explain that a wide range of variables will determine when that happens. Many mention historic instances where discoveries and technology increased production, and gave new life to an industry that seemingly had been in decline. Whether the potential is realized depends now on politics and its effect on policies, they say. But one variable that two multinational oil companies' forecasts mentioned more prominently than ever is the growing impact of...
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