World's transportation fuel supply a growing concern

A dangerous shortfall in the supply of transportation fuels is likely to hit the world soon because demand is rising faster than industry's seeming ability to fill it, several speakers told a globalization forum at the Society of Exploration Geophysicists annual meeting Oct. 11 in Denver.Industry has shown little exploration and development response to $40-50/bbl oil, even though redevelopment of existing large fields might elicit enough production to stave off a crisis at least temporarily, said Robert Peebler, president and CEO of I/O, a geophysical services firm based in Stafford, Tex.Modern technology drains oil reservoirs faster and world decline rates are soaring, said Matt Simm...

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