End of oil? No, it’s a new day dawning

It’s all over the worldwide headlines:“Is the World Running Out of Oil?,” TRB, Australia.“Oilfields Won’t Satisfy World Demand,” Le Monde Diplomatique, France.“Is the World’s Oil Running Out Fast?,” BBC News, England.Plenty of people, including informed people, are worried that oil is running out. There is good news and bad news with respect to the future of oil.The good news is, we are not running out of oil; The world still has over 1 trillion bbl of proved reserves.The bad news is that access to the world’s remaining oil is getting much more difficult, and serious supply disruptions are highly likely to occur in the future.On ...

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