We cannot drill our way out of this oil crisis. Since 2000, oil companies working in the U.S. have doubled the number of wells drilled per year.
Although increased drilling has added new oil to the nation's supply, it has not done so fast enough to offset the terminal decline of existing fields.
We are going to have to import more of our oil. Period.
MonteQuest
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"We are practically in an energy war. The price of a barrel of petrol has multiplied threefold" (in the last two years), the French Finance Minister Thierry Breton told Europe 1 radio station on July 25.
