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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Financial markets are abuzz about the possibility of yet another spurt of US-centric global economic growth. Irrespective of the current-account deficit and external debt implications of this outcome, America’s growth dynamic is the magic to which the rest of a growth-starved world has become addicted. In the minds of investors and policymakers alike, there’s no breaking this habit for the conceivable future.
