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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In a world where the National Petroleum Council talks about "continuing risks" to the oil supply, Venezuelan president Hugo Chavez is said to pose a significant threat to the interests of the Organization for Economic Co-operation and Development (OECD) member countries. Venezuela's production has declined since 2000, and the country is home to the world's largest unconventional resource under development, the Orinoco extra-heavy crude. A lot is at stake in Venezuela, so it is prudent to assess the risk there now and down the road. Do Venezuela's policies affect the peak of global oil production?
