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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With its demand already increasing at record speeds, China gears up to begin filling its SPR, and the world looks at global oil supply problems looming in the near future; World Energy Monthly Review connects politics, the economy and hard energy facts.
