“The surge in oil production in the US and Canada and shrinking oil consumption in the developed world is transforming the global oil market.

“The threat of chronic oil shortages is all but gone, US dependence on Middle Eastern oil will continue to dwindle, and oil will increasingly flow to the developing economies of Asia, according to a five-year outlook published Tuesday by the International Energy Agency.”

(“US Oil production alters market”, by Jonathan Fahey, Lansing State Journal, 17th May)


2 thoughts on “FROM THE WORLD’S PRESS . . .”

  1. Peaked Oil in our lifetime is a myth. Lindsey Williams in his 1970’s book “The Energy Non-Crisis” spoke of how he when working in Alaska and he saw first hand how many enormous oil reserves were capped and not tapped into even though the US could easily supply most of its own oil today for as little as 60 cents a gallon.

    A church friend here in Australia told me many times that he saw exactly the same thing down here in Australia time and time again when he worked in the gas and oil industry. There is no shortage of oil for decades to come with the reserves in Alaska and Australia, not to mention the huge ones now being exploited in Siberia. Lindsey Williams says that the wealthy elite have said that they want to drive up the price of oil up to a high enough amount per barrel before exploiting those reserves in order to maximise their profits.

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