Oil forecasts fail so often that it's puzzling that the media, governments, corporations, and the public put so much faith in them, Cobb writes. Those whose plans were based on the IEA's 2000 oil forecast were completely blindsided by developments just a few years later.
Environmentalists and industry representatives are criticizing new draft regulations on hydraulic fracturing, a controversial drilling method that has helped spark an oil and gas boom. The shared discontent reflects the complexity of the debate surrounding hydraulic fracturing and natural gas use.
Sexual assaults in military going up, according to Defense Department study, despite promises to fix the problem. Why is sexual assault such a hard problem for the military?
Even though production of oil from new fields in the U.S. is booming, there is a consistent decline in production from old fields around the world, and OPEC members have not increased production. Meanwhile, though demand for oil is falling in the US, it continues to grow around the world.
Oil companies should no longer be valued by their reserves. New drilling technologies like fracking and horizontal drilling mean oil companies operate more like advanced manufacturers, which have much higher price-earnings ratios.
Energy abundance depends entirely on the rate of the flow of oil, gas and other resources, Cobb writes. It is not, as many suggest, dependent on supposed, but often unverified, fossil fuel reserves in the ground.