Current energy trends could threaten the Western way of life by 2040 when oil prices could reach as high as $500 a barrel, according to a recent report from the United Kingdom's Ministry of Defence. The continued rise of China and South Asian economies will increase the cost and reduce the availability of energy supplies.
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.
Although Chevron is smaller, it has eclipsed ExxonMobil as the best-managed international oil company. Chevron's stock has outperformed ExxonMobil's, it pays a higher dividend, and the company is reporting a slightly higher profit margin.
Oil production is surging in the US, sending supply shockwaves through world markets. The US could become the world leader in more ways than one, Graeber writes, but only if it opens its oil spigot.
The benefits of the North American oil boom on this side of the Atlantic are well-documented – and the same technologies might help developing nations. But Europe's energy industry, which separately became a target of a price-fixing investigation, could emerge as a loser.
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.