Despite decades of leftists claiming that oil is running out, a new report finds that we have enough oil for 200 more years of use at current levels.
These enviro nuts have been claiming since the 51950s that the oil is running out. Apparently the “follow the science” types are off… just a bit… in their calculations.
Per Just The News:
Tom Pyle, president of the Institute for Energy Research (IER), a free market think tank focusing on energy, told Just the News that anti-fossil fuel activists latched onto “peak oil” to push for alternatives, and with the U.S. leading the world’s production, their rhetoric has evolved.
“First, they said, ‘We don’t have the resources. We’re big consumers, but we don’t have the energy. So we have to get off of the resource. Then it became evident and clear that that was not the case,” Pyle said.
In 2011, IER produced its first North American Energy Inventory.
“It was really for the purpose of shattering this myth of energy scarcity. To my knowledge, prior to that, nobody had taken the effort to compile, using government data …. the amount of energy that we have in North America,” Pyle said.
In that 2011 report, Pyle stated: “Thanks to new and continuing innovations in exploration and production technology, there’s every reason to believe that today’s estimates of reserves are only a fraction of what will be produced and delivered tomorrow.”
The statement turned out to be accurate. The Shale Revolution, which combined technologies in horizontal drilling and hydraulic fracturing, made available large deposits of previously unrecoverable oil throughout the U.S.
The IER’s 2024 North American Energy Inventory update shows that North America has 1.66 trillion barrels of technically recoverable resources, and at current rates of consumption, the report calculates that it would take 227 years to deplete it all.
Just The News has a lot more on the research.
But it looks like the claim that the oil is running out is all fluff and nonsense.
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