Energy Policy: A Sensible Strategy for Addressing an Approaching World Oil Shortage Crisis

Proven world oil reserves are currently estimated at about 1500 billion barrels1. Current world oil consumption is approximately 33 billion barrels per year2. 1500 divided by 33 yields a result of around 45 years before proven oil reserves are depleted. The 45 year average consists of some countries with less than10 years of proven reserves … Continue reading “Energy Policy: A Sensible Strategy for Addressing an Approaching World Oil Shortage Crisis”

Energy Policy: A Sensible Approach to Reducing US Dependency on Foreign Oil

World oil reserves are currently estimated at about 1200 billion barrels1.¬†Current world oil consumption is approximately 30 billion barrels per year2. 1200 divided by 30 equals an average of approximately 40 years before the world oil supply is depleted. Unfortunately, the average of 40 years consists of some countries with less than 12 years and … Continue reading “Energy Policy: A Sensible Approach to Reducing US Dependency on Foreign Oil”