Blood, toil, tears and sweat

"Experts" Say...

1874 – State geologist of Pennsylvania said that the U.S. had only enough oil to last four years.

1885 – U.S. Geological Survey said that California had “little or no chance of finding oil.” California would go on to become one of the United States’ largest domestic oil suppliers. The Golden State has produced more than 7.5 billion barrels of oil in the last quarter-century alone.[8]

1914 – The U.S. Bureau of Mines claimed that the country had only a ten-year supply of oil.

1916 – The U.S. Bureau of Mines warned about “a crisis of the first magnitude.”

1940 – The U.S. Bureau of Mines predicted that the U.S. would exhaust its domestic oil reserves by 1954.

1969 – According to estimates, the state of Oklahoma had 125 million barrels of oil left in the ground. Over the next quarter-century, Oklahoma would produce 4.5 billion barrels of crude oil.

1972 – The Club of Rome estimated that only 550 billion barrels of oil remained in the earth. In just the last two decades, however, the world has used 600 billion.

1980 – Energy Secretary James Schlesinger announced that America’s “energy future is bleak” and likely to grow bleaker. Schlesinger warned about “chronic stringency” in the decades ahead. By the mid-1980s, a worldwide glut of oil drove prices down from a high of over $60 per barrel to under $20 per barrel (2004 dollars). Prices remained under $30 per barrel (dropping to as little as $12) until 2004.

1997 – British oil analyst Colin Campbell predicted peak world production was just around the corner and claimed that the world was on the brink of war, starvation, and possible extinction

Blood, toil, tears and sweat

Sunday, April 20, 2008

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