If these oil companies had fantastic projects, they’d be out there…
The Beginning of the End for Exxon & Big Oil
An estimated 14,289 oil wells, natural gas wells and dry holes were completed in the second quarter of 2008.
An estimated 5,219 oil wells were completed in the second quarter of 2008, up 17 percent from last year’s second quarter and the highest second quarter estimated oil activity since 1986.
The United States currently consumes 24% of the world’s oil but produces only 10% of its requirement.
New oil developments in the Arctic Ocean, the Gulf of Mexico, northern Canada and the various part of the U.S. might offset production losses, but alone they will never reduce prices to the lows seen in the ‘90s.
The United States accounts for less than 5% of the world’s population but uses nearly a third of the global energy supply.