Oil sesquicentennial

Happy 150th, Black Gold!

Remembering oil on this milestone birthday, the Journal of Energy Security reminds us of how it all started:

One hundred and fifty years ago, on August 27, 1859 Colonel Edwin Drake struck oil in Titusville, Pennsylvania, giving rise to the modern oil industry.

The Journal extends the birthday wish with its own version of “many happy returns”:

  • A 25% increase in global demand for oil by 2030
  • Top 800 oil fields averaging 5.5% annual depletion rate
  • Depletion rate increasing to 8.6% by 2030
  • To meet demand, we’ll need four new Saudi Arabias by then.

These stats were quoted from The International Energy Agency (IEA). While the agency is usually careful to avoid using the term “peak oil,” it often describes what the term refers to: it’s when oil production stops growing, starts to decline, and supply falls short of demand.

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