All that stuff about peak oil, oil shortages and ever increasing oil prices?
You know, the sort of stuff that some people claim justifies Muskrat Falls.
Yeah, well maybe they spoke a wee bit too soon.
A new study by the Belfer Center at the John F. Kennedy School of Government, and reported Thursday in the Globe, concludes that “by 2020, the world’s oil production capacity could be more than 110 million barrels per day, an increase of almost 20 per cent.”
Technology like horizontal drilling is allowing companies to draw more oil from existing sources. On top of that, technology is also helping to bring on stream oil from sources like oil sands and shale.
What that would do to oil prices remains to be seen but odds are prices would not be heading for the stratosphere as many people currently believe.
All that would be so cool if it wasn’t going to hurt the people of Newfoundland and Labrador who would be struggling to cope with the folly of politicians.