IS AN OIL FUELED ECONOMY the way to go, or just A DEAD END STREET?
Are you one of those people who believe we can simply drill our way out of the oil shortage? THE FACT THAT THE U.S. ALREADY HAS A HALF MILLION OIL WELLS is just one reason why we cannot simply “drill more wells” to achieve fictional energy independence, as many Americans naively suggest. Most of the oil in the U.S. has already been found and produced – the peak of U.S. oil production happened in 1970, and it can NOT be achieved again. We now import almost 60% of the oil we consume. MORE OIL FACTS: Including all onshore and offshore operating oil wells in 2007, the U.S., with a half million producing oil wells, has more oil wells than any other country in the world. (Russia is second with 110,000 producing oil wells. China is third with 80,000 producing oil wells and Canada with 68,000 is fourth). While a U.S. oil well produces an average of only 10 barrels a day). (see U.S. Crude Oil Production and Crude Oil Well Productivity Table 5.2 from 1954-2007 for confirmation). Saudi wells aver
