Those days are gone for god . It is well over 40 years now that worldwide new oil discoveries can no longer keep pace with oil consumption. In fact , by 2007 , we only will replace between 1/3 to 1/4 of the daily oil consumption with new sound oil discoveries. We are rapidly drawing down the treasures of oil discovered many decades ago. Almost all the giant production fields – which funded the financial bonanzas and financial windfalls of Saudi Arabia , The Oil Emirates , Kuwait and even Iraq and Oil Cash Rich Nigeria and the wealth of the Sultan of Oman are now in steep petroleum and financial declines.
A dire need for new sources of oil has developed and increasingly new technologies are harder to come by, very much more inaccessible and expensive and often in politically and financially risky jurisdictions ruled by even more questionable regimes – where financial blackmail and shakedowns are the norm and rule. Cheap oil is gone , a search for reliable new supplies becomes even more urgent allowing for a realistic consideration of alternative oil supplies from the arctic , deep sea , heavy oils and Canadian and foreign tar sands and oil soaked shale.
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