Arctic Coastal Plain Public Lands Leasing Act of 1987 Hearings Before the Comm
Arctic Coastal Plain Public Lands Leasing Act of 1987 Hearings Before the Comm
United States Congress Senate Committee On Ener
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A study published in April by the Fund for Renewable Energy and the Environment, written by Denis Hayes, James MacKenzie, and myself, echoes these basic conclusions but argues that the problem is more fundamental than the oil industry seems ready to acknowledge. In brief. The Oil Rollercoaster shows that U. S. Oil production is set to decline at a record pace, a fact that is largely ordained by geology and can only be slightly delayed by expensive efforts to prop up the oil industry. As the wor...ld's pioneering oil producer, the United States has already heavily exploited its oil reserves and has a reserves to production ratio of just 9 years, far lower than the 100-plus years available to most Persian Gulf producers. Far from being a victim of world oil market fluctuations, the U. S. Oil industry benefited from the OPEC-led price increases of the seventies. These high prices temporarily misled U. S. Oil producers into thinking they could still compete with low-cost Middle Eastern oil. 81-660 0-88-27 830 5 The heavy investments that subsequently went into U.
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