PAPER: WORLD OIL SUPPLIES 'RUNNING OUT FAST'...Every few years some esteemed scientist comes out and tells us the world is running out of oil and production will peak in 10 years. I've been hearing that refrain since the 70's.
And every few years other big discoveries are made which make said esteemed scientist look like a fool.
I imagine history will once again repeat itself.
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National Review columnist Jonah Goldberg has an excellent article out on drilling for oil. He's pointed out that we have vastly UNDERestimated available oil supplies. In some instances, oil companies haven't estimated because they know the government won't let them get the oil out.
We are "bursting" at the seams with oil here in North Dakota. The Bakken formation in the western third of ND is full.
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