Oil production rates are declining in many areas of the globe because the easily accessible oil has already been extracted and drilling new wells is increasingly expensive. At the same time, the global demand for oil increases every year. If current trends continue, production will not keep up with consumption. The era of cheap oil may already be over, but of greater concern is the prospect of serious worldwide oil shortfalls that could cause global recession in coming decades.
Shortfall? provides an in-depth picture of the oil industry and world oil production, and it takes a region-by-region look at trends in global consumption. Which regions are increasing consumption and who are their suppliers? Which producers are in decline and which have more oil coming on-line? What are the prospects for alternative energy sources and enhanced oil recovery techniques?
While global oil shortages are possible in coming years, Ustina Markus is cautiously optimistic that the United States and other nations will be able to reduce their oil dependence before global production and proven reserves pass their peak. This book is a timely assessment for anyone who is concerned about the future consequences of the world’s appetite for oil.