Reservoirs of energy once considered inaccessible can be brought into production, and others once deemed exhausted can be returned to production; rather than being finite, the world's petroleum base now appears virtually inexhaustible.
It's hard to see the UN gaining any traction around proposed financial consequences for countries. But there are consequences for investor-owned companies. We know who those companies are, and now we know how much each is to blame.
The mid-term outlook for even marginal players in Canadian oil sands looks optimistic. The energy tides may be shifting, however, suggesting that while production may gain steam, Canada's heavy reliance on heavy crude may run off the rail.
The idea of oil "independence" understandably appeals to Americans. But at some point America's leaders must recognize the physical evidence indicates the alleged "energy revolution" is likely to be merely a relatively short-term bump.
A U.S. energy trade group said the petroleum market in the country was hit by slumping demand. Total petroleum deliveries for August were at their lowest level for the month in 15 years and domestic oil production followed similar trends.
Read this paper and understand how the oil nabobs have brainwashed us all to the adherence of this gross fallacy, holding us to that "still deep-rooted belief that oil is about to become a scarce commodity."
If a mea culpa is in order, its roots can be found in the decision to underplay the demand side of the equation. Oil prices plunged to $40 a barrel after economic growth collapsed, taking global oil demand along for the ride. And that same movie is about to play out again.