Oil history has seen changes since 1990. Join us for part two in a three part series
Since the mid 1880’s “experts” have warned we are running out of oil. With peak oil always right around the corner, the U.S. government, from time to time has imposed strict restrictions on exporting.
Joining host, Dennis McCuistion, to talk about oil history and the saga from 1990-2015 are guests:
- Barry F. Crossman: Adjunct Professor at the University of Texas at Dallas, former Senior Executive at Caltex (retired).
- Edward W. Blessing: Managing Director, Blessing Petroleum.
According to Jeffrey J. Brown, independent petroleum geologist, who joined in via a previously taped program, Texas supposedly peaked in 1972 with Texas oil production steadily falling for the last 33 years.
Yet Scott Nauman, formerly with the Economics & Energy Division, Corporate Planning Department, Exxon Mobil Corporation, who also joins us from a previous program, says everything related to oil production has changed as a result of technology.
Our experts tell us that technology has taught us that each time we estimate the world’s recoverable resources, they are even bigger than originally thought. Today we can drill oil from 4,000 feet of water (West Africa) and drill wells that go underground horizontally six miles and find their target.
Technology also includes fracking, which forces fluids down under the shale and helps release natural gasses. Yet fracking is much maligned. According to Edward W. Blessing, more of the risk may actually be above ground from politics, government intervention and wars. He asks: “What made fracking a dirty word?”
Daniel Yergin, author of The Quest, who joins us by video from a prior program, says that growth in demand is especially critical to the future of oil. Emerging countries demand and use more oil and this is one of the reasons for “oil anxiety”. In the last 9 months, decreasing oil prices per barrel make financing more difficult. Still, as we hear from Barry Crossman, the resource is there to use at a future time when prices go up.
If video doesn’t play correctly, open it here.
We hear from the late Matt Simmons, author of Twilight in the Desert, Amory Lovins, Chairman of the Rocky Mountain Institute and Ed Wallace, Host of KLIF’s Wheels about the continuing oil saga, our competition, Russia and Iran and the changes and dangers they throw into the mix.
The conclusion, we have the resources which give us and will continue to give us new capacities. Join us for a colorful story and intriguing insights on oil and its impact on how we live.
Talking about things that matter… with people who care.
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Aligning Purpose, Performance and People
2220 – 06.28.15