- Bruce Cutright: Research Scientist Association, Bureau of Economic Geology, University of Texas at Austin
- Edward W. Blessing: Managing Director of Blessing Petroleum
- Jacki Pick: Executive VP/COO National Center for Policy Analysis and Host of the Jacki Daily Show
Commenting through previously taped programs are:
- David Yergin: Author of The Quest
- Charles D. Davidson, Chairman/ CEO of Noble Energy
Our experts tell us that while we would need a crystal ball to predict the future of oil, oil is here to stay, it has a future, and there is, at least for the present, no substitute.
What we do know is there is at least four times an availability of oil reserves than what has been used in the past. The Artic is just recently in development. There are huge developments in offshore Brazil producing oil from formations 30,000 feet deep. New formations are being found off shore in West Africa, and we have the same availabilities off shore in the eastern part of the United States.
|Left to Right: Bruce Cutright, Jacki Pick & Edward W. Blessing|
According to Bruce Cutright, “Political issues are limiting our reserves. It’s not the reserves themselves that are limited.” Drilling off shore is more productive and profitable in the long term and our resources are unquantified for the present time.
Political issues are in fact restricting exploration. Pipelines pose yet another political challenge. While pipelines are the safest way of transporting oil, reducing accidents by 50% and are more environmentally friendly than other transportation, some environmentalists balk at adding to our already 2 million miles plus of existing pipeline.
New technologies are increasing our abilities to explore and drill for oil. Today we have a 100 year supply of natural gas; tremendous assets are right under our feet. Yet obtaining funds for exploration and drilling is problematic when oil prices are down as they are presently. Energy security is critical. And we’re forming stronger partnerships with Mexico and Canada.
The bottom line is energy is a life/death situation. We must have reliable and affordable energy. And there is no present substitute for fossil fuel.
The future looks rosy if….! We have reserves and we have the technology. But it is critical that politics and economics catch up with our capabilities.
Join us for a colorful discussion of the future of oil and how it impacts you.
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