"Oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption."

#Money

Mon, Mar 11th, 2013 21:00 by capnasty NEWS

According to Vince Beiser of the Pacific Standard magazine, thanks to "rapidly advancing technologies", an incredible number of sources for oil and gas are opening all over the world. "We are entering a new era of fossil fuels that is reshaping global economics and politics — and the planet."

The story of Kern River reflects our entire history with oil: every time we think we’re starting to run out of it, new technologies arise that find us more. The widely circulated fears of a few years ago that we were approaching “peak oil” have turned out to be completely wrong. From the Arctic to Africa, nanoengineered materials, underwater robots, side-scanning 3-D sonar, specially engineered lubricants, and myriad other advances are opening up titanic new supplies of fossil fuels, many of them in unexpected places — Brazil, Australia, and, perhaps most significantly, North America. “Contrary to what most people believe,” declares a recent study from the Harvard Kennedy School, “oil supply capacity is growing worldwide at such an unprecedented level that it might outpace consumption.”

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