So as older supplies dry up we'll be able to replace them with new sources, but how much does productivity increase overall, and for how long given demand increases? The US may be better positioned for the future, but at the very least I think the era of cheap oil is over. Non-traditional methods of oil extraction are inherently more expensive as well as energy intensive.
Originally Posted by raider.adam
I think the problem people fall into is that they think all those reserves can be tapped into and put onto the market now. They can't. They'll be brought in slowly, expensively, and probably at a rate that keeps pace with declines elsewhere. Does it change the way the US is positioned globally? Certainly, but it would be a mistake to fall into old habits developed from when fossil fuels were cheap lest we repeat the same problems we've had again down the road. Might be a hundred years down the road, but it would still be awfully selfish.
"imagination and memory are but one thing, which for diverse considerations hath diverse names" - Thomas Hobbes