I have worked in the industry 38 years and counting and every year the USA's and the worlds actual proven reserves have increased, not decreased, much of the increase is due to technological advances, not only in reservoir recovery but in exploration and seismic discovery. Peak oil is a theory that has been totally disproved because what was known about geology and reservoir depletion in the 70's and 80's as compared to today is exactly like comparing the computer of the 70's and 80's to todays computers. The US can and should drill our way to energy independence and then use the outside oil while we ration ours, this is the exact model that kept oil at $3.00 or less per barrel from 1947 to 1972. Compare it to farming, what farmer in the 1930's would have believed 100 bushel corn, how many farmers in the 1960's would have beleived 300 bushel corn, technology and advancements in seed and fertilizers, the basic inputs, the same thing has been taking place in the oil industry. Political motivations are another thing entirely but we have not had a energy policy that puts the USA first in many years, neither party seems to get it, the same way they don't get cut the budget.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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