WASHINGTON—According to a report published Monday by the Department of Energy, given current consumption habits and the dramatic projected increases in demand from developing countries, it is extremely fortunate that the planet has an inexhaustible supply of crude oil. “Oil is the lifeblood of the world’s economies…
WASHINGTON—According to a report published Monday by the Department of Energy, given current consumption habits and the dramatic projected increases in demand from developing countries, it is extremely fortunate that the planet has an inexhaustible supply of crude oil.
“Oil is the lifeblood of the world’s economies and global transportation networks, so the fact that our reserves are limitless, even in the face of exponential population growth, is exceptionally fortuitous in terms of maintaining our way of life and increasing our standard of living indefinitely,” the report read in part, while also noting how favorable it is that the world’s oil is spread evenly across the globe, thus eliminating any competition among nations who might otherwise squabble or...
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